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starting to show........ :)   

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Anyone else showing yet? Just curious, I hit my 14th week yesterday and my belly has officially popped.

          

Penny London Pregnant And Fucking My Boss   

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Video language: English

Watch as I give a BlowJob and get myself off while riding on top and getting fucked from behind full pregnant belly in view, ending with hot cum dripping outside of my wet pussy

Format: mp4
Duration: 8:24
Video: 1920x1080, AVC (H.264), 13027kbps
Audio: 106kbps





File size: 808.0 MB






          

My babysitter and I seduce you   

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Release Year: 2019
Video language: English

I'm 40 weeks pregnant - about to pop! I'm horny, I rub my belly for you, dirty talk, striptease, and fuck you from your point of view (simulated missionary - no actual guy, it's you!) Best part? My more innocent babysitter gets to watch! She joins in a little too. This is my actual babysitter, honestly, so she doesn't show her face but she does get naked in this video! I hope you enjoy it.

Format: mp4
Duration: 13:27
Video: 1920x1080, AVC (H.264), 4694kbps
Audio: 135kbps





File size: 476.7 MB






          

Sensual Belly Rubdown   

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Release Year: 2019
Video language: English

Watch my huge pregnant belly get rubbed and stroked with oil.She oils up her belly and tits, topless.

Format: mp4
Duration: 5:22
Video: 1920x1080, AVC (H.264), 7885kbps
Audio: 87kbps





File size: 313.5 MB






          

The Great Buddha+ (Chinese).   

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cover imageSwitching between black and white and glamorous colors, this film vividly illustrates a corrupted village in rural southern Taiwan with memorable style, heartfelt empathy, and whimsical humor. Security guard Pickle and his trash collector friend Belly Button kill time together in night shifts watching the American-educated boss's dash-cam recordings of his various sexual encounters with women. Against the friends' will, something horrifying rather than erotic reveals.

          

"Life is better with a bump" is a LIE: Things I learned while pregnant   

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So before I got pregnant I kept seeing all these adorable bumpie photos, cute maternity clothes and daydreamed about eating a whole barrel of ice cream without anyone fat-shaming me. I dreamed of getting teary-eyed at seeing my little one's ultrasounds (ok, I did actually get teary-eyed when I first say my little guy on the screen) and giddy when feeling him kick.
I only had a few friends that have been pregnant recently, so the truths of pregnancy were not totally real for me. Now what people didn't forewarn me was how people treat you when you're pregnant. Some women have absolutely wonderful pregnancies and others do not. Well, as it turns out- mine was the dreadful kind- however it didn't turn into that till I hit the second trimester (we will dive into that later in the post). Now granted, I know there are ladies who had it WAY worse than me, and those ladies I commend you for being true blue troopers.

Life is better with a bump is a lie: things I learned while pregnant


So, in order to help out any of you newly pregnant/or trying to be pregnant gals out there, here are some things that no one prepared me for or talked about when it comes to being pregnant, that I can now share with you (now that my little one is out of my bump):
  • The Questions & 3rd Trimester Comments: People will ask you “how are you feeling?” basically from the second you announce your pregnancy. It was the default question people would ask me- many times I’d be asked that phrase at least 10 times in one day (or more).

    Once you hit your 3rd trimester, people will constantly ask you your due date- questioning basically how much longer you’re going to look like you’re smuggling watermelons down the hallway.

    Also in your 3rd trimester, you’ll get a lot of “oh you’re riding low, you must be ready to pop soon”- I was told that basically my entire 3rd trimester. Newsflash people, my son just rode low the whole pregnancy (he stuck to my lower right side almost the entire time). He also was late- born at 40 weeks, 5 days. But my labor was less than 6 hours from when my water broke to him being born- so I guess him being that low helped somehow? haha.
  • The Weird/Degrading/Rude/Old-School Comments: Also, be prepared for people to make weird comments. So I was in the grocery store at the checkout lane and the cashier noticed my giant bump. “Oh when are you due?” “January 30.” “This your first?” “Yes.” “Know if it’s a boy or girl?” “Boy.” Her face then lit up and she responded “Oh you’re so lucky! You got the good one on the first try!” The first thing I thought of was… a) what if I had to try to get pregnant for a long time or had multiple miscarriages- that comment would be a little rough. B) the “good one”? Really? Do we still live in a society where having boys is considered superior to girls?- but then again, maybe its just me reading into things while being very touchy and emotion.
  • Lightening Crotch: Ok, some people might not want to talk about this special subject, but I'm gonna be real here (real specific). No one ever talks about “lightening crotch.” So for those who haven't experienced it yet, there is more than just back/hip pains that go on when you’re pregnant. What many fail to talk about is what the mommy threads refer to as “lightening crotch.” For some reason, these threads were the only place I ever found anyone talking about it, besides talking to my doctor. They rarely mention it on "pregnancy woes" lists that exist on any of those fun baby sites.

