The World Is Red

Tyler Durden's picture

Authored by GlobalGold's Claudio Grass, via Acting-Man.com,

With a Gloomy Start to 2016, a Bust Seems just Around the Corner

Markets have corrected substantially since the beginning of the year as most of the gains of the past two years have been erased. According to Bloomberg, 40 out of the largest 63 markets have dropped over 20%. The image below shows the performance of markets word-wide since their most recent peaks. Most markets are in a bear market phase or are at best experiencing a strong correction. The world is red!

Where do global markets stand?

 

1-world_red

A heat map of global stock markets by Bloomberg – click to enlarge.

China’s economy is slowing down and oil prices have slumped to a new multi-year low. Is this the bust phase of the cycle that started in 2008? In our ‘Clean Slate’ report about Austrian Business Cycle Theory, we explained that there appear to be short-term cycles in operation, which last approximately 7 years, but also long-term cycles with a duration of around 50 years.

Those familiar with the bible are aware of the term “jubilee”, which signifies the end of a 50-year long-term debt cycle, when all outstanding debts are annulled and slaves are freed. But before the “jubilee” of our time happens, things are likely to get worse. Governments are apt to take measures that will constrain our liberties further. Their objective is to maintain an artificially centralized system by force – however, eventually this system will fall apart.

Past recessions, such as the oil shock of 1973, the double-dip recession of 1980-81, the stock market crash in 1987, the bond market crash in 1994, the dot-com bubble’s demise in 2001 or the 2008 financial crisis were all busts operating within short-term cycles. We believe that we are approaching the end of the current 7-year cycle.

In a report we published at the end of 2014, we expected a sharp correction in equities (and other inflated assets) within two-to-three years, and it appears we may have been right. Although we have reason to believe that we will not witness a hard landing of international markets in 2016, we are convinced that the bust of our current money-printing induced cycle will come very soon.

 

China’s Slowdown is no Surprise

Many believe a slump in China’s economy will be the start of a chain reaction that will take the world into the next global recession. Global investor Felix Zulauf believes that the slowdown in China will present a threat similar to the sub-prime mortgage crisis in the last financial crisis. One can imagine the potential global impact of such an event.

The emerging crisis in China is a logical consequence of the long boom of the past 20 years. In 2010 China registered GDP growth of 10.4%. Only a couple of years later this growth rate has deteriorated to an estimated 6.9%. We don’t necessarily believe in government statistics – especially those provided by China – and we assume that the growth rate is in reality much lower.

The problem is not the deceleration itself, but the reason for the deceleration: the boom was not characterized by consumer demand growth, but rather by investment growth. Many of these investments wouldn’t have been undertaken without debt accumulation and an expansionary monetary policy. The chart below shows the exponential growth of the money supply and bank lending in China.

 

2-china_banks_loans_2001_2015

Growth of China’s broad money supply aggregate M2 and bank loans since 2001 – click to enlarge.

 

It was Chinese investment (50% of GDP) and rather than consumption (40% of GDP), which has driven this lengthy, enormous boom. The Chinese invested in excess: excess real estate, excess infrastructure construction and excess manufacturing. Real estate-related activity, including related industries such as steel, cement, etc. represents 25-30% of GDP!

The erection of all this overcapacity went hand in hand with staggering credit growth. China’s policymakers have set a credit bubble in motion with the overall debt-to-GDP ratio estimated to have climbed to more than 240% in 2015 from a mere 160% in 2007.

 

3-china_debt_gdp_2005_2015

China’s astonishing debt binge

 

The recent slowdown will have consequences for both China’s domestic market and the world at large. A recession or massively lower growth rates and a halt in industrial development appear likely in China. Against the backdrop of a weaker renminbi, imports to China will decline while Chinese exports will become cheaper.

International markets will be challenged by cheap Chinese exports. More problematic though are capital outflows: China’s total capital outflows have climbed to USD 1 trillion in 2015, a number that is growing along with negative investor sentiment on the Chinese economy. China’s government is trying to support its currency by deploying its foreign exchange reserves, which have dropped to USD 3.23 trillion, according to Bloomberg the first annual decline recorded since 1992.

This creates the threat of China “exporting deflation”. A particularly strong impact on already heavily indebted economies such as the U.S., Europe and Japan would have to be expected. We believe that central banks will fight price deflation by any means possible. Central banks, including the Fed, are therefore likely to keep interest rates low, or may increasingly resort to imposing negative interest rates.

