another site
Concerns with future stormwater runoff on the south side of Pye Lake could have a resolution Feb. 6 when the Fayetteville City Council considers establishing the Pye Lake Southern Tributary Special Watershed District.
If established, the watershed district would provide the framework to help resolve issues with future stormwater runoff, including requiring future developments to have upgraded stormwater retention ponds.
via The Citizen http://ift.tt/1gNtAnJ
Moments ago Twitter just reported blockbuster earnings that beat expectations across the board, and guided higher:
In other words everything was great, with TWTR beating everything and the stock should be soaring right?
Well, it was for a few minutes…. Until the algos read the following chart from the earnings slidedeck:
Yup: just 1 million monthly active users added in the US in 1 quarter and just 9 million in the entire world added in the quarter, far less than 15 milion additions expected (to a total 247MM).
And as an added bonus, this chart of timeline views, which reported the first quarterly contraction, certainly did not help either.
Finally, the trend is certainly not the momo-chasers friend here either:
As a result, this is what happened with TWTR stock after hours:
via Zero Hedge http://ift.tt/1brQwRD Tyler Durden
UPDATE: Once again the S&P 500 tumbled as soon as the cash market closed…
Thanks to a bounce off 101.00, USDJPY supported yet another marginal bounce off fresh 2014 lows in US equities (led by a heavyily turmoiled Russell this morning following the better than expected ISM Services). Nasdaq and Trannies bounced off its 100DMA and the Dow rallied back to modestly green and tested the 200DMA from below. The ubiquitous late-day ramp attempt failed and the Dow lost its marginal green color into the close; Trannies and Russell underperforming. Notably though, despite stocks ending flat to down, Treasury yields surged 6-8bps off post-ADP lows (and 3-4bps up on the day). Gold and silver spiked on the weak ADP data and faded back on the day with Silver outperforming on the week (+3.5% vs 1.1% gold). Credit and VIX once again were not playing ball this afternoon and diverged from stock's bounce but we do note that equities are showing notably more volatilty relative to FX carry in the last 2 days. YTD: Dow -7%, Russell -6%, S&P -5%, Nasdaq -4%
Year to date…
On the day, early weakness bounced back to unch by the close for the Dow but the late-day ramp attempt failed to hold gains…
But as seen – the drop in stocks was also coincident with a 101 JPY and that triggered a bounce…
Equity markets once again played a more volatile game than credit…
VIX diverged in the afternoon (after Europe's close)…
Treasuries staged a notable sell-off off the knee-jerk rally after ADP…
Commodities saw yesterday's trend continues as Silver's underperformance post-Taper is unwound…
FX markets were very quiet ahead of tomorrow's ECB meeting.
Charts: Bloomberg
Bonus Chart: @Not_Jim_Cramer shows why the recent exuberant sentiment in stocks was misplaced and has rapidly reverted lower (removing notable support for further multiple expansion hopes)…
via Zero Hedge http://ift.tt/1fIw6IC Tyler Durden
Follow Reason and Reason 24/7 on
Twitter, and like us on Facebook. You
can also get the top stories mailed to
you—sign
up here.
from Hit & Run http://ift.tt/1b2YA0J
via IFTTT
If you or I are
doing a bad job, we can generally be fired. Certain procedures
might have to be followed; a cause might have to be proved. But
most of us work with the incentive that if we do a bad enough job,
we’ll be let go.
It’s different for public school teachers in California (and for
many teachers elsewhere). If they can manage to not utterly
disgrace themselves in the first year and a half of working, they
get locked in to “permanent employment” status. Then the process of
trying to firing them is so annoying, expensive, and time consuming
that their bosses often don’t bother. And when teachers have to be
laid off for financial reasons, “last in, first out” (LIFO) rules
for teachers, costing good teachers their jobs in favor of
protecting seniority.