    Basically "lightening crotch" is when you get sharp pains in your groin. I almost always got them on the left side and mine started in my 2nd trimester. They would persist all throughout my 3rdtrimester. It basically feels like someone is poking you down there or a nerve is being pressed on. Mine ALWAYS hurt after I slept on my side, and often would happen if I tried to lift my legs higher than knee level. Luckily I have chairs at the end of the bed, because every day I’d sit on the chair to put any clothes that were below the belt on- it was the only way to not be in pain. This pain in the groin- sometimes brief, sometimes lasting a few hours- was “normal” according to the doc. My doc gave this suggestion to help alleviate it- "do thigh exercises with a kids ball between your legs." Tried it- but for me it just hurt worse after that. So in short- lightening crotch I guess is normal- wish someone would of told me about that!
  • Paranoia: Be prepared for you to freak-out about every thing you’re feeling. When it's your first pregnancy, you have NO CLUE what’s going on with your body- no matter what people tell you. I would spend hours online typing in “ I feel this way, while pregnant” in google searches (which honestly is not always something you should do- Dr. Google is never the best source). I’d mention to my doctor certain symptoms, and most of the time it was “normal in pregnancy”- many of which I was like “Really? Seriously?” Often times you ask yourself- is this serious enough to call the doctor or am I just over-reacting? You will become the most paranoid person you know during this pregnancy, forewarning.

    Believe me, for at least in my case, the last few weeks I constantly thought my water might of "had a slow leak" or "these contractions must be it" before they'd go away for many hours to my disappointment. Well, when my water did break and my contractions started, I then realized "Yep. This 100% is it. Why did I think those symptoms/Braxon Hicks contractions I had earlier were the real this? This is 100% totally the real deal." Not everyone has it as intense and some people DO have slow leaking water- but in my case, it just was paranoia before the real deal happened.
  • LOTS of Tests: Be prepared to feel like a lab experiment (lots of test) and keep up with educating yourself. You don’t realize nearly how many doctors appointments, blood test, etc. that your OB doctor will suggest- it adds up QUICK. I quickly went through my FSA account (I only put $500 in it, thinking "that should be enough to cover my co-pays for the first majority of the pregnancy, since my kiddo wasn’t due till the new year. That should cover all my doctors visits, test, etc- right?"- Wrong.)

    Some people are LUCKY- they have a very smooth pregnancy, are not high risk in any way, have a great health insurance plan- and pay little to nothing during their pregnancy. Then you have the rest of us. Just be prepared to have your blood drawn, monitors placed on your belly constantly and peeing in a cup a hell-of-a-lot more than that first pregnancy test. The second the doc sees even one hiccup, prepare yourself for at least 3 more tests to follow that. I felt like I lived at the doctors. Again- some people are lucky, but be prepared to not be one of those.

    Now I "lucked out" and only had to go once a week for Fetal Non-Stress Tests (Recommended because I ended up having Gestational Diabetes -stay tuned for a later post on dealing with that). Because I could keep my glucose in check only by diet. I didn’t have to be on pills or insulin, but many ladies are not as lucky and have to go twice a week for the Non-Stress Tests. With my insurance, I had to pay my $40 copay for basically every single one of the specialists visits. I also had to pay $40 copay for my glucose strips, not to mention the $40 copay up front for EVERY fetal non-stress test I had to take every week starting at 32 weeks. I would then often got charged $40 after the visit (so total $80 a non-stress test)- because they'd charge $40 for the visit and $40 for the doctor to access it after the test was done! WTF?!