Yes, we all should be concerned – but we definitely should not be surprised. As Steen Jakobsen has put it:

“China is the easy scapegoat, but seriously if anyone is surprised about China’s growth slow-down and its needs to buy time for changing its economic mix-up, they need their school money back.”

China’s slowdown is just confirming what should be obvious: bubbles driven by credit expansion are bound to burst.

 

The Decline in Oil Prices may be More Meaningful than Previously Thought

The world is also concerned about a major industrial commodity: crude oil. The oil price recently broke briefly below USD 30, to the lowest level in more than a decade. Everyone is wondering what this means, and whether the price will go even lower. According to former Congressman and freedom activist, Dr. Ron Paul, the slump in oil prices has major implications for the international economy. It signifies the end of an era – a potential paradigm shift in the international monetary system that we’ve known since Nixon closed the Gold Window. As Ron Paul remarks:

“The chaos that one day will ensue from our 35-year experiment with worldwide fiat money will require a return to money of real value. We will know that day is approaching when oil-producing countries demand gold, or its equivalent, for their oil rather than dollars or euros. The sooner the better.”

 

4-WTIC crude, April 2016

WTI crude, April 2016 futures contract – there have been two dips below the $30 level recently – click to enlarge.

 

Let me take this opportunity to talk more about Ron Paul’s perspective: The U.S. dollar became the world’s premier reserve currency with the implementation of the Bretton Woods system after WW 2. In 1971, Richard Nixon closed the Gold Window to stop pressure on the Treasury’s gold reserves, as an increasing number of foreign countries, most notably France, began converting dollars into gold.

The closing of the Gold Window meant that governments could no longer convert dollars into gold at the promised fixed exchange rate which implied declining demand for dollars and accordingly a weaker dollar on world markets. This was of course unacceptable to the U.S., government. So it needed to create demand for the dollar and motivate countries to hold and use dollars.

This is where oil comes into play. Oil became the commodity that would guarantee strong international demand for the dollar. And this guarantee was achieved by a classic political-strategic alliance with mutual benefits between the US and Saudi Arabia, the holder of the largest oil reserves and leading OPEC member. This was a milestone for US interests; in essence the era of the petrodollar has allowed the US government and its citizens “to live beyond their means”, according to Dr. Paul.

Americans managed to live beyond their means, as their government felt comfortable to pursue an expansionary monetary policy (after all, who would not need to buy oil?), which in turn encouraged American citizens to accumulate more and more debt and consume aggressively.

 

nixon-2

Richard Nixon: his decision to default on the gold-dollar convertibility promise gave birth to the completely unanchored fiat money system still in place today – which has led to a historically unique explosion in global debt.

What we have now is an entire monetary system essentially built on a political alliance, an alliance that is currently on shaky grounds for a number of reasons, including growing instability in the Middle East. This system may well be on the verge of collapse, and if it does collapse, a major factor underpinning dollar demand will be gone. As a result, the dollar could lose its status as an international reserve currency.

Domestically, peoples’ wealth would be severely impaired in this case. How so? The government would likely resort to desperate measures: capital controls, wealth confiscation, price and wage controls, the nationalization of pension plans, etc. The dollar’s fate is closely linked to oil and the petrodollar system. Its failure would threaten the wealth of American citizens, who would find it difficult to protect themselves against a state that is no longer able to finance itself with ease.

 

The Euro Zone Crisis Keeps Festering

The euro zone remains in crisis conditions – not only because of the refugee crisis, which will most likely accelerate due to the ongoing wars in the Middle East, but also due to weak oil prices. More people are bound to flee their home countries. The open-border policy of the “Schengen Area” is collapsing and certain countries in Europe have already begun to reintroduce national border controls, which are opposed by Brussels.

Economic growth is nowhere to be seen and in real terms investment in the euro zone has fallen tremendously since 2008. The ECB has announced that it will inject as much liquidity as needed and is purchasing all sorts of bonds (sovereign bonds, agency bonds, ABS and covered bonds). Constant redistribution from the northern to the southern nations is necessary to keep the euro zone together.

 

come and go

Some leave, some stay …

This, in combination with a possible exit of the U.K. From the EU, could be the trigger that will tear the euro zone apart. Therefore, we expect to eventually see a flight out of the euro, as a logical consequence of all these uncertainties. The idea of a centralized plan for Europe has failed and until it actually does fall apart, wealth redistribution from the North to the South is bound to go on and will continue to undermine the middle class.

