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Inside Scientology/Dianetics, by Robert Kaufman - Next - Previous
I took the train from London to East Grinstead, a modest-sized town about halfway to Brighton, and from there a cab five miles through country to Fyfield Manor, the Scientology habitation where the Lancias had stayed. Fyfield was a large dun-colored house hidden from the road by trees and wild-growing hedges, with a backdrop of heights about half a mile beyond.
The man who answered my knock had a kind, homely, boyish face and looked to be in his late 50s. Introducing himself in an Australian drawl as Edward Douglas, a resident of the manor, he invited me in to wait for the landlord, who was in town buying provisions.
I immediately felt an authoritative presence behind Edward Douglas' cozy appearance. As we chatted, his childlike hazel eyes peered levelly into mine as though we shared a deep understanding. He showed me around the ground floor of the old house, guiding me through the various rooms as though presiding at a mystical initiation. In the main hallway I noticed his clear and OT I success speeches on a bulletin board.
The living room was large, sparsely furnished and ill-heated. Edward Douglas and I spent the rest of the afternoon huddled near the fireplace with an American named Sam Veach, who appeared to be recovering from an illness. The two of them talked softly to each other or wrote letters while I waited. Through the large windows on three sides I saw in the dull late-afternoon light portions of the manorhouse grounds and green fields extending off to the distant heights. The quiet house and its surroundings were in a suspended state. I felt drugged by the heat of the fire.
People began to arrive for dinner. About twelve of us sat down to soup, salad, roast beef with potatoes, something called "summer greens," and a dessert concoction I'd never encountered before. Contrary to everything I had heard about English cuisine, the dinner was excellent. I was pleased that table conversation didn't dwell on news events or other "inconsequentials."
Richie Blackburn, a rough-edged young Australian, filled me in on Sam Veach, who hadn't shown up at table. Sam had been classified at the Hill as PTS-3, a difficult-to-handle and sometimes violently disturbed type of Potential Trouble Source. He had a history of shock treatment back in the States, and had cracked up just after going clear a few days ago. If I'd arrived at the manor one day earlier, I would have witnessed the climax of the drama. Sam had thrown a fit in the dining room and smashed some soup plates. He was now under twenty-four hour surveillance until he could be taken to the Hill and given a Search and Discovery to find his suppressive. By the time I'd met him he had calmed down and, PTS-3 or not, seemed mild-mannered and likable.
After coffee, most of the diners went to the living room to sing, dance, and play the piano. The gaiety reached a high pitch, partly, I supposed, as a way to keep warm. Edward Douglas and a gray-haired lady hurled themselves from corner to corner in a wild tango while onlookers giggled and clapped. The highjinks at the manor ran far into the night, except for a ten-minute hiatus when the lights blew out.
By the time I went upstairs to bed, somewhat warmed by the exertion and conviviality, I'd lost the feeling that I'd entered a strange alien world. The landlord, Ralph Wilkins, had put me in a room with two brothers, also Australian, and in those cramped quarters there was barely space to stash my clothes. I managed to squeeze my suitcase between two of the beds, placed my coat and bathrobe over it and draped my jacket, shirt and pants over a chair. It was freezing cold in bed, and after a few minutes I jumped out and donned my clothes once more, including the coat. The warmest way to sleep was on my side, knees drawn up in the fetal position.
Contents - Next - Previous


Presented biennially, the Dundas Memorial Lecture features significant new scholarship on the history of Australian art. The Gallery has invited Professor Sasha Grishin from the Australian National University to present the 2014 lecture in light of his recent publication Australian art: a history .
There have been numerous histories of Australian art published, by William Moore (1934), Herbert Badham (1949), Bernard Smith (1962), Robert Hughes (1966), Christopher Allen (1997), Andrew Sayers (2001) and John McDonald (2008, ongoing). In this lecture, Sasha will discuss what distinguishes his new survey from its predecessors. At over 600 pages, the book presents a detailed analysis of the development of Australian art from early rock art through to the present, examining Indigenous and non-Indigenous art as an on-going dialectic.
Professor Sasha Grishin AM, FAHA is an adjunct professor of art history at the Australian National University. He established the discipline of art history at the ANU in 1977 and was the Sir William Dobell Professor of Art History at that university until December 2013. He studied at the universities of Melbourne, Moscow, London and Oxford and has served several terms as visiting scholar at Harvard University. In 2004 he was elected Fellow of the Australian Academy of the Humanities; in 2005 he was awarded the Order of Australia (AM) for services to Australian art and art history. He has published over 20 books and many scholarly essays and articles.


Items where Subject is "Bacteria"
James, P. (2013) In vitro culture of buffalo fly and infections with Wolbachia. Project Report. Meat & Livestock Australia Limited.
Moore, C.J., Blackall, P.J. and Mawhinney, H.M. (1987) Differentiation of Bordetella avium and Related Species by Cellular Fatty Acid Analysis. Journal of Clinical Microbiology, 25 (6). pp. 1059-1062.
Rickard, M.W., Thomas, A.D., Bradley, S., Forbes-Faulkner, J. and Mayer, R.J. (1995) Microbiological evaluation of dressing procedures for crocodile carcases in Queensland. Australian Veterinary Journal, 72 (5). pp. 172-176.
Templeton, J. (2014) A Differential typing of Campylobacter. Project Report. RIRDC.
Terry, T.D., Zalucki, Y.M., Walsh, S.L., Blackall, P.J. and Jennings, M.P. (2003) Genetic analysis of a plasmid encoding haemocin production in Haemophilus paragallinarum. Microbiology, 149 (11). pp. 3177-3184.
Thomas, A.D. and Forbes-Faulkner, J.C. (1981) Persistence of Pseudomonas pseudomallei in soil. Australian Veterinary Journal, 57 (11). pp. 535-536.
Tulsiani, S.M., Craig, S.B., Graham, G.C., Cobbold, R.C., Dohnt, M.F., Burns, M.A., Jansen, C.C., Leung, L.K.P., Field, H.E. and Smythe, L.D. (2010) High-resolution melt-curve analysis of random amplified polymorphic DNA (RAPD-HRM) for the characterisation of pathogenic leptospires: intra-serovar divergence, interserovar convergence, and evidence of attenuation in Leptospira reference collections. Annals of Tropical Medicine and Parasitology, 104 (5). pp. 427-437.
Tulsiani, S.M., Craig, S.B., Graham, G.C., Cobbold, R.C., Dohnt, M.F., Burns, M.A., Leung, L.K.P., Field, H.E. and Smythe, L.D. (2010) High-resolution melt-curve analysis of random-amplified-polymorphic-DNA markers, for the characterisation of pathogenic Leptospira. Annals of Tropical Medicine and Parasitology, 104 (2). pp. 151-161.
This list was generated on Tue Apr 23 08:39:02 2019 UTC.


"What was that about?" Big Kid asked.
"Daddy was in the middle of working out and couldn't talk to me."
"Why'd you get with dad anyway, mom?"
Feeling horrible and thinking Big Kid somehow thought I wasn't happy with his dad, I said, "I love your dad! I got with him because...because I've always loved him since the day I met him. We're perfect for each other. We were friends for a little while but everyone knew we loved each other and we did. He's nice and sweet and he takes good care of...."
"For his obs. He's got to keep those obs up by working out."
"His...? Wait, do you mean 'abs'?" I asked, stifling a snort.
"Yes! His abs! That's what attracted you, that's why he has to work out!"
I laughed so hard. Then I set the story straight. "No, it was his shoulders."
"His shoulders?! Are you serious right now?"
"Actually I am. That's where the love at first sight thing came in. His broad shoulders."


We're pretty excited to report some shining numbers on recent home sales. They all point to a real estate market that is steadily improving, and we anticipate that it'll continue through 2013. For example, according to the National Association of Realtors (NAR), annual home sales had rapidly decreased from approximately 6.2 million to 4.4 million in just three years until 2008 – a result of the declining economy in which most lenders and buyers tightened their belts. However, there is much more consumer confidence in the market and the recovering economy, and since 2008, we've seen a slow but steady shift to 4.65 million homes sold in 2012. In fact, the increase between 2011 and 2012 was 9.2%!
2012 also saw an rise in the monthly annual pace of sales, up 12.8% from December 2011 to 2012 (NAR). So not only are more homes selling, but the total number of homes being sold is increasing at a quicker pace. Good news for homeowners!
Sellers will be pleased to know that we think the market is becoming more balanced and will trend that way through 2013. We have been experiencing a buyer's market for the past several years which has meant fewer offers and houses that languished on the market for long periods of time, over a year for many! But our experience so far in 2013 has been positive – we've seen many homes receive multiple offers which can often mean a sale price at or near the seller's asking price.
Of course, numbers vary locally from town to town, and no one knows Northern New Jersey Real Estate like The SR Real Estate Group. The average it time it takes to sell a home can vary drastically from one township to the next – multiple months in some cases. If you are thinking of selling your home, we encourage you to contact us, Rahul and Smitha, for a FREE consultation. We will discuss with you the local trends for your town and neighborhood, and give you a realistic picture for your individual situation. In the mean time, keep checking back or subscribe to our blog feed for up-to-date real estate news and market information!
The opinions expressed in blog are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed in this post as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Keller Williams Realty, Inc. and the SR Real Estate Group cannot guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. Keller Williams Realty, Inc. and the SR Real Estate Group will not be liable for any loss or damage caused by your reliance on information contained in this post.


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Сен-Фели́кс () — коммуна во Франции, находится в регионе Пуату — Шаранта. Департамент — Шаранта. Входит в состав кантона Броссак. Округ коммуны — Коньяк.