    If you’re considered high risk in any way, and/or end up having Gestational Diabetes- be forewarned- the copays start to add up quick. I was kinda flabbergasted over the sheer amount of money having to be shelled out during this pregnancy. Don't get me wrong, I am 100% behind making sure my kiddo is growing safely and is healthy- but DAMN! So biggie with this- be prepared to spend a lot of $ up front if you end up being considered “high risk” in any way shape or form.
  • Sometimes Doctors Forget You're Not a Doctor (Be Sure to Always Ask Questions if You Don't Know What They Are Talking About):  So, I started out with a semi-smooth pregnancy with my son. My 1st trimester was the easiest- I paid my $40 copay for my first OB visit to confirm I was pregnant, and I had NO morning sickness- just nausea. The only hiccup in my first trimester was that during that very first visit I was a single pound in the “overweight” category- meaning I was considered higher risk. I got pregnant at age 29 and had no previous history of miscarriage or whatnot. So other than that 1 pound, I was in a good place (I kept saying, couldn’t you have just let me go pee it out or something- 1 lbs, seriously!).

    However once I had my 20 week ultrasound- things went downhill from there. The ultrasound doctor noticed that one of the measurements was a little high- which in turn can be a red flag for various genetic disorders. He suggested talking to a genetic counselor, getting a fetal echo-cardiogram and another followup ultrasound. Of course all of this was dropped in my lap on a Friday afternoon, minutes before the end of the work day- so when I called back (I had bad reception in my workplace, so I missed the call) the doc was gone for the weekend. Nurse gives me the news with the doc's suggestions and I immediately have a mini-heart attack. She had no clue what all the doctor mumbo-jumbo ment- so I was left to turn to Dr. Google till my doctor could contact me via their patient portal or the following Monday.

    This was the WORST weekend I ever had to go through mentally during the pregnancy. Luckily the following Monday the doctor got back to me and answered all my questions and apologized for the news being dropped before everyone left for the day, though he still suggested I get all these tests/meetings done.

    I sat through the genetic counseling- though most of what she said I already had found out about during my weekend of traumatic googling. What she said didn’t change our minds on anything. I drove out to another hospital to get a fetal echo-cardiogram (because my hospital didn’t do those) and baby’s heart was doing great through that whole test. I got a followup ultrasound- at this one, baby looked great (and that one measurement was not to be measured after a certain number of weeks, so the followup Ultrasound didn’t discuss that at all!). After all of that testing, traumatic talk and what not- it was never spoken of again.

    Because I’ve had multiple times of dealing with specialists and constantly having to talk to doctors- I had to educate myself on various things to get it all straight in my head (because honestly, most doctors don’t tell you everything- let alone put it in easy terms that you can understand). Don’t hesitate to ASK QUESTIONS and do your research- because there is a LOT going on- and often you won’t find the answers to every single question you have from the short doctors visits.
my glucose numbers- gestational diabetes
My Glucose Numbers after the dreaded test...
  • The Nasty Glucose Test/Gestational Diabetes: Because I was 1 lb in the “overweight” category, aka. "higher risk," I had to take the 1-hr glucose test at 2 different times of my pregnancy. I passed the first one with flying colors. Then the second one I failed by only a few points. That sad failure in the second one ment I had to go through the 3-hour glucose test (Note: this test most insurance company’s consider special/extra tests- so I had to pay more for this test).

    When you’re one of the unlucky ones who has to do this 3-hour test, you form a bond with other 3-hour mamas in the waiting room. One such mama who was also taking the 3-hour test, actually ended up being in my birth class later, so we shared our trauma of the whole ordeal.