 

We are Approaching a Great Shift

With a global slowdown triggered by China, and the potential demise of the petrodollar system, we believe that the game is changing fundamentally, and with it, the rules. We expect the bust to begin in the foreseeable future, but not necessarily in 2016. However, we are certainly getting closer to a great shift: a crisis of the monetary system that may pave the way for a free market economy and a transformation of the global currency system. The crisis is inevitable. Ludwig von Mises said:

“There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.”

Many investors and individuals fear the words “bust” and “recession” and their implications. What will happen before we hit rock-bottom? The answer is simple: massive defaults and deflation. Asset prices that have been propped up with artificially created liquidity are going to correct massively. Economies will temporarily come to a standstill.

That will leave us with one of two options: 1) attempt another temporary fix, which will not solve the root of the problem, but only postpone the inevitable bust that will then hit even harder than it would now; and, 2) accept and endure the “correction”. The correction needs to be seen as something positive, as it will correct the mismanagement and mistakes of the boom and rectify the associated imbalances. This correction is inevitable anyway and has been a long time coming.

Even the Bank of International Settlement has come out in support of this view in a 2013/14 report:

“To return to sustainable and balanced growth, policies need to go beyond their traditional focus on the business cycle and take a longer-term perspective – one in which the financial cycle takes center stage. They need to address head-on the structural deficiencies and resource misallocations masked by strong financial booms and revealed only in the subsequent busts. The only source of lasting prosperity is a stronger supply side. It is essential to move away from debt as the main engine of growth.”

Since 2008, total credit has increased from USD 140 trillion to USD 200 trillion. USD 60 trillion have been artificially created by central banks worldwide to bail out the banking system. It is clear that nothing has helped to truly rectify the situation – all this money was only a temporary fix to avoid what should have happened in the first place: enduring the painful but urgently needed “correction”. It is gratifying to see that more and more people are coming to understand how flawed the current system is.

 

5-global debt

Global debt-to-GDP ratios by sectors and countries, as of Q1 2015

 

Timing is always the big uncertainty. As we have mentioned above, we believe interest rates will stay low. The Fed has only increased its administered interest rate by 0.25% so as to fool the masses into believing that the situation is normalizing, with the aim of keeping them invested in paper securities. Once people realize that we will not see higher interest rates in the future, they may start shifting into hard assets. These have stronger potential upside in such an environment, as they no longer have to compete against yield, and are scarce compared to paper and computer digits created out of nothing.

Regarding equity markets, we believe that volatility in financial markets will continue to be elevated, however based on the actual price/earnings ratio of the S&P 500, stocks do not seem to be extremely overvalued yet. At the moment, the ratio is about 20 and in 2001 we stood at 45 and in 2008 at 28 – so there may still be some room for equity markets to move higher. We cannot rule out a possible recovery of the stock market in the near future. However, we believe people should use this as an opportunity to prepare for the worst.

 

Are You Prepared for the Bust?

In a number of countries policymakers appear to have realized some time ago already that the dollar is just an artificial currency that is not backed by any tangible value. And even though practically everyone has been stuck in this artificial monetary system, they sought to support their countries with the highest quality asset out there: Gold! Central banks seem well aware of the need to prepare for a downturn and have been active buyers of the metal,building up their gold reserves, particularly since 2010. China and Russia have been the top buyers up to early 2015.

 

6-Central Bank Gold Demand

Central bank gold demand over the past decade, net

 

We are convinced that 2016 will be a good year for gold. It is possible that the price of gold might come down in the next couple of months, however several trustworthy gold analysts that we follow see upside of around 20% for gold in the second half of the year. We also find the acceleration of physical demand for gold and silver coins, especially in the retail market, such as in the U.S., Germany, but also in Switzerland, very interesting. It shows that more and more people understand that gold and silver act as protectors of property rights and that current prices are very attractive.

Gold is not only an inflation hedge. Even in a deflationary environment people will want to shift their investments to high quality assets with little or no counter-party risk. In short, it is a flight to quality and the hardest currency for the past few thousand years has been and still is gold. Conversely, in a boom, or inflationary environment, people will tend to move their money toward high-risk assets.