Код INSEE коммуны — 16315.

Коммуна расположена приблизительно в 430 км к юго-западу от Парижа, в 140 км южнее Пуатье, в 33 км к югу от Ангулема.

Население

Администрация

Экономика
В 2007 году среди 61 человека в трудоспособном возрасте (15—64 лет) 48 были экономически активными, 13 — неактивными (показатель активности — 78,7 %, в 1999 году было 57,1 %). Из 48 активных работали 42 человека (23 мужчины и 19 женщин), безработных было 6 (2 мужчины и 4 женщины). Среди 13 неактивных 5 человек были учениками или студентами, 5 — пенсионерами, 3 были неактивными по другим причинам.

Достопримечательности
 Приходская  (XII век). Памятник истории с 1984 года

Фотогалерея

Примечания

Ссылки

Коммуны департамента Шаранта

redpajama_set_name: RedPajamaWikipedia


Immediately after his fall, our client could feel pain in his left ankle and the back of his calf. A colleague took him to hospital, where an x-ray confirmed that he hadn't sustained any fractures, but his foot was swollen and he was required to wear a "moon boot" support for approximately two months. The hospital also referred him to a physiotherapist to help with the recovery of his ankle.
Our client could not return to work for nine weeks. He was paid sick pay during this time but lost out on overtime and bonuses – which usually amount to £65 a month. His injury meant that he could not complete important daily activities, such as household tasks and shopping, on his own. His brother and sister were required to help him with these.
Overall, the worst of his symptoms had subsided in four months, but he didn't fully recover from his ankle injury until a year after the accident.
The collection and delivery driver was able to instruct Thompsons Solicitors through his union, Unite.
Our client blamed his employer for the accident because they provided him with vehicles that did not have enough space in the rear for workers to move around. Workers are also instructed to overload the vehicles, creating many tripping hazards in a small space. Our work accident solicitors therefore intimated a compensation claim to his employer on the grounds of common law with reference to the Workplace (Health, Safety and Welfare) Regulations 1992.
The defender – the insurers acting on behalf of the employer – admitted liability, but the compensation claim was not without complications.
The insurers tried to argue that our client was partly responsible for his own injury, arguing for a percentage of contributory negligence. It was their view that, as the employee should have been able to see the package on the floor, it was fair for the compensation award to be reduced by 30 percent. We did not agree with this view, and managed to reduce the contributory negligence amount to just 10 percent. We were also able to increase the settlement sum from £2,910 to £3,963.57. The case was therefore settled on 25 August 2017.


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Rebecca Latham (born 23 June 1997) is an American volleyball player, originally from Austin, Texas, who has played in Italy and is currently playing in South Korea.

She currently plays for Hwaseong IBK Altos in the Korean V-League.

Rebecca began playing volleyball at the age of 8, and  continued training and competing at McNeil High School and Austin Junior Volleyball Club in Austin, Texas. She was later recruited to play for University of Denver where she played as an Opposite for all four years during college.

After graduation, Rebecca signed with Top Volley srl and began her professional career.

References

External links
  at Volleybox

1997 births
Living people
People from Austin, Texas
Sportspeople from Austin, Texas
American women's volleyball players
21st-century American women


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ANSI Launches Online Portal for Standards Incorporated by Reference
Website Provides Free, Read-Only Access to Private-Sector Documents That Have Been Incorporated into U.S. Government Regulations
The American National Standards Institute (ANSI) is proud to announce the official launch of the ANSI IBR Portal, an online tool for free, read-only access to voluntary consensus standards that have been incorporated by reference (IBR) into federal laws and regulations.
In recent years, issues related to IBR have commanded increased attention, particularly in connection to requirements that standards that have been incorporated into federal laws and regulations be "reasonably available" to the U.S. citizens and residents affected by these rules. This requirement had led some to call for the invalidation of copyrights for IBR standards. Others have posted copyrighted standards online without the permission of the organizations that developed them, triggering legal action from standards developing organizations (SDOs).
"In all of our discussions about the IBR issue, the question we are trying to answer is simple. Why aren't standards free? In the context of IBR, it's a valid point to raise," said S. Joe Bhatia, ANSI president and CEO. "A standard that has been incorporated by reference does have the force of law, and it should be available. But the blanket statement that all IBR standards should be free misses a few important considerations."
As coordinator of the U.S. standardization system, ANSI has taken a lead role in informing the public about the reality of free standards, the economics of standards setting, and how altering this infrastructure will undermine U.S. competitiveness. Specifically, the loss of revenue from the sale of standards could negatively impact the business model supporting many SDOs - potentially disrupting the larger U.S. and international standardization system, a major driver of innovation and economic growth worldwide. In response to concerns raised by ANSI members and partner organizations, government officials, and other stakeholders, ANSI began to develop its IBR Portal, with the goal of providing a single solution to this significant issue that also provides SDOs with the flexibility they require to safeguard their ability to develop standards.
IBR standards hosted on the portal are available exclusively as read-only files. In order to protect the intellectual property rights of the groups holding these standards' copyrights, the portal has built in security features that prevent users from printing, downloading, or transferring any of the posted standards; in addition, screenshots will be disabled and the standards will contain an identifying watermark.
For this first phase of the portal, ANSI has secured the participation of thirteen major domestic and international standards developers. Those that have agreed to have their IBR standards directly available on the ANSI IBR Portal include:
the International Organization for Standardization (ISO);
the International Electrotechnical Commission (IEC);
the Association of Home Appliance Manufacturers (AHAM);
the American Welding Society (AWS); and
the International Association of Plumbing and Mechanical Officials (IAPMO)
In addition, seven SDOs have agreed to allow the portal to provide direct links to read-only versions of IBR standards hosted on their own websites. Those organizations are:
the American Petroleum Institute (API);
APA - The Engineered Wood Association;
ASHRAE;
MSS - the Manufacturers Standardization Society;
NACE International - the Corrosion Society;
the National Fire Protection Association (NFPA); and
UL (Underwriters Laboratories).
With the launch of Phase I of the portal, ANSI expects that many more SDOs - both in and outside the community of ANSI-accredited standards developers - will sign on to participate.
"Time and again, we heard that there is demand for a single solution, to make it easy for those affected by any piece of legislation to view the related IBR standards. But at the same time, there is also a strong need to allow for flexibility, so that each SDO can provide reasonable access in the way that makes sense for their business model and doesn't undermine their ability to function," said Mr. Bhatia. "We believe that the ANSI IBR Portal does all that. And as coordinator of the U.S. standardization system, we are very proud to present this solution."
To view the ANSI IBR Portal, visit ibr.ansi.org.
Proposed New Field of ISO Technical Activity to Focus on Online Reputation
ANSI Backs Energy Efficiency during National Energy Action Month

redpajama_set_name: RedPajamaCommonCrawl


MotoChic has announced its What Makes Your Heart Race campaign. The company will donate 20% of February's sales to women's heart health organization, WomenHeart.
January 31, 2019 — (San Francisco, CA) Women's lifestyle brand MotoChic® will donate 20% of its sales from www.motochicgear.com during American Heart Month, February 1 – 28, 2019 to women's heart health organization, WomenHeart.
Valentine's Day and American Heart Month both happen in the month of February — a time of caring for oneself and those you love. According to the American Heart Association, cardiovascular disease continues to be a women's greatest health threat. WomenHeart: The National Coalition for Women with Heart Disease is an organization dedicated to improving the health and quality of life of women living with and at-risk of heart disease.
MotoChic® apparel and accessories combine leading edge design with high performance materials for stylish women on the move. The brand recently released its MotoAngels™ Capsule Collection of tees, tank tops and sweatshirts made from fabric treated with an antimicrobial agent that "mechanically" destroys 99.9% of germs. Perfect for Valentine's Day, the white shirts (available in short and long sleeves) feature glow-in-the-dark angel wings on the back.
The MotoAngels™ Capsule Collection is available online at www.motochicgear.com and 20% of all purchases made on the site during American Heart Month will contribute to the "What Makes Your Heart Race?" campaign funds being donated to WomenHeart.
MotoChic® answers the need for high quality, design-conscious clothing and accessories for women with fast-paced lifestyles. Travelers, professionals, and life enthusiasts will find what they need in MotoChic®. Wherever your next great adventure takes you, MotoChic® will be there.