    Overall it wasn’t too horrible- I think the prep for it was the worst part- who the heck wants to force a pregnant gal to not eat/fast for 10-12 hours!? Mine was scheduled the morning of Halloween- my whole thought was “if I fail, I won’t be able to have much candy. So I’m taking the test the morning of Halloween, so I can have all the candy I want for one last time before the results come in.” Sure enough- I failed the glucose test (only the 1 hr and 2 hr- my fasting and 3 hr numbers were fine). Again, only failed them barely. *Stay tuned for my Gestational Diabetes post.*
  • Other Random Symptoms Rarely Mentioned: 
    • You often will Sweat on your upper thighs from where your tummy rest while seated. (I know gross, but totally happens easily).
    • Dry, itchy eyes (I had this the entire pregnancy!)
    • Sometimes when your toes swell/feet swell, they swell so much that the skin around your toenails hurt. Think about it- your toenails are not swelling too- Painful!
    • Acne like your 14 years old again! I got acne (still do and I'm 2 months Postpartum) all around my neck line and all over my shoulders/chest and chin. Gross.
    • Never sleeping comfortably from the 2nd trimester on. Doesn't matter what position you are in, you are never comfortable.
    • Carpel Tunnel (I had this happen a few times in my 2nd trimester).
    • Also, your cat might randomly decide they loveeeeee laying on you or near you. Though I've also heard some people say their animals avoided them while they were pregnant. My cat who hates most people, all of sudden was my best friend. Weird.
cats love pregnant ladies


I know I got real specific here for some things and kind of ranty/long winded on others, but I hope this helps you first-time pregnant gals or those wanting to get pregnant. Now that my baby is in the world, I adore him (though of course he does have times he's a pain in the butt). Just know, always ask if you're unsure if something you're feeling is normal. Even if it is normal, it never hurts to ask- as for some people "normal" actually isn't. You want you and your baby to be healthy in your pregnancy.
Godspeed in your pregnancy endeavors and I hope for your sake, you have a smooth pregnancy.
Have a great day all!
-M

          

Glow in the New Year Party   

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Sorry I'm so late to posting this (two whole months late!), but after all- I have been a little pre-occupied with being pregnant and preparing the house for this baby, followed by actually having the little man.
Our kiddo, "Baby A" in which I'll refer to him by on here, by-passed his Jan. 30th due date, and only decided to join the world once we set a being induced date (but that's another blog post in itself). He was born Feb. 4th at 7:14pm, at a healthy 8 lbs, 3 oz, 21 inches. My water broke in my final hour of work of my last day (was going to be induced the next morning)- and he was born less than 6 hrs later (again, another blog post later for various labor-related stuff). So with him being late, followed by the first few weeks of being a new parent with a newborn, I'm late to getting back in the blogo bandwagon.

Now, I know we're way beyond past New Years thinking, but I thought I'd throw this out there, in case you're a pre-planner like me, who starts dreaming up themes a whole year in advance (yes, we already have our theme for this coming New Year's Eve party already figured out- and yes, we still plan on having them, even though we have a baby in the mix).
Anyways, This past New Years Eve we had our annual big NYE bash, as we always do. This year our theme was "Glow in the New Years."

Glow in the New Year 2016 banner



It was a fun theme to decorate honestly. I had fun turning the blacklights on and off to test out what glowed and what didn't glow well. A lot of trial and error. Forewarning though- I SUCK at taking photos in the blacklight!

Glow in the New Year 2016 post-it wall with sweets table
My sweets table- in all its glowing glory. (I know- I suck at blacklight photography).
Glow in the New Year 2016 neon wall decor
I cut out these neon letters from posterboard and they glowed AWESOMELY in the blacklight.
Much of my friends thought I was crazy to host a big bash at 8 months pregnant (my due date was Jan. 30th, but as stated above, Baby A didn't join the world till Feb. 4), but other than having to take things slower, it wasn't as bad as I thought.
We picked the theme really early on in the year- so much so that I could pick up items throughout the year (especially during the key months of "glow in the dark" items- the summer) and not down a boat-load of money on the setup all at once.
Glow in the New Year 2016 extra glow bucket
We had glow sticks, highlighters, glow-in-the-dark beach balls, glow stick jewelry and glowing light-sabers.
The dollar store was my biggest helper in this party- they had neon baskets, neon containers/buckets, candy, neon labels, highlighters, and of course- glow stick everything!
Glow in the New Year 2016 post-it wall setup start
Before all the food was put out- but thank you, Dollar Store- your neon-ness rocked this party!
2 funny stories with the dollar store glow shopping spree: I knew I needed some candy for our sweets table and came across neon sour gummy worms (or "Glow Worms" as I like to call them). I started loading up my basket with 2 big bags of gummy worms, a bag of flavored tootsie rolls and 2 bags of pixie sticks. An older man takes one look at my giganto 8-month prego belly and then the pile of candy in my basket and says to me "That all for the baby?" I laugh half-hearted, "Uh. No."