Today’s uncertain situation calls for capital preservation. Gold serves as a hedge in an uncertain economic environment with negative interest rates. In fact, gold is a better option than bond investments. In comparison to bonds, gold tends to be much more volatile, nevertheless it is the only asset without any form of counter-party risk and it has been considered valuable for millennia. Gold is an investment that takes one away from financial institutions and government intervention. In essence, it serves as protection from governments and the vagaries of financial markets. We cannot predict the future with certainty, but we can certainly prepare for it!

We would suggest one should begin to accumulate precious metals, as we are likely at the beginning of the next phase of the bull market. If you believe the system will crash, you need gold; or, if you believe that saving money makes sense because you don’t trust the government’s promises that it will take care of you in coming years, holding gold makes sense as well.

Gold is your insurance and you need to own it physically. We advise you to store some of your gold outside the jurisdiction you live in as your personal "Plan B."

 

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Soul Glow's picture

Everything is fiine!  Kepp your money in your IRA so the money managers can do as thy wilt.

Perimetr's picture

First, hang all the banksters.

TheLazyNative's picture

Yep. Make them FeelTheBern.

Dorkface's picture

Love the bear. Feel the bear...

manofthenorth's picture

"nevertheless it (gold) is the only asset without any form of counter-party risk and it has been considered valuable for millennia"

Uhmmm.......silver?

As a vested producer of it I am a steadfast gold advocate BUT

with the current 80 to 1 GSR,

Silver is THE BUY of the century right now compared with gold, or almost anything for that matter.

I will continue to swap all my nuggets for silver until the GSR falls below 20 to 1 or until I have 10,000 oz of silver stacked already, whichever comes first.

 

 

KesselRunin12Parsecs's picture

Boy... Dem jewz who counterfeitted all doze joobux (out of thin air) to LEND to everyone are gonna be rich!!! RICH I tellz ya! RICH! (like in 'vaporized' confetti rich)... It don't get any richer than that!

actionjacksonbrownie's picture

I don't know about the joos, but Greenland still looks bullish.

sun tzu's picture

Along with most of Africa and the ME

Villageidiot777's picture

Just think of all the broken glasses there.

Dicey's picture

Second hang all the politicians, third hang all the people within the mainstream media.

Eeyores Enigma's picture

Everything would be fine if only we had exponential real growth to match the exponential debt creation. Problem solved.

Now tell me why we can't have exponential real growth? Ha ha!

open-range's picture

I'm making over $7k a month working part time. I kept hearing other people tell me how much money they can make online so I decided to look into it. Well, it was all true and has totally changed my life. This is what I do... www.wallstreet34.com

Eeyores Enigma's picture

I'm making about $5.00 a day working 10 to 12 hours a day here on my organic farm.

 You can too. Just send me your first born son or daughter.

TheLazyNative's picture

Here is an additional perspective on how EMs can cope with volatility:

http://www.theguardian.com/business/2016/feb/19/closing-capital-drain-em...

pitz's picture

Yuan/Renmibi is very unlikely to get cheaper with so much deflation in the cards for China.  With such a deflationary future in China, combined with the USA's inflationary future, the relative standard of living for Chinese will rise dramatically compared to those in the USA. 

Low IQ fan of VVP's picture

that's the whole point. I have been saying for a long time that one of the ultimate goal for China is to replace the USA as a "core country". It doesn't matter if their living standard decrease as long as the USA living standard decrease to below the Chinese and stay below.

chunga's picture

If the whole world is in debt then who is owed all this money?

How come Israel ain't on this list? Just curious, you racists.

Chuckster's picture

Bernie and Hillary will get this figured out!  Your exactly right...who is this owed to?  World wide Debt jubilee?  Reset!  There is no other answer.  I can't wait for the politicians response after this happens.  "Who could have known?"

chunga's picture

I'm no expert but I suspect the bulk of the debt lives in ledger entries conjured by the captains of finance. That's debt they created but never assumed an obligation to pay back. The bankers will take their jubilee via moar, bigger conjured ledger entries.

According to the bankers, the sheeple are obligated to pay them back so their jubilee will be crabs and icewater.

Arnold's picture

Look in the mirror.(Some of you might have reflections.)

 

http://ellenbrown.com/2014/12/19/russian-roulette-taxpayers-could-be-on-...

or..