Do those problems with quality and expense constitute a
violation of California students’ constitutional rights to an
education? Court proceedings in California Superior Court in Los
Angeles County may settle that question. Brian Doherty explores the
details of the case.
from Hit & Run http://ift.tt/1irRJN7
via IFTTT
Last
week, I posted about investment guru and commentator Peter Schiff’s
recent experience on The Daily Show. Talking about the
minimum wage, Schiff stepped in all sorts of doo, some of it
self-inflicted (e.g., such as suggesting that the “mentally
retarded” would be willing to work for $2.00 an hour) and some of
it classic Daily Show sandbagging.
Schiff talks to Mediaite about his experience on the show and
says the producers misrepresented their editing process to him
substantially:
Schiff was shocked when he saw the finished product. “They
took little pieces and rearranged them, all designed to make me
look bad,” he added with an unmistakable hint of
betrayal.“They succeeded in making me look bad,” he asserted. He adds
that he and his brother have requested that The Daily
Show release the entire four-hour interview, though they
are not holding out much hope that this will occur.While Schiff said that he thinks both Stewart and The
Daily Show are “funny” and that the host has a “great
sense of humor” and is a “nice guy,” he asserted that the program
underserves its audience.
I agree that the segment on the
minimum wage wasn’t particularly sharp. That’s not just because I
disagree with the overall point of it. Despite Schiff playing into
their hands by suggesting that the “mentally retarded” would be
happy to work for $2.00 an hour, overall the bit seemed very forced
and overly broad in its humor. The fast-food workers event they
visited wasn’t even about jacking the federal iminimum wage from
$7.25 to $8.00 or even $10 an hour – it was about doubling wages to
$15.50. I suspect that even strong supporters of minimum wage hikes
balk at the idea of doubling salaries. (Reason TV’s coverage of the
“strike,” in which various protesters talk about how fast-food
chains offered them jobs despite limited English and work
experience, is online
here).
On his own website, Schiff has released a producer’s email to
his brother Andrew to bolster the case that the show’s manhandling
of him wasn’t fully on the up and up:
From: [redacted]
[mailto:xxxxxx@thedailyshow.com]
Sent: Thursday, December 12, 2013 4:13
PM
To: Andrew Schiff
Subject: RE: FW: The Daily ShowWe NEVER edit out of context. Meaning we never ever
show responses to a question we never asked. For starters it
LOOKS BAD! But in all seriousness it’s not our prerogative to
attack our interview subjects & slander them (unless they say
really horrible, awful, racist things… but last I checked Peter
doesn’t say such things!).The general idea is to pretend this is a real news
interview & correct our correspondent when he/she asks goofy
questions. Our questions usually come from misunderstanding
the other side’s arguments, for example. We want our
interview subject to play the straight guy & that way they look
normal & we look like the fool.In this case Samantha Bee is our correspondent.
She’ll take things she heard at these fast food strikes &
report them back to Peter. Peter tells Sam why she may be
mistaken, or what the strikers aren’t taking into account,
etc. That’s the general idea. And we’ll go over all of
this before we start up the cameras next week. (Peter &
Jena can also discuss these concerns over the phone
tomorrow.)But rest assured– NOTHING will be edited out of
context.
Yeah, well, that didn’t work out so well for Schiff. Who grants
that he should have known better. It’s always interesting to see
how media gets made, isn’t it?
Here’s The Daily Show segment with Schiff:
from Hit & Run http://ift.tt/1er9NZd
via IFTTT
Tom DeMark's analogs – that we have been discussing for the last few weeks – have received some attention today as his medium- and short-term echoes of 1929's crash continues to line up ominously. However, there is a much more concerning and repetitive cycle that BofAML notes suggests weakness in US equity markets through September.
DeMark's longer-term analog:
And the 23-day recent analog…
"23 days aligns with the low end on Monday. And subsequent to that, we had a four-day rally, and then the market unraveled — went down 48%. We are currently at that inflection point. Like I said, so far, everything is aligned. We think the next two to three days are extremely critical."