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Dr. Susan Rako
Home Online Consulting & Psychotherapy Sex After Menopause Dr. Rako's Books What's New About Susan Rako, M.D.
The Blessings of the Curse
Dr. Susan Rako, a highly respected authority in the field of women's health, takes on the ever-growing antimenstruation movement in medicine and shows the fallacy and danger it masks... Read more
The largest uncontrolled experiment in medical history has begun, with healthy women as the test subjects. On September 5, 2003 the FDA approved the pharmaceutical drug,Seasonale.
Rushed to market by Halloween, it is the first drug in a 2.2 billion dollar per year market (according to the "Information for Investors" posted early-on by the pharmaceutical company, Barr Labs) urging menstrual suppression for the sake of convenience on healthy girls and women of fertile age.
Seasonale was tested for only one year on fewer than 300 women. Dosing millions of women non-stop with birth control pills is, in a word, reckless. Common sense dictates caution in doing away with the normal menstrual cycle. In 2000, when first I read about the prospect of convincing women that the normal menstrual cycle could safely be dispensed with, on the basis of what I already knew about women's reproductive physiology, I was more worried. I undertook to research the subject fully, and what I have learned concerns me even further. My book: The Blessings of the Curse: No More Periods?details and documents the risks. I have pledged to donate all future royalties for this book to Women's Health On Alert (WHOA).In The Blessing of the Curse: No More Periods? Dr. Rako delves into the whys, hows, and musts of women's gynecological health and takes a reasoned stand for believing that nature and our bodies have an intelligence about this critical issue. This book is a call to sanity from a woman who has become known as a devout defender of women's health rights.
Order The Blessings of the Curse: No More Periods?
The Barnes & Noble Review
by Jessica Leigh Lebos
In this invaluable book, Dr. Susan Rako, a preeminent authority on women's gynecological health, bravely debunks the anti-period movement as "bad science," calling menstrual suppression ... "the largest uncontrolled experiment in the history of medical science. Hands down." Despite what seems like a fabulous deal -- no more expensive products, no more cramps, no more mess every month -- experts on women's health, like Dr. Rako, issue warnings about manipulating the fragile female hormonal cycle and the effects of denying the body its natural rhythm. Rako's arguments are based on endocrinological studies that show the damaging effects of suppressing a woman's periods.
In language every woman can understand, No More Periods explains how interrupting the menstrual cycle results in bone loss, sexual dysfunction, sterility, and depression. Every fertile woman ought to arm herself with the information in this slender book -- especially younger women who believe this "easy" birth control option has no side effects. In other words, if it sounds too good to be true, it probably is -- period.
Edward Klaiber, M.D.
author of Hormones and the Mind
"A book which clearly establishes the medical risks involved with the suppression of the normal menstrual cycle, thoroughly researched and extensively documented, No More Periods?convincingly argues that tampering with the natural rhythm of a woman's reproductive cycle is a large, uncontrolled experiment. Writing with intelligence and sensitivity, Dr.Rako speaks about her own and many other women's feelings regarding the affirmation and wonder of healthy menstruation. Following her earlier work, The Hormone of Desire, this book further entrenches Dr. Rako's already well established position as a leading expert in the field of women's health."
Danielle Allard
Canadian Women's Health Network
"Menstrual suppression, the cessation of a woman's period using hormones, has recently become a hot topic in women's health. Many health professionals and drug companies are suggesting that it is a safe and preferable option for women to suppress their periods if they are not trying to become pregnant. In her book, No More Periods, Susan Rako argues that this is a dangerous idea that does not take into consideration the medical risks associated with menstrual suppression such as osteoporosis, heart attacks, strokes and cancer. She is concerned that members of the medical community have not provided women with enough information about the implications of menstrual suppression. A gap exists that once filled, will cause women to think long and hard before choosing to stop their periods. This book attempts to fill that gap by discussing frankly and honestly the far reaching implications of what it means not only to stop one's period but also alter the whole menstrual and female reproductive cycle."
HERE ARE SOME IMPORTANT FACTS YOU SHOULD KNOW:
The daily, nonstop use of the potent estrogen in the birth control pills designed to do away with menstrual periods results in a woman's having LESS AVAILABLE NATURAL TESTOSTERONE in her body. The consequences of this state of testosterone deficiency can be subtle to severe. One thing that women taking pills to do away with their periods notice is that they have significantly less interest in making love, and experience less pleasure in sex. Many women have told me that when they report this to their doctors, they are told that "the Pill" has NOTHING TO DO WITH IT. The truth is that "the Pill" can have EVERYTHING to do with it, and nonstop use of "the Pill" can absolutely be the cause.
In my book, The Hormone of Desire, you will find everything you (and your doctors) should know about the vital role that testosterone plays not only in a woman's sexual functioning, but also in building healthy bones, protecting against depression, keeping muscles strong, protecting against heart attacks and strokes, keeping hair shiny, keeping eyes from developing "dry eye," and contributing to the health of every organ system in a woman's body. NONSTOP USE OF THE BIRTH CONTROL PILL REDUCES THE LEVELS OF TESTOSTERONE WE NEED FOR OPTIMAL HEALTH.
Using potent hormones non-stop, with the consequence of doing away with any monthly bleed, deprives a woman of the only naturally-occuring means of ridding her body of excess stored iron. Excess stored iron is a risk factor for heart attacks and strokes.
It has been shown that the use of birth control pills is a partner to high-risk strains of the Human Papillomavirus (HPV) in CAUSING cancer of the cervix. More than 99% of all cervical cancers are caused by certain strains of HPV, and women who use birth control pills are at GREATER risk. Further – we know that the longer-term a woman uses birth control pills, the greater the risk. No studies have yet been done to evaluate the INCREASED risk of cancer of the cervix in women who use birth-control pills NONSTOP. Common sense tells us that it is likely that nonstop use of the birth control pill will further increase this risk. While cancer of the cervix can often be cured, unfortunately some such cancers are resistant to treatment. Even here in the United States, several thousand women, some of them young women, die each year from cancer of the cervix. A few years back, Dr. Jerome Groopman wrote an important article in theNew Yorker magazine about what is NOW an epidemic of HPV infection -- and about his experience with one college-age woman whose life he couldn't save (issue of September 13, 1999 – "A Sometimes Lethal Sexual Epidemic That Condoms Can't Stop.")
ALL of these risks -- yet taking "the Pill" nonstop does NOT immediately do away with bleeding. Unpredictable bleeding and spotting often continues for months. This bleeding can be as heavy as a "usual period." On the basis of a television advertising campaign that underplayed the facts about the bleeding and distracted the viewer from attending to the disclaimer about the risks, in December, 2005, the FDA warned the makers of Seasonale to stop this irresponsible advertising. You may have noticed that these ads have stopped.
The pharmaceutical companies who are encouraging women to do away with their periods are jockeying for a position in an INDUSTRY worth more than 2 BILLION dollars a year.
"Tampering with the hormonal climate of healthy, menstruating women, including teenage girls, whose lives stretch ahead for decades, for the purpose of doing away with their periods is, in a word, reckless.
Manipulating women's hormonal chemistry for the purpose of menstrual suppression threatens to be the largest uncontrolled experiment in the history of medical science.
What the media has not conveyed, what the public has not heard, what too few health professionals know, and what every woman and her doctor MUST know deserves a voice. I am determined it will have one."
Susan Rako, M.D.
Top of Page | "That's How the Light Gets In: Memoir of a Psychiatrist" | Story behind "The Hormone of Desire" | "Hormone of Desire" Reviews | "The Blessings of the Curse: No More Periods?" | "The Blessings of the Curse: No More Periods?" Reviews | Press Release | How These Books Came to Be | About the Author | Consultations | Upcoming Events | Publications, Presentations & Honors | About Testosterone Deficiency in Women | Site Map | Contact
e-mail Dr. Rako
Order "That's How the Light Gets In" | Order "Hormone of Desire" | Order "The Blessings of the Curse: No More Periods?"
Susan Rako MD