 

"Interestingly this economic problem is not new. In fact, it is ancient. The Bible's book of Leviticus provides that every 50 years all mortgage debt is to be forgiven. This occurrence was called the Jubilee Year. This may seem like a shocking imposition on creditors and a free ride for debtors. Yet, consider the behavioral feedback loops. In the 10th year after the last Jubilee, lenders might lend freely for a 20-year term. By the 45th year it seems likely that long-term credit would have dried up because the lenders were as aware of the coming Jubilee as the debtors. This was a self-regulating system that deleveraged itself before credit bubbles grew out of control and threatened a widespread collapse. It was an orderly deleveraging that seems enlightened in comparison with the disorderly and draconian deleveraging our economy is experiencing today."

 

http://www.usnews.com/opinion/blogs/economic-intelligence/2012/07/02/deb...

Pickleton's picture

As long as everybody understands, All govt-funded promises, whether you think you paid for them or not, will end as well.  I'm good with that as long as they stop stealing my fucking money in conjunction.

 

 

Bryan's picture

I think it's a mistake thinking that TPTB will look any further forward than the end of their pecker.  There is no 5, 10, 20 year plan any more.  It's all about getting what I want NOW.  It worked for a while ... I hope everyone had fun.  The invoice is over there under the Snickers wrappers next to the XBox, and it's overdue.

David19841776's picture

Its all owed to the Rothschilds Hang the Bankers

Amalgamated Tang's picture

You see, Marx and Lenin were correct, with enough Socialism, the entire world will turn Red.

FORCE's picture

the post industrial global hangover;the age of consequences.

Insurrexion's picture

 

 

I can't believe that Ireland is right behind Japan on the Global Debt to GDP Ratios.

The fecking Irish have been had by their bankers and their government. They should have followed Iceland, but they were too drunk to care.

(Ya, I hope that pisses them off as you Americans say.)

It is just a matter of time before the Credit Bomb blows.

Read this guy's predictions from Jan 12.:

https://www.linkedin.com/pulse/global-credit-risk-john-m-cunningham?trk=...

css1971's picture

The Irish will be pissing themselves laughing. Bond owners really think they're going to get paid?

slightlyskeptical's picture

Of course there is a solution. It's just that the elites are not willing to go there. Seems they are only ok with a collapse as long as it hurts everyone else more than them.

Just get rid of the debt based money system. Pure fiat or backed by something doesn't matter. Jubilee for the people or national incomes for the people.

Anything else just delays the judgement day for a few months at most.

Eeyores Enigma's picture

"Jubilee for the people or national incomes for the people."

 

Jubilee creates massive instant deflation = trillion$ disappear from the economy and everyone is hurting.

National income just guarantees a steady revenue stream for all the FIRE economy leeches. 

First Jubilee for the people THEN national incomes for the people.


rahtidmon's picture

Ol' Tricky Dicky closed the gold window, where RFK took us off the standard. From Reagan to Obama, more and more spending, debt, control over our daily lives (CRA, PA, NDAA & ACA) and countless Regs/EO's, whim and fancy all of it.

Progressivism has taken hold and it will be hard to unseat the FSA, which seem to be over 51% now?

The DEBT that you see (usdebclock.org) is clearly mindboggling, especially, when you add them all up, it is north of $270 Trillion.

Then the derivative market in the 1,000's of Trillions, bets on bets, bound to unravel.

Labor participation rate and BDI at historical lows, oil down, PM's manipulate, rehpothicated and fraud at an all time high (non-GAAP).

All of this, with the taxpayer and slave alike (what's the difference), worldwide on the hook for their privatize profits, socialize losses hedgemony.

Geopolitical turmoil, ME, S. China Sea, N.K., Ukrain, Open Boarders, Refugees, Immigration, etc

Moneychangers make me chringe! End the Fed! Break up the TBTF, JAGP (Jail All Guilty Parties), restore fiscal sanity, abolish the alphabet soups, flat/fair/penny tax system, no income tax, no loopholes, reign in MIC, and enforce term limits for all branches (one term and done), establish term limits for SCOTUS 10 years?

oh well, just another day in Oz I guess, yawn.

silverer's picture

I remember back then, the saying was "Dick Nixon before he dicks you!" Too bad the advice was not taken.

rahtidmon's picture

ya he was a hoot alright, I also remember gas lines under the peanut farmer...very vauge memories of jfk, actually the space race got started under him, so another big spender.

his 'mistake', but i honor him for it, was saying he was gonna out secret societies...lol drug addled dufus, and LBJ was a horses ass, who also increased spending, Great Society anyone?! So it [spending] really started with JFK...I stand corrected.