But as BofAML notes,
Presidential Cycle Year 2 weaker into the mid-term election ahead
2014 is the second year of the Presidential Cycle. Year 2 is the second weakest year of the cycle and is up on average 4.5% (1.1% median return) for the year and up 57% of the time. If the US equity market follows the Presidential Cycle in 2014, there is a potential selling opportunity in April/May and a potential buying opportunity in September/October.
2014 is also Decennial Year 4 which also suggests weakness until Q4…
And of course – there's the January Effect…
January 2014 was down 3.56% and this flashes a negative signal for the January Barometer. Based on S&P 500 data going back to 1928, January is a good predictor of the year.
When January is up, the year is up 80% of the time with an average return of 13.0%. When January is down, the year is down 58% of the time and the S&P 500 has an average decline of 2.3%.
and as is clear – when January is down and in a Presidential Cycle Year 2 – it gets worse.
via Zero Hedge http://ift.tt/1ke22bk Tyler Durden
Tom DeMark's analogs – that we have been discussing for the last few weeks – have received some attention today as his medium- and short-term echoes of 1929's crash continues to line up ominously. However, there is a much more concerning and repetitive cycle that BofAML notes suggests weakness in US equity markets through September.
DeMark's longer-term analog:
And the 23-day recent analog…
"23 days aligns with the low end on Monday. And subsequent to that, we had a four-day rally, and then the market unraveled — went down 48%. We are currently at that inflection point. Like I said, so far, everything is aligned. We think the next two to three days are extremely critical."
But as BofAML notes,
Presidential Cycle Year 2 weaker into the mid-term election ahead
2014 is the second year of the Presidential Cycle. Year 2 is the second weakest year of the cycle and is up on average 4.5% (1.1% median return) for the year and up 57% of the time. If the US equity market follows the Presidential Cycle in 2014, there is a potential selling opportunity in April/May and a potential buying opportunity in September/October.
2014 is also Decennial Year 4 which also suggests weakness until Q4…
And of course – there's the January Effect…
January 2014 was down 3.56% and this flashes a negative signal for the January Barometer. Based on S&P 500 data going back to 1928, January is a good predictor of the year.
When January is up, the year is up 80% of the time with an average return of 13.0%. When January is down, the year is down 58% of the time and the S&P 500 has an average decline of 2.3%.
and as is clear – when January is down and in a Presidential Cycle Year 2 – it gets worse.
via Zero Hedge http://ift.tt/1ke22bk Tyler Durden
I decided to pen this after reading Bitcoin: Revolutionary Game-Changer Or Trojan Horse? over at ZeroHedge. The piece offers two sides of the Bitcoin argument, but the “con” side was an interesting if not rather fantastically fictional read. Here are some key excerpts followed by my responses…
On the other hand, a lot of major mainstream players are backing Bitcoin and other digital payment systems.
Wells Fargo wants to get into Bitcoin in a big way.
That is truly interesting, but it is also a smart move by way of management. The reason why the record industry was decimated by the MP3 tech wave was because they fought the inevitable technology innovation versus embracing it. Does this simply mean that these bankers learned a lesson from the record execs incompetance?
JP Morgan Chase has filed a patent for a Bitcoin-like payment system. And Russia’s largest bank is working on a Bitcoin alternative as well.
No, it’s not really “Bitcoin-like”, its centralized, which is the antithesis of Bitcoin’s decentralized architecture. It’s more JPM-like, riding on top of the good ideas found in the Bitcoin open source code.
Ben Bernanke and the Department of Justice have both cautiously blessed Bitcoin.
Because Bernanke and particularly the DOJ have learned that you cannot force legistlation upon a P2P network. It’s like making volcano eruptions illegal and then standing at the base of one expecting not to get burned. As I stated above, it’s best to embrace inevitable innovation in lieu of fighting a losing battle. Ask those record and movie company proponents who swore to take down Bittorrent, which by some counts accounts for over 30% of download traffic across the web. Don’t try to ice skate uphill.