JP Morgan's Chief Global Strategist Dr. David Kelly discusses the mid-term elections, market volatility, interest rates, tariffs and trade wars, Brexit, his 2019 economic predictions, and what all of that means for you and me. How should you be invested now? Dr. Kelly also gives his opinions on value versus growth stocks, international stocks versus US stocks, emerging markets like China, and other asset classes like bonds and commodities. Plus, Joe and Big Al have money-saving year-end tax strategies and answers to your money questions: should you sell stock to pay back taxes, and should you take investing advice from one of the big name investment companies?
(42:21) Should I Sell Stock to Pay Back Taxes?
Happy Thanksgiving week! I'm thankful that today on Your Money, Your Wealth®, JP Morgan's Chief Global Strategist, the very intelligent and engaging Dr. David Kelly, joins Big Al Clopine and Pure Financial Advisors' Director of Research, Brian Perry, to discuss market volatility, the mid-term elections, interest rates, tariffs and trade wars, Brexit, his 2019 economic predictions, and what all of that means for you and me. How should you be invested now? Dr. Kelly also gives his opinions on value versus growth stocks, international stocks versus US stocks, emerging markets like China, and other asset classes like bonds and commodities. Plus, Joe and Big Al have some money saving year-end tax strategies, and as always, answers to your money questions: should you sell stock to pay back taxes, and should you take investing advice from one of the big name investment companies? The answer might surprise you – it surprised me! Kicking things off with Dr. David Kelly, here are Brian Perry, CFP®, CFA®, and Big Al Clopine, CPA.
AC: David, thanks for joining us.
DK: Glad to be here.
AC: And we've got just I guess a million questions about the market, because we've had a lot of volatility lately, and a lot more so than maybe we've had in the recent past, so maybe let's just start with, why do you see that there's more volatility right now than there has been?
DK: Well, I think the real issue is that volatility had been very low all year. And what we've seen in October really wasn't that dramatic. I mean, you've got to remember we've got the Dow at these levels. If you have a hundred point day or a 200 point day, that's not really a big deal. It's not that volatile. So the stock market's always somewhat volatile and it had been very calm. It's got a little bit more volatile. Why? Well, this is an old expansion. We are in the 10th year of an economic expansion, the 10th year of a bull market. People are a little bit nervous. People remember the last two big bear markets where the stock market fell by 50% and they don't want to get hurt by it. So when things come up, like Brexit or trade worries or just worries about the election or worries about future earnings, these things I think are causing a little bit of volatility right now.
BP: You mentioned that it's a really long economic expansion at this point, and we're seeing the Federal Reserve tighten interest rates, which tends to be a late-cycle phenomenon. Vice Chair of the Fed comes out and says we're getting closer to a neutral. How much further does the Fed have to go, and when is that going to start to really impact the economy?
DK: Well, I think that they do need to move to neutral. I think that's OK. Now, they've actually defined neutral, because in their own forecast they say that in the long run if they're doing everything right in monetary policy, the Federal funds rate ought to be at about 3%. Now, they're right now between two and two and a quarter percent. So if they raise rates when they meet in December, and then raise rates in March and in June of next year, and they raise it by one-quarter of 1% each time, then by June of next year, you're between 2.75% and 3%. And that's pretty much what they think is neutral. So I think that's probably where they'll stop, or at least pause, and I think there's going to be a change in market sentiment on this, because the Fed themselves have said, "we're going to go past that." I really don't think they are. I think that if they get to neutral, that's probably OK for this economy. I think they should move to neutral. I don't think they'll move past that.
AC: Let's talk about the midterm elections, because there was a lot of interest in it, and things happened as we kind of expected. But how does that potentially affect the market going forward?
DK: Well, first of all, it was as expected, and that's important. That's why I don't think we've seen a huge market reaction to it. I think the second thing, and a very important thing, is don't let how you feel about politics overrule how you think about investing. Just one sort of statistic I think is fascinating is that if you go back over the last 50 years, the US stock market has given you about 10% per year, which is really excellent. But in the eight years between President Obama's election and President Trump's election, the stock market gave you over 12% per year. And the two years since President Trump was elected, the stock market has given you over 15% per year. So there's been a huge bull market while President Obama was in charge, and a second bull market where President Trump was in charge, and there are an awful lot of Democrats who've missed out on the Trump rally and Republicans have missed out on the Obama rally. So I think it's very important not to get too obsessed with politics. The other thing I'd say is, yes, we've got divided government, that's the norm. More than 60% of the time since World War 2 we've actually had divided government. But I do think it makes a difference because if the Republicans had control of everything, I think we would have seen tax reform 2.0. We would have seen more infrastructure spending, we might've seen more defense spending. I think we would have had bigger deficits. So I think divided government is going to slow down the amount of government stimulus. But actually, I don't think that's a bad thing. I think this economy is running at full employment. You don't normally give it an economy at full employment stimulus. So in a way, I think this is OK that we've got divided government, that we don't see more stimulus at this point in the cycle.
BP: From a political perspective, one of the things that's really been gyrating markets has been trade discussions. Does the recent election have any impact on whether or not we see continued tariff wars?
DK: I think it does a little bit. I mean, the administration gets to enact trade policy. Years ago the Congress more or less ceded control of trade policy to the executive. And there's no way they can take that control back. So the president does get to make trade policy, but I think he is, as we move past the midterm elections, he will focus more on 2020. And one of the problems is, remember I said we're not going to get more stimulus? I think that's true. Therefore, the economy is probably going to be slowing down a bit. And again, that's OK. I think it'll slow down to about 2% growth in the second half of next year and going into 2020. But the one thing the president wants to avoid is an actual recession. And one of the problems is that tariff wars are very damaging to the global economy and they're very damaging to the US economy, they fill the atmosphere with uncertainty, that causes investment spending to slow down. If you raise tariffs on Chinese goods it's going to slow down consumer spending. So to some extent, I think it puts pressure on the president to try to come to a deal with China. And my instinct and I must admit there's a lot of opinions out there on this, but I think the president actually will come to a deal with China. I think he wants to be the person who makes a deal. He will certainly portray that as being a deal that no other president could have gotten. And I don't know how that plays politically. But I think, from an economic perspective and thinking about the 2020 election, I think the midterms in some ways make it even more likely that we will see some deal to try and ratchet down tensions with China. I think that's very important.
AC: If there is slower growth coming ahead in the next year or two, and with the lower taxes, then likely the deficit might balloon even a little bit more. And how concerned are you on that?
DK: I am concerned – I'm concerned about the deficit the way I am concerned about global warming. I mean, I don't think that I'm going to be killed by it right now, but I think it's a bad trend and we ought to do something about it. I mean, the truth is, we are at full employment. The unemployment rate in the United States is the lowest it's been since 1969. And so if you've got an economy that's healthy, it's kind of like – you know, to me this extra deficit spending is kind of like bringing an extra keg to the frat party at 2 a.m. I mean, it makes for a louder party but it ultimately means a bigger hangover. And to me, the problem with the deficit is not that it's going to blow us up. It's just going to make us poorer in the long run. It's just like in your own finances. There are people in their 50s and 60s, should they be taking out another credit card? Should they be borrowing more money at that point? Well no, because they're going to need to live off that money in retirement. And 10 years out, we're going to have a debt. The national debt is going to be about 100% of GDP, and two-thirds of that debt will be owed to people overseas. And so at that point, we will be paying taxes to fund the retirement of the Germans and the Japanese rather than fund our own. So if we live beyond our means today, we'll be forced to live beneath our means in the future. I don't think that's a very responsible thing to do.
BP: So given that the average individual doesn't have a whole lot of control over that eventual outcome, what steps can they take today to protect themselves? Because that's pretty troubling, what you're laying out.
DK: Well yes. I think people do need to think about it from exactly that perspective. And I think the mistake that people make is they worry about the deficit, "oh the deficit's going to blow us up, we're going to be Argentina, we're going to be Greece," and they freeze and they don't do anything. And they actually pull back and put money in cash rather than investing. Actually to me, what it really says is, this deficit is it is a shake-up call and a wake up call to people. They need to do more for themselves. All the way through to this point, the federal government has been spending more than it's taking in taxes. In the future, it's going to take more in taxes than it spends. Where is it going to cut spending? It's going to cut spending on older Americans and on Medicare. It has to because that's where all the growth is. Where is it going to raise taxes? It's going to raise taxes on richer people. So if you happen to be older and richer than average, there is a target on your back. And you know it's kinda like the scene in Jaws where Chief Brody looks out over the back and he sees the shark. He runs into the captain he says, "we need a bigger boat." (laughs) Investors need a bigger boat because this deficit's going to make it more difficult for them in the long run.
AC: We haven't heard too much about Brexit lately. But let's talk about that and its potential impact on the global economy and the US as well.
DK: Yeah. I still think that Brexit is a big splash for Britain and rather a small ripple for the rest of the world. And in fact, even just in the last few days, Britain has come to a sort of a tentative agreement with the European Union. But Theresa May, the British prime minister, is having a terrible time selling it to her own cabinet or to her own party. And so it looks like this draft agreement will not get through the House of Commons in Britain, and that could mean that Britain leaves the European Union without a deal, which would be a disaster for Britain. It could mean another general election in Britain, or another referendum which I think would be the best outcome. Ultimately, I don't think it hurts the Europeans that much, it doesn't hurt the global economy, it's just Britain. Britain needs to trade. Britain cannot afford to have a trade barrier with its biggest trading partners, nor can Britain afford to have a hard border between Northern Ireland the Republic of Ireland, because that could set off troubles which have really been a problem for Britain and Ireland for 600 years. So this is what comes of populism. I mean, I try not to be political, Republican versus Democrat, people are tired of their opinions, but populism is basically when you shut off the left side of your brain and you just do what feels good. And Brexit felt good to a lot of angry people in Britain. But it was a terrible own goal. It's a stupid thing to do. And I just hope that they have the good sense to give themselves a chance to reconsider, now that they see what's going on, this can only harm Britain. I do hope the British Parliament gives the British people the opportunity on a do-over on whether they really want to do this thing because they really shouldn't do this thing.