Glow in the New Year 2016 sweets table
All the neon containers, labels and candy- thanks to the awesome Dollar Store!
Then when I was checking out at the conveyor belt, a young girl behind me sees me unload a boat-load of neon items (post-it notes, labels, highlighters, baskets, etc.) and she says to me "That's a LOT of school supplies!" My reply, "I'm having a neon glow New Year's party." Her eyes get wide and she turns to her mom, "That's so cool!"
So, yeah- party planning while super pregnant at the dollar store proved to be an interesting time. lol.
Glow in the New Year 2016 post-it wall with sweets table
The full sweets table
Glow in the New Year 2016 sweets table banner
The sweets table banner in the non-blacklight
Glow in the New Year 2016 post-it wall with sweets table
Sweets table in the black-light
Note though: Dollar store post-it notes do NOT stick to chalkboard painted walls. However traditional Post-it brand does! Luckily I tried out the post-it wall decor a few days before the party, just to see if they'd work, and sure enough- Dollar Store brand post-its just fell right off, but the actual Post-it brand worked wonderfully. That 2016 in post-its would still be on my wall if I hadn't decided to de-NYE-ify my dining room for impending baby.
Glow in the New Year 2016 post-it wall with sweets table
Post-it note wall decor- in normal light
Glow in the New Year 2016 post-it wall with sweets table
Post-it note wall decor-in black light
It was so much fun to see what items glowed great, and what items didn't glow as well. Friends busted out the neon and glow sticks in their getups.
Glow in the New Year 2016 hubs outfit
My hubs had the best neon outfit...
Glow in the New Year 2016 me
I glowed, but not as much as the hubs.
Glow in the New Year 2016 star curtain
Friends in the dining room- we put up paper star curtain between dining and living room.
Overall we had a LOT of food- we provided the main drinks & sweets, while we asked friends to bring a dish or alcoholic beverage- since our budget was tight due to impending baby. Everyone was super awesome and brought plenty of grub. The hardest part was seeing what everything was- since in the blacklight, not every dish was easy to see what it was!

Glow in the New Year 2016 shots and drinks table
The shots/drinks table
Glow in the New Year 2016 sweets table and neon dishware
Another view of the sweets table- where you can see the neon dishware in the corner.
Overall I thought it was super fun. I was so glad I pre-planned and picked items up throughout the year- made it so much easier.

Big hits of the night:
- Neon pink strawberry cupcakes (the blue velvet ones didn't turn out nearly as good- tried to make them glow in the dark, but they just looked like goo on the outside)
Glow in the New Year 2016 pink neon cupcakes

- Using Highlighters to draw on yourself under the blacklight (who knew highlighters would be the easiest glow-in-the-dark body decorations?!)
- Glow blue punch (it didn't really glow as much as we had hoped, but the flavor itself was a hit) you can get the recipe we used here: Blackout Punch.
Glow in the New Year 2016 punch/drinks table

- Tye-dye cookies (boxed cookie mix by Duff Goldman)
Glow in the New Year 2016 tye-dye cookies

- Glowifying our giant wall clock (This helped people know how close we were to the countdown- the night went surprisingly fast!). I just cut out numbers from neon yellow cardstock and put white paper on the hands of the clock- and tada!
Glow in the New Year 2016 glow clock

- Bathroom glow sign (I put a glowing note on the toilet "Please turn on the light if you cannot aim") People thought that was hilarious. Sadly I forgot to photograph that. lol.

Overall it was super-fun night and I was so glad we got to host it. I still have lots of plates, sliverware, cups leftover- which has been a huge help now that baby decided to join the world (who wants to do dishes with a newborn anyways?!).
Glow in the New Year 2016 neon banner