John Browne theorizes:
While crypto-currencies remain insulated from central bank manipulation, governments have thus far been tolerant, perhaps because their capability to track transactions is more advanced than Bitcoin believers admit.
Indeed, Bitcoin is not really that anonymous, as the NSA can track Bitcoin trades.
The ability to track transactions may be more advanced than many believe, but it is a hell of a lot less advanced than the ability to track cash, wires, credit cards and bank accounts. In addition, Bitcoin is a pseudonymous network, not an anonymous network. It’s about privacy, not explicitly attempting to break the law.
I find the premise behind this Central bank/NSA thing to be true garbage. For one, the code is open sourced and can be changed and modified at will. If there is something you don’t like, change it or remove it. This is only negative for those who are either not skilled enough or too lazy read and understand the code.
Second, central banks require central control. The entire draw behind Bitcoin is that it is Decentralized!!!! That’s why they are called Central banks, and not decentralized banks, which is what will happen as Bitcoin gains traction.
Next up, the central banks are literally owned by the money center banks, who are literally equity stake holders. It’s nonsense to belive that the Central banks will work to the detriment of their only shareholders, not matter how inefficient and.or incompetent they have proven themselves to be.
The head of Signature Bank – Scott Shay – raised these same issues last month on CNBC:
It is the opposite of what the CNBC guy said. I know for a fact that a lot of the guys who talk their book on CNBC are not really all that knoweldgeable and it would be quite unwise to take them all at face value.
Here’s and example of my proving two of these “experts” wrong live on air…
The NSA can apparently also hack Bitcoin. And see this. Given that the NSA may bechanging the amount in people’s accounts, it would be child’s play for them to change the amount in your Bitcoin wallet.
As for the NSA being able to hack into Bitcoin, hey it may be possible. The NSA is likely to be the most competent hacking organization in the world. Let’s put this into perspective though. If they can hack bitcoin, they can hack your bank account, medical records, cell phone, home security cameras, and likely bribe your aunt and grandma too. You’re still safer in BTC than you are in those other venues. Why doesn’t the NSA’s ability to change you bank account balances deter you? Well, if it doesn’t deter you with you much less secure bank account, you should be A OK with Bitcoin!
And Yves Smith argues that Bitcoin actually plays into the hands of the central bankers:
If you believe the hype, you’ve been had. As Izabella Kaminska of the Financial Times tells us, you all are really just doing free/underpaid R&D for central banks, since you are debugging and building legitimacy for one of their fond projects, making currencies digital and getting rid of cash altogether.
But, this ignores the counterpoint made above. Bitcoin is DECENTRALIZED currency, which flies directly in the face of CENTRAL banks attempt at globalCENTRAL planning. The code is OPEN SOURCED and decisions are made by NETWORK CONSENSUS! CENTRAL banks make decisions behind CLOSEDdoors among a SMALL GROUP of empowered individuals, the antithesis of OPEN and NETWORK and CONSENSUS!
Lastly, bitcoin values are fungible as physical currency. You have paper wallets, metal coins, etc. Thus this digital money still lives and prospers in the physical world, it’s just that it can disappear into the digital sphere when it needs to, but it doesn’t have to…
There are several ways to skin that cat. These physical coins and papers can be traded by hand and spent just like paper dollar bills. Now, the digital becomes physical.
And finally, for those who feel it’s so easy to hack into Bitcoin, I’ll post a full BTC right here, copied from my own private wallet. Whoever feels they are as capable as that CNBC dude professes can have it. I’ll sit back and hold my breath as you guys get busy…
While you guys are busy attempting to hack this wallet because you have been listening to too many NSA conspiracy theories, prepare for my next post on this topic as I teach the BTC rich how to use UltraCoin to bailout out the EU periphery and emergency-laden emerging markets faster, cheaper, profitably, and more reliably than the troika every could.