BP: I liked what you said about shutting off the one side of your brain and doing what feels good in the moment because I think that whether it's letting political views change people's views of the economy, or whether it's a bias of, "hey, I want to invest in whatever has done the best lately and deviate from my long-term plans," people are so subject to that. And so looking at a couple of the trends we've seen over the last few years, do you see them continuing? And maybe starting with this year, U.S. stocks have done quite a bit better despite the volatility than international stocks. What do you think of international versus US?
DK: I would be overweight international versus US. Right now, the U.S. accounts for 56% of global stock market capitalization. That is the biggest number we have ever seen. And I think it's too big. And if you look at overseas economies, you got more room to grow in the long run. I mean, we're at full employment and the working age population is not really growing very fast. There's plenty of unemployment in Europe, there's plenty of growth potential in emerging markets, European and emerging markets stocks are a good deal cheaper than U.S. stocks, so are Japanese stocks. I think the dollar is too high and it'll come down over time. So logically – again, this is where you switch on the left side of your brain – logically, International looks like it really ought to do better than US over the next five years. I can't tell over the next year or so, I mean nobody can. But think about what's happened: what's happened is this, it's like a marathon. You've got all these people running in a pack, and then somebody runs ahead. They become the hare. And that's the US this year. Because of all this fiscal stimulus, the U.S. picked up in the rest of world sort of slowed down. But this fiscal stimulus is mostly sugar, and the US economy will slow down again and the pack is going to catch up. And in fact, even if the Federal Reserve stops raising rates the rest of the world, the European central bank is gonna start raising rates and that should bring the dollar down. So in the long run when I look at it, I think international will beat the US, and I think people should make sure they are not underweight International right now because so many Americans are.
AC: Yeah I think that's right because there tends to be such a home bias in investing, you kinda invest what you know. But speaking about US investments, what about growth stocks vs. value? Because growth stocks have been kind of the winner for a number of years here.
DK: They have, and I think there's a lot of momentum going on. I think one of the things that's happened is people have moved money from actively managed funds into passively managed funds. The problem is that a lot of the active fund managers look at valuations and they were overweight value. And the problem is that every time somebody sells out of an actively managed fund and moves into a passive fund, they're implicitly moving from value to growth and I think that's really helped growth outperform. But I always like to think about this. Don't think about the next year, think about the next five years. Let's move through a cycle and a few events here: overall, value stocks are a little bit cheaper than growth stocks relative to their history, and if you look at that history, that history includes the tech bubble. So when I think about that, I think value stocks are really significantly cheaper than growth stocks. At the moment I think the big trend is still rates are going to rise, be overweight cyclicals versus defensives. That's kind of how you should split the market up, rather than value versus growth. But in the long run, I do think value will beat growth and particularly small-cap value, which tends to get left behind in this kind of market. I want to have a chip at every square. But if I had an extra chip, I'd put it down in small cap value.
BP: What about, as you think more broadly to a portfolio, a lot of people, maybe they own a few international stocks, maybe they own some US stocks. What about other asset classes, whether that's bonds, commodities? How should people be looking at some of those asset classes now?
DK: Well I think, first of all on bonds, for a long time it has been sensible for most investors, particularly younger investors, to be overweight stocks versus bonds, because long-term interest rates are being held down very low by central banks. But we are seeing those bond yields move up. And if I'm right and the Federal Reserve just raises rates three more times, then today's number – I think we've got a 10 year Treasury yield right now of 3.1% – so if we ended up with 350, you'd get hurt a little bit on that. If that's where you are by next June. But I think that's about the extent of it. So I think people should gradually be moving to a more neutral position between stocks and bonds, relative to where they would normally be. On commodities, I think it's OK to have some exposure to commodities. I certainly wouldn't be overweight commodities because I don't think this is a very inflation-prone global economy. And I think commodities are particularly useful when you think inflation is going to go up. But I'd have some commodities I think, and look at various alternatives also within asset classes. I think you have to be very flexible at this point. But I think the number one thing I'd do is make sure that I had enough international equities versus U.S. equities.
AC: Let's talk a little bit about emerging markets and China's impact on emerging market investments. What are your thoughts there?
DK: Well, China is gradually slowing down. I have not seen any evidence that China is in crisis. I think China, of course, controls the data coming out of China very heavily. But even talking to people on the ground in China, things are growing a little bit more slowly, but it looks like it's OK. I think the Chinese are very nervous right now about this trade war. I think actually all of Asia is nervous about the trade war because Asia's really built on exports and they will get hurt very badly by a trade war if it comes to pass. So I think, really, your opinion on how that one plays out really will have a big impact on emerging market stocks in general because most emerging market stocks are actually in Asia. So I think it'll have a big impact on that. But overall I am relatively optimistic because trade wars are just bad and they don't work. They never achieve the goals that they're setting out to achieve. So I don't think that we're going to be in a perpetual trade war, and when we get some sort of agreement, I think that could be a signal for emerging market stocks and particularly Chinese stocks to rally.
BP: If we step back and look more at fundamental investment principles, one thing that your firm puts out every quarter is the Guide to the Markets, which is a fantastic publication. And there is a chart that you put in there that looks at the last four decades or so, and it turns out that in 75% of those years or so, the stock market has ended up, but during that year there's been a pretty significant intra-year decline despite the eventual positive gain. Can you talk a little bit about how people should react to these periodic sell-offs and the fact that over time there's an upward momentum to the market?
DK: Yeah, I think that's right. And I think people do tend to react out of fear whenever they see a sell-off, and of course, that gets to something we were saying earlier on about how people doing what feels good just gets them to trouble. So that's why the average individual investor usually doesn't get the full potential of markets because they tend to buy when they feel good and sell when they feel bad. And of course, they feel good when markets are high, they feel bad when markets are low. So I think people do need to look at the long span of history, and I think you should also look at the economy first and then look at markets. Because for example, in international stocks so far this year, we haven't seen a big slowdown in the global economy. We haven't seen a big fall in global earnings. What we've seen is a fall in some international currencies, which I think is temporary. And we've also seen a fall in the PE ratios in some of these stocks, but that can always bounce back. So looking at the fundamentals in the US, we are in the 10th year of an economic expansion. I think we will make it to an 11th year, which will make this the longest expansion since the Civil War. We've got very low unemployment, but what's really interesting is this low unemployment is not triggering the kind of inflation you'd normally see. So we're almost getting a free pass on strong growth here. And then we've got spectacular corporate profits. In the first three quarters of this year, corporate profits were up 27%, 27%, and 32% year over year if you look at operating earnings per share. Now I know profit growth is going to slow down and everybody's focused on future earnings growth, but I think a lot of current earnings now which are pretty good. So when I look at those fundamentals I think about a Federal Reserve that's being patient, I think about a global economy which is pretty balanced and growing okay. I think about what tax cuts have done for valuations, and they have made stocks cheaper. I think when you look at those fundamentals you realize that this bull market in stocks is really built on fairly firm foundations. Now, I don't think stocks are giving great returns from here because frankly, they've come a long way. But I think people should not be too worried about a big sell-off that will persist. Again, remember, you're planning for an entire retirement and maybe for your heirs. Your investment plan, for most people, what the real long-term investment goals should be is measured in decades, not in months or years or weeks. So I think you should take these sell-offs, you can always look at them, look at the fundamentals. Is that justified? But if the fundamentals don't justify the sell-off, then that's actually time to get in, not to get out. I've never seen a good long-term investment that didn't feel uncomfortable at the start. And it always feels uncomfortable in the middle of a sell-off. That's usually the best time to buy.
AC: David, this has been such good information. Any other final thoughts before we let you go?
DK: You know, I think 2019 is going to be… it could be a challenging year. But again, I'm just going to sort of reiterate sort of the theme of what we're talking about here is, you're just trying to activate the left side of your brain. Look at the world logically. Try to put the political emotion aside and think about how things are going to play out. And try to suppress your prejudices which cause you to stay away from international, cause you to get out of markets when markets sell-off, the good fundamentals underlying markets, and people should still be long-term investors.
AC: Good advice. How can people find out more information about you and some of the things that you're putting out there?
DK: Well two things, first of all, you can go to JPMorganFunds.com and you can find our Guide to the Markets which you kindly mentioned, which we put out every quarter, that we update every month. Or also I've got a little LinkedIn blog which I do every week just on some thoughts on the week ahead and what's going on in markets so if anybody wants to find me on LinkedIn it's just David Kelly at J.P. Morgan on LinkedIn.