Glow in the New Year 2016 feather neon wreath

Glow in the New Year 2016 neon toenails
And yeah- I had a pedicure done complete with pink neon toenails... which surprisingly enough, I still have, since I've been home with a newborn all this time. lol.
So now that you saw how we spent our last new years without a kiddo, be forewarned- pregnancy/new parent posts are on their way.
Also, stay tuned for a lot more updates on the blog- from a possible redesign (once I get more free time- aka. when Baby A sleeps longer than 1 hr stretches during the day- he only sleeps 2-3 hr stretches at night- aka. when we finally get sleep), to somethings I learned while being pregnant (that no one ever talks about), as well as what I brought to the hospital- and what I actually used at the hospital, and a post about the best postpartum items to help you get through the first ROUGH weeks. I also have lots of other NEW and fun things planned for the blog that this past year I slacked in. (Looking back, boy was I a blog slacker! Pregnancy really made me be lazy!)
My New Years resolution is to get back my blogging mojo- since obviously with directing Shrek and planning for a baby/being pregnant- I was a SLACKER! *fingers crossed* this year with the start of the new baby we start things off with a new blogging outlook!

Baby A for Valentine's Day

So I'll leave you with a single pic of our adorable "Baby A" all dressed up for Valentine's Day in a onsie his Grandma sent us and a hat yours truly made from an old sweater (however- Baby A's head already was starting to be too big for it. I guess it will go in the bin for "dolls" to wear. lol.)
Have a great day all and keep your fingers crossed that our little bundle of joy, or "Baby A" or "Peanut" which we like to nickname him, will start to nap longer so I can get more crafting done/blogging done/getting back to reality. lol.

-M


          

Comment on How to Overcome Nervousness: 7 Simple Habits by Holly Soulie    

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This is wonderful advice! When I'm nervous, I stop and take 5 huge belly breaths to help center myself. Then I get more clear and feel better.

          

Death at the beach   

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The iconic Queensland beach, loved for its sun, surf and sand, can turn deadly without warning.

Join Dr Jonathan Richards as he delves into the darker side of our coastline, discussing fatalities on Queensland beaches and coastal waterways as recorded by coronial inquests held between 1890 and 1960.

From the common drowning and shark attacks, to crocodile and stinger attacks, learn about the murky underbelly of our much loved beach.

Dr Richards, a lecturer in Australian history at the School of Humanities, Griffith University, specialises in archival research into violence and death in Queensland. He is the author of The Secret War: A True History of Queensland's Native Police, short-listed twice for the New South Wales Premier's Literary Awards.

Speaker: Dr Jonathan Richards
When: Wed 18 May, 2011. 12.30pm
Where: slq Auditorium 2, level 2, State Library of Queensland
Duration: 01:00:29 hours


          

By: dfafgdh   

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Food is my drug, My fat Belly my wake-up call.

          

Exotic Fire Sexy Belly Dance Gypsy fantasy original Watercolor Art Painting - Brandy Woods by brandywoods   

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175.00 USD

"Fuchsia"

This listing is for the original, vibrantly-colored watercolor piece. Matted and framed to 11 x 14 in cream, with an image size of 10.5 x 8". Titled, signed and dated on the back. One of my most popular pieces. :)

Will ship outside North America; please convo for shipping quote.


          

Stocks Drop, Gold Pops As Powell Promises (Not)QE & Trump Dumps On Xi   

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Stocks Drop, Gold Pops As Powell Promises (Not)QE & Trump Dumps On Xi

Fed Chair Powell promised moar (but with a caveat)...

"I want to emphasize that growth of our balance sheet for reserve management purposes should in no way be confused with the large-scale asset purchase programs that we deployed after the financial crisis."

"...in no sense is this QE"

"...it's not QE, did i mention that?"

"Anyone who calls QE4, QE4, and not "not QE" is a Russian spy..."

OK, the last one was not true, but if Powell has to deny the obvious this much, does he really expect the market to buy the bullshit he is selling?

And so, because we do not want to argue with Fed Chair Powell, we will call it "NotQE."

And the market utterly rejected Powell's comments...

This came minutes after Chicago Fed's Evans' comments that "certainly, asset valuations are quite high," and Powell claimed that he "doesn't see any bubbles in housing or financial markets."

The sun is setting on any semblance of credibility for The Fed as helicopter money comes closer to reality.

Unfortunately for Fed Chair Powell, President Trump stole the jam from his donut, announcing notable actions against human rights abusers in China - pouring cold water on any hopes of a trade deal and crushing the gains from Powell's promised printfest.