Stay tuned for a test run of the UltraCoin Puerto Rican Bailout!
X€ ¬ŽÑªý©Y›îršB{gWèX d-ÊJ{Á +
Ý°Ü”kPÈŽp ûö@ïgÒï°Åo=åç <—ÿR9mï „„ ®vÂÌÂÕPo § *³©† › 6ʦ=qzB ±òÍ ¹Ÿ.δ—ûZΧВNÓ°œ¶‹F=]Tâo ×›
zuÐRÿÿ *´
¼ P $ÓJ£U«z <Ì•Ä Xf Ôš P)OÞ! <˜ÿS9nï „… çå=oÅ°ïÒgï@öû pŽÈPk”Ü°Ý
+ Άã%¾¢Ù Âwm%ù¨±{£z) ‚kàu E
® ½ç|uÐRÿÿ Cm
ú _¾ø» C´‚¶ý„‚ÊO–’*ë1ž+¤f›x <™ÿT9oï „† !ÞO)P šÔ fX Ä•Ì< z«U£JÓ$ P ¦~Ì– ŒÏ/¤ÿ!ï³1µ ƒ ðÿìVìªÂ²«!ùøuÐRÿÿ !>]e w™/÷Šw”˘ 0 ½ #CõÞú7Áœ° ¿ <šÿU9pï „‡ x›f¤+ž1ë*’–OÊ‚„ý¶‚´C »ø¾_ ù•Ú±¿ þ§çkËe[E&™ Ë MÚ›Q˜+’µ ”•‡uÐRÿÿ ‹zÉ1 oñ§I;={AÝäBkö9—,6Œdî •¬°YR^ <›ÿV9qï „ˆ ¿ °œÁ7úÞõC# ½ 0 ˜Ë”wŠ÷/™w &‰b ÔY“X µµmö ÞÆøò
ýÌuÛwŠI9¥Ñ®ÈuÐRÿÿ U
ëŸ s•Ä¬ Kn”Úm“¤Ç÷Ƭ•Ø‡ÙµÂQ¯Em <œÿW9rï „‰ ^RY°¬• îdŒ6,—9ökBäÝA{=;I§ño ¡– É—ô• ß¾@[ÎH}Õ{ȸŒ ”Ä0` 1¯ r”uÐRÿÿ [u„ W½¸2-ݺӔ7jݣ¹^0øØ,HG>…Ê <ÿX9sï „Š mE¯Qµهؕ-Æ÷Ǥ“mÚ”nK ¬Ä•s `‚k £´™c¿
U/× éåT5Ê4sŽ }øÒs™uÐRÿÿ N6´ ^§ÌbN+ u!>
$ U eÍ‘Ÿ Ñÿr͘Á <žÿY9tï „‹ Ê…>GH,Øø0^¹£Ý•€ïj7”ÓºÝ-2¸½W )•Ž
˾çÈBb,&QùX†-?1C@G›ó‘þQ Ã. ²uÐRÿÿ #|ùv ;£,Ë’ïlŠ7ô @+ùê) ¬pt‹òƒ®Ð N <ŸÿZ9uï „Œ Á˜ÍrÿÑ Ÿ‘Íe U $
>!u +Nb̧^ iŠó ý ¼ÿqˆJ! | jûVï7žGF1/m’}nêìµuÐRÿÿ j‘
£ thMÞ@½ aì/ý5 D3ÐÍö N0£MŒ€ < ÿ[9vï „ N Юƒò‹tp¬ )êù+@ ô7Šlï’Ë,£; fÐ’o¬Ù,0Ö !i&[ÐB¶.“?‡
à_¬&k y }¥ÀuÐRÿÿ /€Ð¾ c.¸X°¸5€NÅ ¬`tb ¥ /ƒ“%k)í« <¡ÿ9wï „Ž €ŒM£0N öÍÐ3D 5ý/ìa ½@ÞMht ´ Í[/ton¢×9 ²y (¬ü’˪c[x€Í•2 ‡À†ßuÐRÿÿ hM ” {® Ø@üÂFùRÚå‹3QÁÎaÊ G®àü <¢ÿ]9xï „ «í)k%“ƒ/ ¥ bt`¬ ÅN€5¸°X¸.c ^ɤ0A¡:O ³Fn
r>K Üû¿=
â6yÂfÚ vÐRÿÿ × Ö© A׿ê Z(¬þÅT;É @ÈÓ 9ÕÜ
’U†ˆ <£ÿ^9yï „ üà®G ÊaÎÁQ3‹åÚRùFÂü@Ø ®{ ½!