AC: So Dr. David Kelly, thank you so much for joining us. He's the Managing Director, Chief Global Strategist at J.P. Morgan and Chartered Financial Analyst, a very smart guy as we just heard, so thank you again so much.
Of course, you know you can find all the relevant links mentioned in the show notes for today's episode at YourMoneyYourWealth.com. If there is someone you would like to hear on the podcast, email your suggestions, comments and questions to info@purefinancial.com. Now, as the year is winding down, it's time to talk about some year-end strategies for saving money on your taxes. Also in the show notes, you'll find a link watch the Your Money, Your Wealth TV episode (below) on how the new tax law might affect your retirement.
JA: Alan, did you know that probably almost half of U.S. citizens do not pay any income tax whatsoever?
AC: I did know that. I think what's probably surprising to a lot of people is that half of the country's paying all the taxes for everybody.
JA: But I look at it a little bit differently. Is that when people hear ideas or things in the media, or let's say Money Magazine, Kiplinger, you listen to radio shows, TV shows, and you look at these grandiose statistics. Like you'll be in a lower tax bracket in retirement. Well yeah, most people will be in a lower tax bracket in retirement, because they're not even paying any tax. It's hard to get better than that. You know what I mean?
AC: Yeah, because then they don't have any savings and Social Security will be tax-free because that's the way that's done when you have no other income.
JA: Right. So when you look at half of the population doesn't pay any income tax. The other half does. So if I'm looking at, you hear the statistics of the United States as a general whole. Well yeah, it's going to shift more towards those individuals unfortunately. There's a lot of inequality, I guess, and I don't want to get political, here but I think a lot of times you hear things and then you think it applies to you, which could be the exact opposite. Because 5% of wage earners pay almost 55%.
AC: Yeah the top 5% pay, yeah, you're right, over half.
JA: Top 10% pays about – almost 70, 66%. And that top 10%, that AGI is not as big as you think, Al. Do you know what it is?
AC: Yeah, I think it's around $130,000 something?
JA: Yeah. $138,000. So if you make $138,000 you're in the top 10% of all wage earners in the entire country. A lot of our listeners probably have a combined income of that. There's a lot of single people that listen to the show probably have income like that. So welcome to the top 10%. But then you hear, no, you'll be in a lower tax bracket and blah blah blah. You kind of start tuning the stuff out and then you don't necessarily know what direction to go. So hopefully that puts things in perspective. So Al, let's break some things down if you're an employee, investor, retiree or whatever.
AC: Yeah I think right off the bat now, we only have a month and a half, let's say. But still consider your IRA, still consider your 401(k)s. IRAs of course you can contribute till April 15th of next year. It's still $5,500 per person or $6,500 if you're 50 and older. SIMPLE IRA, if you've got that kind of plan at your employer it's $13,500, you have to do that by December 31t. Do another $3,000 if you're 50 and older. And don't your 401(k) – so that's $18,600 with an extra $6,000 if you're 50 and older. That has to be done by December 31st. Now, that's if you're an employee. If you're an employer, you can fund the profit sharing parts of like a 401(k) for example, until the due date of the tax return. So you got a little bit more time there. So again, you've got maybe just a few more weeks to make sure, at least if you have a 401(k) or a SIMPLE IRA, you're maxing that out to the extent that you can afford it, because you're going to pay less taxes to the extent you've done that.
JA: Right. A lot of you, if you do have some additional savings and you realize that you didn't max out your plan and you want to, don't get confused that you think it's a percentage of income because it's not – it's dollar for dollar. So you're like, "well I'm already maxing it out." How many times do we hear that? "No, I put 10% in that's the max." No, well 10% of your salary is $7,000. You can put in a lot more than that.
AC: Yeah, and Joe, there were plans 20 years ago that limited to how much you can put in as a percent. Virtually all plans that we see now it's unlimited. You could put in as much as you want, even 100% if you want to.
JA: Up to the $18,500 or $24,500.
AC: That's right, up to those limits.
JA: So if you made $20,000 a year, you could virtually shelter almost 100% of your income minus payroll tax.
AC: Yeah exactly. So a few other things Joe is there were a bunch of tax law changes in this current year, and I think it's important to review those while you're thinking about year end planning. The first is the standard deduction increased – it just about doubled. So a single taxpayer was a little over $6,000 standard deduction that's $12,000. Married was almost $13,000 but now it's $24,000. So what that means is, less of you will be itemizing, and itemized deductions is taxes and interest and charity, things like that. So if less of you are going to be itemizing, it may not make any sense to prepay a mortgage payment or to make an extra charitable contribution if you're not going to get any benefit for it – you may want to do those things anyway, but it may not help you tax-wise.
JA: Right. In most cases it probably won't.
AC: Yeah and then when you consider itemized deductions, for those you that can still itemize, there were some big changes. The biggest one probably Joe was property and state taxes. So now that upper limit is $10,000, that's as much as you can deduct. And for those of you living in California, with high property taxes and high state taxes, in many cases your deduction was $20,000, $30,000, $50,000. Anyway, that's limited to $10,000 on state and local taxes. So you're probably going to have a lot lower itemized deductions because of that.
JA: Yeah, this killed a lot of people in a lot of high tax states.
AC: Yeah, only, right? Which sounds like a lot to a lot of people, that it is. But it used to be a million bucks you could borrow and fully deduct the interest. Now if you had a million dollar loan prior to December 15th of last year, that gets grandfathered in, but your home equity loan debt that you could deduct last year up to $100,000 of debt, that's gone. You can't do that anymore in 2018.
JA: Right now we're seeing some volatility in the overall markets. One of the strategies that you might want to consider is something that's called tax loss harvesting. I think most people don't understand this, Alan.
AC: Yes, I would agree with you.
JA: Let me try to give you a quick high level view of what the heck this is.
AC: Yeah it's easy if you draw it out. We'll see how you do with your words.
JA: Yeah, let's assume that you purchased an asset and that asset is worth $10,000. This asset has to be outside of your retirement account, so it could be a mutual fund. It could be a stock, it could be a bond, it could be whatever.
AC: So I bought a mutual fund for $10,000.
JA: And it's outside of your retirement account, it's in a brokerage account. The market is volatile, and all of a sudden that $10,000 drops to $5,000.
AC: Okay. Not a very good investment.
AC: (laughs) OK, well I got schooled.
JA: Yes yes did. So here's the concept of this, is you want to harvest losses as the market continues to be a rollercoaster. So the mutual fund that you bought for $10,000 is now worth five. What I would suggest you do is to sell that mutual fund, but not necessarily abandon your overall investment strategy, but buy a similar mutual fund that is in a similar asset class. So I still want you to be in the market, but what happened, you took that $5,000 loss in you harvest it. It's now sitting on your tax return. It's called a capital loss. It will sit on your tax return until you use it to offset any capital gain. So now the market recovers, because you sold mutual fund A, but you bought mutual fund B. So you had the S&P 500 index fund. You sold it and you bought the Wilshire 5000 index fund. Or the Russell 2000, or something like that.
AC: So you're still in the market.
JA: Still fully invested. Then, if the market recovers and you need to sell something, well, you have this $5,000 loss that you harvest that could offset any future gain.
AC: Right. Dollar for dollar. And I think that's what people don't really understand. It's a capital loss, and if you don't use it, it gets carried forward to the following year, it goes against capital gains dollar for dollar until it's used up.
JA: Absolutely. And if you do not have a capital gain, then what happens is that they will allow you to take $3,000 of that capital loss and offset it against ordinary income.
AC: So that would be like against salary or interest or something like that – pension income, for example. And that's the problem. A lot of people think you only get a $3,000 benefit.
JA: That's the biggest problem, "well, I got a $50,000 loss, what's the big tax deal, it's only $3,000." Well, that's against a totally different tax.
AC: Right, if you have capital gains, it goes against that dollar for dollar. And sometimes people that even understand that, they look in December, they say, "OK I've got $20,000 of gains. What loss can I harvest to offset it?" But not always, sometimes the stock market's really high in December. And so you may not be able to harvest anything, so you kind of have to be looking at this throughout the whole year.
JA: Yeah, and if you haven't looked at it, make sure that you look at it now.
AC: Especially with the volatility.
JA: Right, because there's probably some losses in some of your positions, potentially, and this is a really good time to take a look at it.
All this tax planning and strategy implementation needs to occur prior to December 31st – that's only a few weeks away, depending on when you listen to this podcast. Make sure you're taking advantage of all of the changes from the latest tax reform and paying as little tax as legally possible. Download the 2018 Tax Planning Guide and the Tax Checklist for free – find links to both in the show notes for this episode at YourMoneyYourWealth.com For more personalized help, click the "Free Assessment" button at the top of the page at and schedule a free tax analysis and retirement assessment with the team of professionals at Pure Financial Advisors. Visit YourMoneyYourWealth.com.
JA: We're talking about tax loss harvesting, which is a extremely exciting topic. I almost fell asleep just saying that title.
AC: (laughs) You almost fell asleep while you were talking?
JA: Yes. Tax gain harvesting, Alan, is another thing that people should potentially take a look at if you do have gains in your overall portfolio.
AC: Yeah and I think this is a mystery to a lot of people. It's like, "wait a minute, I thought you just said we needed a tax loss harvesting?" Well there's a completely opposite strategy if you're in a low enough tax bracket. For example, if right now you're in the 10 and 12% tax bracket, which goes up to about $38,000 single, about $77,000 married – and change – anyway, if you're in that area, if you're below that, then you can actually sell some of your capital gains, your long term capital gains, you have to hold it for a year and a day, and you'll actually pay zero capital gains tax. So let me give an example. So you got $50,000 of taxable income and you're married. So I just told you you could go up to $77,000, so that means you could have $27,000 of long term capital gain on your federal return and pay zero capital gains tax. It's like it was tax-free. Now, full disclosure, you will pay tax in your state, depending upon how they do it. In California it's still taxable, but on the federal return, it's tax free. And so a lot of folks are trying to avoid selling their positions and rebalancing and getting an appropriate investment portfolio. And even though they need to do it, and they wouldn't even pay any tax or any federal tax doing it.
JA: Well, if they love that stock, they could buy it back that same day.