Additionally, Powell said that "tariffs are a one-time increase in prices and is different from inflation," therefore confirming (following the slide in PPI today) that Trump is right, and US consumers aren't hurt by trade war.

*  *  *

China is back from Golden Week and after a weak PMI, tech stocks sank...

Source: Bloomberg

US futures show the chaos from headlines today...

And cash equities are all notably weaker on the day, ending ugly...

 

Which left all the US major equity markets at or near critical technical levels...

 

Gold was just as chaotic, but ended back above $1500...

 

And gold rose despite a surge in the dollar...

Source: Bloomberg

Treasury yields were all lower on the day with the short-end outperforming (2Y -4bps, 30Y -1.5bps), leaving the belly actually lower in yield on the week...

Source: Bloomberg

With 30Y testing back down towards 2.00%...

Source: Bloomberg

Fed Funds markets shifted dovishly, pricing in slightly more rate-cuts this year...

Source: Bloomberg

Cryptos lagged on the day...

Source: Bloomberg

Cable tumbled on Brexit headlines...

Source: Bloomberg

Yuan was ugly as Golden Week ended...

Source: Bloomberg

Silver outperformed on the day and crude lagged...

Source: Bloomberg

Silver was aggressively bid overnight and extended gains during the day...

And dramatically outperformed gold on the day...

Source: Bloomberg

WTI dropped back below $53 ahead of tonight's API inventory data....

 

Finally, "You Are Here"...

Source: Bloomberg

And fun-durr-mentals aren't helping anymore...

Source: Bloomberg

It would seem that President Trump is very confident that Jay Powell do anything to save the market.

Tyler Durden Tue, 10/08/2019 - 16:01

          

Comment on Vindaloo Pork Belly Street Tacos by Walking Taco Bar #NationalTacoDay - For the Love of Food    

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[…] by Tip Garden Vegan Nopales Tacos with Charred Corn and Black Bean Salsa by The Baking Fairy Vindaloo Pork Belly Street Tacos by Palatable Pastime Walking Taco Bar by For The Love of […]

          

Either Tax the Rich or Make Money Spoil Like Cheese   

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by Charles Mudede
The future of money...
The future of money... Piotr Wytrazek/gettyimages.com

The New York Times piece by David Leonhardt, "The Rich Really Do Pay Lower Taxes Than You," claims that "for the first time on record, the 400 wealthiest Americans last year paid a lower total tax rate — spanning federal, state and local taxes — than any other income group..." The middle class, which has experienced very slow to no growth in wages, has not benefited much from this striking state of affairs. As for the working classes, they have seen money wages (what they earn, say $7 an hour) remain flat while their real wages (what that $7 an hour can buy) sharply decline.

Leonhardt correctly points out that low tax rates on the rich "actually harm[s the] American economy," but he fails to provide the needed link between taxes, which are collected by the government, and the economy, which is governed by the market. A proper explanation of this link is of vital importance because few in the public know what money actually is and what it does in a market-directed economy. The common opinion is that taxes fund the government, which, for many, has a dubious redistributive function. Even on the left, taxes are often described in purely moralistic terms. The government must punish those who have plenty so that it can reward those who are not fortunate. In this respect, taxes can be reduced to a matter of envy.

But the essential reason why it is necessary to heavily tax the rich is not so that the government can pay for social programs. The function of taxes is purely capitalistic. Taxes spoil money in much the same way that time spoils cheese or a loaf bread.


At this point, I must inform the reader that I'm eco-socialist (free energy, no-growth), and so what is presented below is not my opinon on the matter, but is instead an effort to make clear what capitalism is and what its limits and strengths are.

Now, for a deeper understanding of the function of money in a capitalist system, one needs to read the 17th chapter of John Maynard Keynes 1936 book, The General Theory of Employment, Interest and Money. In that chapter, titled "The Essential Properties of Interest and Money," it's stated that, one, interest on money is "nothing more than the percentage excess of a sum of money contracted for forward delivery" (or, put more straightforwardly, that borrowed money will be returned in the future with more money added), and, two, that other capital-assets (something that can be bought or sold on the market) also have this property. You can have some form of interest set on bread or milk. But what makes money peculiar from other capital assets is that it has exceptionally low carry costs, and the consequence of this is that its "liquidity-premium" is very high. A banana, for example, has very high carrying costs. You need to store it, transport it, and sell it before it goes bad. These costs quickly diminish its value as a capital-asset. Not so with money.