w K”m ÄJîÂìÜ‘w ¢š§úï
Œíî A•… vÐRÿÿ w$“¬ =E‚ä{<B¦ÜS æ ¿YÁ
‘ó¬™ YH/v <¤ÿ_9zï „‘ ˆ†U’
ÜÕ9 ÓÈ@ É;TÅþ¬(Z ê¿×A ‘欈®)n]—ˆ 5l7„/rZ ûþ …˜É0•—
Ó$vÐRÿÿ y? , 7¤à 7
Y ¬¨õ Ù« ƒ«81»š*š<‹ <¥ÿ`9{ï „’ v/HY ™¬ó‘
ÁY¿ æ SܦB<{ä‚E= èE¯
‘îó¬£è œ V‡2+t7Ï Îzªx
¶6ìÄ’vÐRÿÿ a ,© v“à ’5Çl*׿y7$huy«üƒ†2 Å€ <¦ÿa9|ï „“ ‹<š*š»18«ƒ «Ù õ¨¬ Y
7 à¤7 ¤,<oUÇ=]É!UÌNàk›‡Ñudy¥³«´œ{àOã˜Y+vÐRÿÿ ¤SYu ž-‘ OÍ
l¯ÝfhnÑ™ ®5¶¹cm÷À8¬ <§ÿb9}ï „” €Å 2†ƒü«yuh$7y¿×*lÇ5’ Óv ÉäKÌKY^ÜúŸÈžé= Ü—^§ ©Ê:mS5 À³´-vÐRÿÿ 8 y¢ ~®(ÏPv3†5á/yF½éK9ðæuÉôt‡#Ç <¨ÿc9~ï „• -8À÷mc¹¶5® ™Ñnhfݯl
ÍO ‘¬ž &Áò í Ùoâ‡ì„l¢‚Hl {NR1BèÚ Þ–1vÐRÿÿ •
Ú U? cä
*‘ €Þï÷MNù¨^_ ûØþVRk <©ÿd9ï „– Ç#‡tôÉuæð9Ké½Fy/á5†3vPÏ(®~ èaÐÚ«ž©SÑ^Út35hÖÈ¥ègB l`zØƵ¬íe-4vÐRÿÿ <ñù / ž³ŒŸÃ(5<>öQM›Ñ>î]S• u ( <ªÿe9€ï „— kRVþ˜Ãû _^¨ùNM÷ïÞ€ ‘*
äc ?U 2uÛÏb + È0qAƒÄë
Ÿ…#h%qR´ Oÿ¥öÅ==vÐRÿÿ Í-‚ð x7Ž d– }»Xdcf!ô§Ù—ÒÑŽÖÞÉÅŒ <«ÿf9ï „˜ ( u •S]î>Ñ›MQö><5(ߌ³ž / ””L.±S…
TX¹&î “d6«÷`¤ yH +h
šeVEvÐRÿÿ “U]n zS”S< Ħ-Ø Å³¥
n¥À -«¹
Ý[Ó <¬ÿg9‚ï „™ ŒÅÉÞÖŽÑÒ—Ù§ô!fcdX»} –d Ž7x ›c6
$þ›Ë€Àª´µá¦‹5ø“ Œ›ê1″ŒSï¹”TvÐRÿÿ z×Q- -RM]iZlPY2M ¥ ˜ÄËõèÝ õ––w9Õ <¬ÿh9ƒï „š Ó[Ý
¹«- À¥n