AC: Yeah actually that's another good strategy.
JA: Just increase your basis so that when you do finally sell it down the road there'll be less gain. So yeah, I think that's a good one. Now that also works if you're in higher tax brackets, because maybe you're near a threshold to where, if you had much more capital gain, you'll be above the $250,000 threshold, so you have to pay the extra Medicare surtax, or maybe you're going to bump up against the 20% capital gains rate. So yeah, tax gain harvesting can be pretty effective as well.
JA: Hey, we talked to Jefferson Lilly. We will be talking to him about mobile homes. Mobile parks.
JA: And real estate investing in general. And I think there's some other misunderstandings about real estate and taxes. I don't know where it came about that real estate is the biggest tax haven ever. That's not necessarily true.
AC: It was true over 30 years ago, but that rumor still persisted. What happened Joe was before 1986 you could deduct your losses on real estate unlimited. And by losses on real estate, you don't even really have to lose money on it – even if you break even cash flow, you get to depreciate your property. And every time you depreciate your property, at least under current law for every million dollars of building that you buy, you probably have about a 25 or $26,000 write off. So you buy $10 million dollars. You got a $200,000+ write off unlimited. And that's actually how it used to be.
JA: And there was no income limitations to it.
AC: None. So 1986 we had the Tax Simplification Act under Ronald Reagan. And it was anything but simple. And what happened, among other things, is we got a new set of rules called the passive loss rules.
JA: The PIGs and the PALs.
AC: Yes. And so the passive loss rules simply state this: which is when you have a passive loss, you can't deduct it. It just gets suspended on your return until you have passive income. Now there is a workaround at certain income levels. So if your income is below $100,000, you can write off up to $25,000 of your losses on real estate. If your income is over $150,000, you can that write off anything. And if you're in between there's a phase out period. So the days of writing off everything you possibly can in real estate are no longer here, and usually, I'll just say one more thing. A lot of times the people that want to buy real estate have high income, they're looking for a tax shelter, they're above $150,000, there is no tax shelter.
JA: Right. I wonder how big of an uproar that was back then. Were you practicing in '86?
AC: Yeah, I was at my third CPA firm.
JA: Wow, jumping around. You couldn't hold a job, huh?
AC: No. My fourth job, third CPA firm in my twenties (laughs) Just like the current millennials.
AC: That's right. (laughs) So yeah, it was a big deal for the real estate investors because where they had these write-offs, they didn't. And the concern was that properties now would go down in value because of the loss of the write-off, and what ultimately happened was that the early 80s were not very friendly for real estate. The late 70s were extremely, there was a lot of inflation and real estate went way up. The early 80s, it went down a little bit, not much, a little bit. But by the late 80s after this tax law change, it was phased in over four years. Real estate zoomed again. And partly – a lot of times people say this tax law changes a real estate is going to go in the tank. Well that's one factor, but there's a lot of other factors that make things go up or down.
JA: Well what, they also reduced the tax rate significantly back then too. Because if I have a 70% top marginal rate, so I'm going to buy real estate to try to get these $200,000 losses sitting on my return, versus saying, "Okay well now I can only write off $25,000 or zero," but now instead of a 70% top marginal rate it went down to 50.
AC: Yeah. Big savings, now we're at 37%. But yeah, and I remember in the early 80s, my second CPA firm I went to, they were helping these private placements, these limited partnerships. And then I learned what 2 to 1 and 3 to 1 and 4 to 1 means, I had no idea. And what it means, 2 to 1 means I invest $1,000 in this investment and I get $2,000 in tax savings. It's like, "well how do you do that?" "Well, just smoke and mirrors." But there was all these crazy rules and it was these limited partnerships that caused the passive loss rules to come into play, because people were doing crazy things that had no investment potential, just to get the tax write-off.
AC: How much is a stack?
JA: It was about a hundred clients. But guess what. A hundred clients I got. Every single one of those clients? They were all worthless clients, because they bought a tax shelter that was that now worthless.
JA: I'm like hey1 I'm drumming up new business with these people that are PISSED.
AC: (laughs) That'd be tough. If you could get through that and you stuck in the industry.
JA: Yeah, you're just grinding out 100 dials, 200 dials a day.
AC: You got a lot of determination.
JA: You gotta make a game out of it. It's just like how many people can call me a scumbag. That was the game for the day.
AC: What was it, was at 25% or higher?
JA: Yeah. Because people actually answered the phone back then so I could talk to them.
AC: Because they didn't know who is calling.
AL: There was no caller ID.
JA: Yeah. They thought I was their long lost son or something. No Caller ID, no Do Not Call lists and all that other stuff.
AC: (laughs) Wow, that's a tough way to break into the business.
JA: Yeah, and then I bought a bunch of leads,I had to buy them for like $7.50, then used ones, I could buy 'em for a dollar.
AC: Someone had just called them like two minutes earlier?
JA: They were the ones that said, "go pound sand." You could buy those a dollar if you really want to get punished. (laughs) So there you have it, that was the start something very special. I've got thick skin now.
He does indeed, and if you work with him, you better have thick skin too…. Anyway – let's get to answering your money questions. You've sent in a boatload of 'em and we are churning through them fast as we can, but if we haven't answered it yet, be patient – keep checking the show notes at YourMoneyYourWealth.com. If you want to add your money question, comment or suggestion to the list, you can you can email info@purefinancial.com, you can click the "Ask Joe & Big Al" button at YourMoneyYourWealth.com, you can call (888) 994-6257, or you can post your question on our Facebook or Twitter pages and the fellas will answer on the podcast. Find our social links in the show notes at YourMoneyYourWeatlh.com!
42:21 – Should I Sell Stock to Pay Back Taxes?
JA: This one is from Shien Tze. What was that other name that I really enjoyed?
JA: Mohan! Mohan should be introduced to Shien Tze. Great name. From San Diego. So Shien said, "hi I enjoy your shows. I'd like to ask you a question in regards to tax." So I'm going to you, Al.
JA: Tax claim – she owes back taxes of $217,000 and they're charging her 7%.
AC: Yeah I suppose. Yeah, you don't want to have California be your creditor. And if you've got assets to be able to pay them off that's a great way to go. And the same is true for the IRS, is they're not necessarily the friendliest of organizations. Now you can potentially set up an installment payment plan with them, and you will pay the 7% interest. But if you miss a payment they're all over you, and… I don't know, I would, if you have the resources, if you've got enough stocks to do that, without knowing your situation, I would probably want you to do that. Now if that's the only assets you have in your entire life, you probably don't want to liquidate everything, maybe you liquidate part of it and maybe keep some of it for emergency cash reasons. Pay off as much as you can, set up an installment plan for the balance. So that's what I think.
JA: Or it could be something completely else.
AC: Some kind of investment?
JA: Someone saying "hey, put $217,000 in," and 7% is… I don't know. 7% interest on either side is high.
AC: Yeah, right? So that was one way to answer the other way to answer, the other way to asnwer it is if you're referring to some kind of investment?
JA: At 7%, yeah I'd be pretty wary about that.
AC: Well, and if you have to sell a bunch of stocks and pay a bunch of taxes to get there, maybe that's not the best choice. So anyway, maybe we got you covered either way.
JA: Yeah or maybe send us more information on this claim of $217,000.
44:58 – Should I Use Vanguard for Investing Advice?
JA: All right. We got, let's see… T.J. I want to talk about T.J.
AC: Wanna dive into T.J.? It's like a long one.
AC: She didn't want to do that one.
JA: Yeah. And I want to.
AL: No, hey go for it. I think it's great.
JA: "Hi guys. I love the show. Thanks for keeping me entertained financially." Oh, see? You're welcome T.J.
AC: That's why you want to read this one.
AC: And anytime you compliment us, we'll read your question.
JA: "I'm 34 and my wife and I have $250k in retirement assets all with Vanguard. This is in my 401k (Roth & Traditional) and a Roth IRA for each of us. We max out the latter and I should max out my 401k next year or by 2020 for sure. I also have $3k in a brokerage account with Betterment. Love that I can buy those fractional shares. My question is should I partner with Vanguard Personal Advisor Services at only 30 basis points? I want them to help guide me to retirement, ensure I'm saving enough." So he wants a little early retirement, possibly 55-60. "And saving for my 2 year olds college. I also think they'll be helpful on withdrawing down the road. I get access to a dedicated CFP once I'm at $500,000 which it'll be in 5 years or so. Vanguard feels like an extremely safe choice for financial planning assistance. Am I missing something? Thanks for your input guys!" TJ, I would go for it, bud. I like Vanguard. I think Vanguard is a phenomenal company. You got a couple hundred thousand bucks, 30 basis points is extremely inexpensive. You get $500,000, you get access to a certified financial planner that can talk to you on the phone and kind of help you out. Yeah. I think everyone needs some sort of personal advice just to kind of keep you in check. Some need a lot more than others. As your situatiom gets a little bit more complex you might want to look at a full service financial planning firm. But I think where T.J.'s at, I like where his head's at.
AC: Yeah, and I think I'm going to say I don't know what you get at 30 basis points when you have less than $500,000, sounds like you don't necessarily get it CFP. And so if there's not a lot of services, maybe you wait.
JA: Well, it's a managed portfolio is what you get.
AC: Yeah. If you need the help to manage it, right?
JA: You don't think people need help?
AC: (laughs) Well they may.
JA: Do you know the line of business you're in?
AC: Yes, I'm trying to un-sell myself. No, I would say it this way, I think a lot of folks – it sounds like they're educated, like T.J., maybe they can get a book and look at asset allocation. Maybe they can do that, save a little bit of money, by the time you get to $500,000, maybe it makes a lot of sense because now you have someone else to talk to. But I do think by the time you get to retirement age, I would agree. I think probably a full service financial planning firm might be a little bit better. I don't believe that Vanguard is going to help you very much with tax planning and ways to create tax efficient withdrawal strategies that a full service financial planning firm might.
AC: (laughs) Well, it depends if you have the discipline.
JA: Who has the discipline with their own money?
JA: Bull-loney. (laughs) Look at Al. Guaranteed.
JA: How many times, ah, we have tape of you talking about when you blew yourself up managing your own money. Remember you said you got out at the wrong time?
AC: Oh yeah, that was… that was 1990. That was a while ago. But you're right. Was I 34 then? Yeah I was about that. By then I'd made all my money.
JA: Didn't you just make moves in your portfolio?
AC: Yeah, but now I know how to do it properly. (laughs) After 60 years.
JA: (laughs) Okay. All right, go to YourMoneyYourWealth.com, we'll see you again next week. For Big Al Clopine, Andi Last, I'm Joe Anderson, the show is called Your Money, Your Wealth®.