John Maynard Keynes writes:

Different commodities may, indeed, have differing degrees of liquidity-premium amongst themselves, and money may incur some degree of carrying costs, e.g. for safe custody. But it is an essential difference between money and all (or most) other assets that in the case of money its liquidity-premium much exceeds its carrying cost, whereas in the case of other assets their carrying cost much exceeds their liquidity-premium.

An excellent example of one of the few carrying costs of money can be found in the report of a ATM machine that was stolen from a general store, Big Wally's, in a sleepy town that's between Washington's biggest cities, Seattle and Spokane, Coulee City. This is what happened: A man and woman used a cutting torch to break into the general store and unplugged the ATM, which stood next to a F'real fridge stocked with milkshakes, smoothies, and frozen cappuccinos. The machine was also beneath a mural of a monstrous fish (buggy eyes, razor-sharp teeth, muck-green scales, a fin like flames). The man and woman dragged the machine out of the store, loaded it into their SUV, and split. It is not hard to imagine what happened to this ATM after the theft, its body (wires, circuits, and chips) was eviscerated by an axe until it exposure its belly of cash. Indeed, “split the lark and you'll find the music." And what you will also find is one of the carrying costs of money: the need of safe custody.


Because the liquidity-premium of money is much higher than its carrying costs, it's an ideal medium for connecting the present to the future. The value it has now can be expected to remain a year from now. A egg, which is a commodity, just can't do this. But this peculiar property of money, as Keynes calls it, throws all sorts of difficulties and contradictions into the proper functioning of a capitalist system.

Recall Marx's words about how a miser "is merely a capitalist gone mad" because the way capital expands in a market economy is "by constantly throwing it afresh into circulation." Here, Marx was wrong, and Keynes saw the matter in a much better light. The business of throwing cash into circulation may have vividly been there at the early stages of capitalist accumulation, but soon, the future-value of money began to dominate. What Keynes understood is that it's not easy to induce capitalists to make big investments (building plants, producing goods, employing workers). They would much rather hold onto cash (liquidity preference) because cash has a much better connection with the future than, say, a factory or a restaurant. The consequence of the dominant propensity to hoard is that it removes capital from circulation, and this gums up the market's machinery. The idea that giving the rich money in the form of tax cuts because they will make investments is pure madness. The rich do not want to be entrepreneurs. Their goal is to accumulate wealth by-way-of rents (value increases on financial assets like property or bonds).

How can we prevent hoarding, and the resulting capital scarcity? By, of course, doing what carrying costs do to a banana. Meaning, by making money rot if it is stocked or stored for a long period of time. One way to make this happen is through deep, negative interest rates. Another, which Keynes mentions in the penultimate chapter of his book, is to put a time stamp on money—meaning, you need to use it or reissue it before the date on the dollar. Both these solutions, however, have the same flaw, which Keynes describes in this way:

The idea behind stamped money is sound. It is, indeed, possible that means might be found to apply it in practice on a modest scale. But there are many difficulties which Gesell did not face. In particular, he was unaware that money was not unique in having a liquidity-premium attached to it, but differed only in degree from many other articles, deriving its importance from having a greater liquidity-premium than any other article. Thus if currency notes were to be deprived of their liquidity-premium by the stamping system, a long series of substitutes would step into their shoes—bank-money, debts at call, foreign money, jewelery and the precious metals generally, and so forth.

Exactly. Taxes, however, are as fluid as the medium of money (change it, and we can tax that change), and can also make money rotten. This is why the rich hate taxes so much. It's not that money is taken away from them, but that high taxes turn money, to use Keynes' expression, into "green cheese." At that point, you can finally force, by state authority, the rich to become Marx's sane capitalists, or you can fund, in Mariana Mazzucato's sense, state entrepreneurialism. As Keynes wrote: "The important thing for government is not to do things which individuals are doing already, and to do them a little better or a little worse; but to do those things which at present are not done at all."

Combine state intervention with taxes and the rich must throw cash into actual investments, into circulation, to keep them rich. This is not trickle down economics; its deluge economics. And this flood would eliminate the scarcity of capital.

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