¥³Å Ø-¦Ä <S”Sz à¨Ö›ºÕ8]þö÷Ê? CVg‚”}E^ê u ÞÊYvÐRÿÿ Ÿ¬8 D¿ÈéQƒaB½Äʃƒ ‡á€PG˺UÙ <®ÿi9„ï „› Õ9w––õ ÝèõËĘ ¥ M2YPlZi]MR- Y”O Où&‚f”€¹>i&áÿ-çJã~¾ ’gcbwåfvÐRÿÿ ú½.< by±‘£Áˆ§Ù¡-W u‰>„% x×ZÉ ’mK <¯ÿj9…ï „œ ÙUºËGP€á‡ ƒƒÊĽBaƒQéÈ¿D ÅéVPð{‚ ¸ãîö® ‘›7‰½ ëò|gn3³¦ .jvÐRÿÿ /* BWòNÄlU ¬™C$™›ÉßsçêCÅ/ )Ú#û <°ÿk9†ï „ Km’ ÉZ×x %„>‰u W¬¡Ù§ˆÁ£‘±yb ì:ï tOþ©
Mó ¡}< Ù± WïÍ¥
¡¨ÅlvÐRÿÿ -’•x • ? i¯˜¡ çÙ%[‘, | oeü|Ä <±ÿl9‡ï „ž û#Ú) /ÅCêçsßÉ›™$C™¬ UlÄNòWB ¿ <Aüµp©é¾snûå$]ó.$¦ ËIVy] s¬û¢nvÐRÿÿ eî¿{ S½Dùâå~á ì !
Ä{ª† é
ð_ÿàÒ
& <²ÿm9ˆï „Ÿ Ä|üeo | ,'[%Ùç ¡˜¯i ? • ÜÐ -Ž½„ó¦=ž2uU©ðàU]Èyè
¾ˆ±
¼wvÐRÿÿ Y—´5 /Lµóx6 æ~Æ
/Þ-¹Êˆ¹^Òã%»í°Í <³ÿn9‰ï „ &
Òàÿ_ð
é †ª{Ä
! ì á~åâùD½S ºï@ €gV
>–,å²*Ä9+ €ž~à‡@j%Ó UgyvÐRÿÿ Že7 I…¿ú®¥,L- °$A
+O` e.SÍ .y <´ÿo9Šï „¡ Í°í»%ãÒ^¹ˆÊ¹-Þ/
Æ~æ 6xóµL/ º ÜB µ‰—‚YÄ;a¥jŒ æUÙ] †Á¸‡N&sòî{vÐRÿÿ Íi¬Ù 4 þóãŠÃ}Ôê˜àŸœ-ö¬GbÐ <µÿp9‹ï „¢ y. ÍS.e `O+
A$° -L,¥®ú¿…I “×r†Ý‘Tì
æÖ¦Iœ ™ÒÍï(ë2ûsÝ-˜øQ&„vÐRÿÿ 5‹¹2 #w™óñ3¼ Ÿô(ƒ •´ 2 ê
[%§d <¶ÿq9Œï „£ ÐbG¬ö-œŸà˜êÔ}Êãóþ 4 4“}ÝFG
RcË“5[nÊ nì/OÄ ~à7”ØÙ×’_ŒvÐRÿÿ rz]ã }dP‡|^#’…)ïG±×“2¢v/×í)5ü <•ÿr9ï „¤ d§%[
ê 2 ´• ƒ(ôŸ ¼3ñó™w# €ð» Ó>ð=µõ+[v †4å P ö ‹ìv®.¬P£¡ÉvÐRÿÿ
SIõ % ::ða nüi%÷
µ£‚:
pL—àÓ€ <¸ÿs9Žï „¥ ü5)í×/v¢2“×±Gï)…’#^|‡Pd} ¶ã Èa+
üN¬y Ö0BC †àH´6v…•da “t