The last good Pres IMHO was Ike!

peddling-fiction's picture

If anybody is thinking about leaving Dodge, the South American map is pretty accurate in my opinion.

However, Venezuela should be crimson colored and do not consider any of the Guayanas.

rahtidmon's picture

As a yank, you would stand out like a sore thump, and believe me, USA will be last to fall, all other countries will be in turmoil, civil war, gangs, etc way before us.

We have a big iGDP to burn through, follow my drift, bigger than all of the world put together, if you add it all up that is, down to minerals (known).

Long and short, you would be taking just as great a chance anywhere else, at least here, you hopefully have family and/or good friends to form a community somewhere?

my two cents that is all

peddling-fiction's picture

@rahtidmon

As an Ugly American you would stand out.

https://en.wikipedia.org/wiki/Ugly_American_%28pejorative%29

You would not stand out as a respectable, Spanish speaking and integrated American who is respectful of the generally peaceful ways of most people down here. Only criminals behave in a Gung Ho fashion in Ecuador, Bolivia and Paraguay.

Uruguay in way more European, but much more growth is happening over here in Bolivia.

I am as white, blonde and blue-eyed as they come, but very quickly I befriend Bolivians by behaving and meaning well.

Now having said that, it does take time to understand Latin American culture, and nothing is perfect anywhere.

There are dangerous areas in every country, all over the world, but you can find peaceful areas too, like I have found.

rahtidmon's picture

Understood, and more power to ya, I was just saying that there will be chaos everywhere. I don't think there will be a 'utopia' or safe haven, to tell the truth, currency everywhere will be worthless. All paper dies in the next global route.

But you could be right, who knows, throw the dice I guess, just as good as logic anymore? Go figure, never thought I'd say that, as there is no common sense out there, none left, it seems to me.

peddling-fiction's picture

There is no such thing as a safe haven or utopia anywhere in the world.

A revolution in any country will not look pretty.

Just remember that many countries never had to fight during WWII. I believe that it was by design.

I think your best last stand would depend on who you are, what you know, what skills you have and your nationality, languages, as well as your family and friends and size and preparedness of your community.

For some it may mean hunkering down, for others it may mean being mobile and agile.

No fear, be well

Mr. Universe's picture

The issue is if push comes to shove here in Ca..  The market shelves go bare, then things are going to get real, fast. 6 million people, the vast majority with no food beyond the next few days. Total breakdown and mass chaos. Now in say, Panama or Ecuador, food isn't so much an issue and population density is far less. Outside the main cities they may be poor as dirt, but they have food and water. Yes you will always be the gringo and in a showdown, you are by yourself. Best to build up as much goodwill as possible before that can happen and I like the odds a lot better than in Ca..


peddling-fiction's picture

Wherever you are, you need community and spreading goodwill goes a long way.

South America has lots of previous experience with going through all sorts of crises and have pulled through just fine.

They are resilient, but there are some countries you don´t want to be in.

Commonsense, planning, community and being a righteous yet assertive person helps out.

I guess that at least in Southern California, you will also be the gringo in the eyes of so many Mexican Americans.

rahtidmon's picture

Goodwill, honesty, knowledge and skills are currency in my book. Not to mention some morals to go along, icing on the cake so to speak.

SamEyeAm's picture

Wish they'd use different colors on that global heatmap.

Differentiating between orange and burnt orange is a real bitch.

 

What morons pick these colors.

peddling-fiction's picture

Conscious data manipulators do.

Low IQ fan of VVP's picture

university trained cartographer that probably didn't get "A"-- all of them (even those not getting "A") are trained to use color gradation, especially if there's only as few (3) grade as this one; obviously even they can't do it if it's beyond about 12.

and probably female too; they don't understand men have less perception ability in colors variation and there's no amount of edumacation they can do about it.

they should have used red, orange, and yellow IMO, but yellow have problem with glare and faintness and stuff...

wildbad's picture

mr galt has left the room

- - - - - -'s picture

irland is surpassing japan

PADRAEG's picture

Always has, always will!

Gab Timov's picture

oh. ok. gold is going to solve everything. ok.

A Lunatic's picture

The grey areas must still need to be Democratized....