While Morocco's community of start-ups and social entrepreneurs is relatively small when compared to many countries in the Middle East, there is a talented and driven nucleus of Moroccans set on changing this. Last week, Anou's team was fortunate to be among many of these individuals at the Moroccan Social Enterprise Conference in Casablanca.
Several weeks ago, Anou was asked to present at the conference and we were excited to take part. Keeping in line with Anou's vision of ensuring that it is a platform made for and run by artisans, we always ask standout artisans who use Anou to present, rather than myself. This gives artisans the opportunity to be recognized for the work, and risk, they've undertaken as some of Anou's early adopters.
But presenting in front of over 100 people in a city an artisan has only heard of can be an intimidating experience. To prepare the artisans for this, we paired up artisan Mustapaha Chaouai (Association Nahda), who has never presented before, with artisan Rabha Akkaoui (Cooperative Chorouk), who has presented at a previous conference.
We spent the evening before preparing the presentation and then we did a last minute run through an hour before Rabha and Mustapha's slotted time. The goal of the extensive preparation is not only to ensure that artisans do a great job presenting, but also to provide the artisans with the opportunity learn the why behind Anou, rather than just the how. This in turn helps us build a community of artisans that believe and advocate for the vision that Anou represents.
Anou has always been positively received at the conferences artisans have spoken at. Yet at this conference, Rabha and Mustapha started receiving applause halfway through their presentation and then received a standing ovation from the 100+ attendees when they concluded. Throughout the rest of the day, many attendees came up to Rabha and Mustapha to give them hugs and thank them for the inspiration to continue building their own start up or social enterprise. I have to admit that it was a little funny to observe the look of confusion on the face of Rabha and Mustapha as they were hugged – they felt that they had only given a presentation. What they slowly began to realize, however, is that they had struck a nerve in Morocco's nascent start-up community.
There are a lot of reasons why Morocco's start up scene lags behind many other countries in the Middle East. Mehdi Reghai wrote an excellent article (sorry, it is only in French) that touches upon this and cites many reasons for this including: segregated geography, lack of research and development, poor infrastructure and crumbling education systems. Zak El Fassi, the first Moroccan-educated programmer to work at Google, believes that Morocco's consumption economy has yet to evolve into a creation economy. From our personal experiences at Anou, we constantly feel an undercurrent in many of our conversations that Moroccans just don't believe they are capable of achieving big things.
None of these opinions are wrong. In fact, they all contribute to what makes Morocco what it is today. From the weavers in a rural village who wait for others to sell their work for them to the aspiring social entrepreneur with a big dream who is sidelined by the pessimism of his or her community, Morocco is often caught waiting for something to happen rather than actively pursuing its future.
Mustapha and Rabha's presentation struck a nerve because it challenged this very mindset. When artisans are able to innovate around infrastructure problems, perhaps the start up community may now perceive a lack of infrastructure as an asset rather than a hindrance. When an artisan with only a fourth grade education is capable of delivering one of the most powerful talks at a conference, then why can't an ambitious university-educated Casablancan do the same, or even more?
This is why Anou matters. Yes, the easy-to-understand version of Anou is that it provides artisans a better wage than typical fair-trade. But a better wage is only the collateral of igniting the belief that yes, perhaps artisans themselves are capable of doing big things. This change in mindset is infectious beyond just artisans; this past weekend it spread to many members of Morocco's start up community.
Excitingly, Anou is only one thread of many that is contributing to the fabric of Morocco's exciting future as a leading start-up community. Because of people like Adnane Addioui and Manal El Attir, who are inspiring Morocco's youth to launch their own ventures through Fursa Challenge and Enactus, Kenza Lahou, who is building a community of entrepreneurs in Start Up Your Life, Zak El Fassi of JobFinder.ma, who's raw coding talent demonstrates what Moroccan's are capable of with lines of code, and even the late Karim Jazouani of the Nexties, who fostered a community of selfless collaboration in Morocco's tech industry, it is clear that the Moroccan start-up community's best days are ahead of it.
Our team, and many artisans across Morocco, are excited to be a part of this bright future.
Participants at the Moroccan Social Enterprise Conference gather for a group shot at the end of the day.
Looly's Pearls: A female led cous-cous venture set on rebranding Morocco's culinary traditions.
JobFinder.ma: A Moroccan job search engine with regional aspirations.
Stagaires.ma: A portal for Moroccan students to find internships.
Clothes That Care: A buy one, give one online retail store.
Start Up Your Life: A community of Moroccans committed to building Morocco's start up scene.
Moroccan Center for Innovation and Social Entrepreneurship: A platform committed to spurring social change in Morocco through innovation and entrepreneurship.
Anarouz: A social enterprise committed to supporting female artisans.
IT Pills: A electronic system that helps remind patients to take their medication. Started by two young entrepreneurs.
Nexties: Morocco's online tech magazine.
In our trainings and follow up calls with artisans, we try and cover as many scenarios as possible related to their online business. Pricing, photography, sales, market demands, and packaging – the list goes on. No matter how intuitive we make the selling process for artisans, there will always be a lot of moving parts that they will need to master. We've noticed that for many artisans the gap between their current skill sets and what it takes to be successful on Anou shows how far some artisans need to go as they build up their 21st century business skill sets.
Woven into our DNA at Anou is the belief that artisans will never gain mastery of such business skills through trainings alone. Instead, we believe that the only way artisans can gain mastery is to learn by doing. Accordingly, all the tools we build are centered on getting artisans directly connected to market as quickly as possible so they can learn directly from their successes, as well as their mistakes. We don't expect artisans to be perfect from day one, but as they learn and grow with guidance, direct market access and real world experience, we know that they will become successful.
It is no surprise then that when artisans first get started on Anou they make mistakes. But we view these mistakes as a good thing and we don't shy from letting artisans make them. Yes, we could scale much more quickly, and we could generate a bit more revenue if we micromanaged artisans so they never make mistakes. But for Anou's long-term success, artisans need to grow skills organically rather than having our team jump in and do everything for them. That is why you'll see the occasional blurry photos or a few exorbitantly priced products listed on Anou.
Yet some of the mistakes that artisans make can be a little bit more painful than blurry images. One mistake that has occurred several times is when an artisan forgets to remove a product from Anou if it sold in their shop or at a local craft fair. Even though artisans can easily remove products from Anou with a simple text message, every now and then they forget. Then when a customer buys a product on Anou that no longer exists, we have to return the customer's payment and write an apology. This week, we had to return a $130 payment. Writing apologies with the hope that a customer 'understands' is never any fun.
The customer contacted us understandably upset. Not only did they not get what they ordered, they felt fleeced by Anou and the cooperative thinking that we sold them knock off Chinese goods.
When we followed up with the cooperative they were completely unaware that they had a 'Made in China' sticker on the packaging. They weren't lying — we know the cooperative well. Not only has the cooperative worked with Peace Corps Volunteers for more than six years, we have verified that they are in fact the group that makes their products – they wouldn't be on Anou otherwise. Moreover, the cooperative is just now getting online for the first time so it is safe to say they don't have the experience to outsource their work to Chinese companies.
When we reached out to the artisans we discovered that the actual reason behind the now infamous sticker was a bit less incriminating: the cooperative reused a bag that they just had lying around.
As ridiculous as the situation is, damage has been done: Anou and the cooperative lost a loyal customer. It is safe to say that we'll make sure we inform artisans in future trainings that it is prohibited to place anything resembling the words "Made in China" or any country other than Morocco on their products or packaging.
Mark that as a lesson learned.
Rabha, an Anou artisan trainer, paid a visit to one of the cooperatives on Anou last week. Her goal was to show the cooperative Anou's new desktop and mobile platforms. Though she was told all the women would be ready, only half the cooperative was present when she arrived.
Little did Rabha know that shortly after she scheduled her meeting the week before, the members of the cooperative had a huge argument. Apparently, a faction within the cooperative believed that the sales at a recent craft fair didn't match up with the actual amount of product sold. Two members, tired of feeling that they were being shortchanged, quit working at the cooperative. The remaining members fought over who would attend the next craft fair. They eventually compromised and decided that two different members would attend the craft fair each day – even though cost of such a decision would certainly drain any profits the cooperative made.
If there is anything I've learned after several years of working in Morocco it is that a lack of transparency begets rumors and frustration, which then evolves into a distrust that slowly erodes the effectiveness of institutions in Morocco. Small cooperatives, such as the one described above, are not immune to this. Almost every cooperative or association we meet possesses huge amounts of potential, but the members' distrust in each other always holds the group back.
This is the side of fair-trade that is overlooked. While fair-trade principles stress transparency, they rarely consider the transparency within the groups that fair-trade organizations works with. This is simply because many organizations do not work with artisans closely enough to know what is happening on an individual level. Organizations can transfer over the correct amount of money but after that, there isn't much an organization can do in terms of transparency. How certain is the organization that their wire transfer will go to all the members of a group, and not just the president? Worse, how can they be sure their wire transfer didn't just blow up a cooperative already paralyzed with distrust? Existing models of fair trade can't answer these questions – it isn't financially feasible for organizations to follow up with such detail.
At Anou, we've built a system that creates transparency rather than treating it as just another buzzword. When an item is purchased on Anou and shipped, the artisans' payment is sent immediately into their local bank account. Anou sends a text message to the artisan group president or confirming the amount that has been deposited, along with the transfer reference number. We also send an e-mail and MMS with a copy of the transfer receipt. If the payment amount in the text is different than what is posted in the artisan's account, we tell the artisans to call us directly so we can investigate the discrepancy.
However, we quickly realized this wasn't enough, as it still didn't address the transparency within the association or cooperative itself. When groups are fighting, they don't post items on Anou, they neglect the shipment of products, or worse, they stop making products and close up shop.
Every artisan that is tagged into creating an item will now be notified not only of when their product sells, but also the price.
This past week, we released a new tool that will finally address this. Now when an item sells, not only will the cooperative or association president be notified of the item that sold, but so will any artisan that helped contribute to making the item. In the text message sent to a contributing artisan, it will show the product ID number as well as the price that the item sold for. This way, every member that contributed to a product will know exactly how much it sold for. In line with Mohammed Yunis' model of micro-finance, artisans will be empowered to hold each other accountable in a space of full transparency.
To bolster the effectiveness of this, Anou will periodically call up artisans to ensure that they were paid the amount that they were owed. If we notice a problem, we can simply decide to suspend an artisan's account on Anou until the issue is resolved.
At the end of Rabha's meeting with the fractured cooperative, Rabha reviewed this new exciting tool that would help create transparency within the group. The cooperative's members were incredibly excited about the idea and couldn't wait to use it. The most excited member? The embattled president who felt that with Anou she would be able to gain the full trust of her team and reach the cooperative's full potential.


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These compilations are accompanied mostly with a large advertising campaign on the associated TV channels, so it is not surprising that the RTL compilations always among the most successful compilations and charts can be found almost exclusively in the upper area of the compilation. If we take a look at the tracklist, but we find plenty of tracks that have marked the entire year on the music market. In addition, there are also some tracks that are currently in the charts way ahead butts, so it therefore gets the hits of the year and the best of today. We have in addition to the said tracklist also involved the right cover, so you know how the RTL Hits 2015 looks and do not run past her in the consumer electronics market in mind.