wÐRÿÿ c¼Ì” Y6 Ò› Ë/
jsÖ1Ze6Ô%±²?K´Ü¿ <¹ÿt9ï „¦ €Óà—Lp
:‚£µ
÷%iün að:: % yb %<†%sGÈÍÕÎöùÖº³
©Ø Så;Dzì wÐRÿÿ Ðzòq L”¾þe)Q˜1%êį‘¥f9hX) =KÎd <ºÿu9ï „§ ¿Ü´K?²±%Ô6eZ1Ösj
/Ë ›Ò 6Y ¿¢j o‡è4 ” ÌÓ ‡ È
šÏ˜Œ¨!Ê` wÐRÿÿ M ÿ
œœn ¾m0-Þö ~ÛKôrÐÛ¢Ü$Î ‚ <»ÿv9‘ï „¨ dÎK= )Xh9f¥‘¯Äê%1˜Q)eþ¾”L œ” -%kSôßDé±nŒ½¶ÝhZ¿?Áæd ó€z F¬wÐRÿÿ äFN -ï-‹r 4)eÔµHì ’T‘÷+À)Î Zö <¼ÿw9’ï „© ‚ Î$Ü¢ÛÐrôKÛ~ öÞ-0m¾ nœœ
µ
0 Fã®h t™ã÷/4K
¿•P’¬V:î »o• *wÐRÿÿ Æxí~ qi¶ònÝtoÄj^u%î
Z¤³Î Ó¹E©|ýE <½ÿx9“ï „ª öZ Î)À+÷‘T’ ìHµÔe)4 r‹¬ï- ô„d
LÎ~ÅÃþ|L„SYñüõs”°;ú;¨L$%pƒç-wÐRÿÿ ®ŠØA :Œ1‹rø¥££h_<8h]
¬s§WTćQ I <¾ÿy9”ï „« Eý|©E¹Ó γ¤Z
î%u^jÄotÝnò¶iq
ål“Hl{š M Gðw¼h ø › ÷9Ú%@ W&ÄÎ2wÐRÿÿ O e¨ }
[àšƒ½³àLŽ5Y ² ÷Î6ö R¨ŽK <¿ÿz9•ï „¬ I Q‡ÄTW§s¬
]h8<_h££¥ør‹1Œ: Í«ãÅÛ
o¯Õ®ù«ÖGc» è XS/ÓŠÚÏ,1ö] ?wÐRÿÿ 5
&ž 0¬<ŒJË @2m ]Yôå’åì¿Pû.rÍXˆ <Àÿ{9–ï „- KŽ¨R ö6Î÷ ² Y5ŽLà³½ƒšà[
} §Z.ø$f<
i l’÷ÁÀù؆ȴ´ V6:¾€IwÐRÿÿ óY¦ ^L-UNL:wŽe2ìâȹ²b„´11ÝW[§l <Áÿ|9—ï „® ˆXÍr.ûP¿ìå’åôY] m2@ ËJŒ<-0 ¤]gT :Ö‚gÛ z&Ã× ®¯¾»f¬8¿ëö)‹B‰YwÐRÿÿ – w ÷ib y B
9šÉ‡›
ŠN±˜#9æàŠwn <Âÿ}9˜ï „¯ l§[WÝ11´„b²¹Èâì2eŽw:LNU-L^ úW¾tó»Àëúd«*$ó áA|)%šgáL¬žìͬ²
cwÐRÿÿ JõZQ <üÚŽR7‰€ Ãç{°(Pc¸E+j¡x{ ÷{‰ <Ãÿ~9™ï „° nwŠàæ9#˜±NŠ
›‡Éš9
B y bi÷ >Û@ŽÜ5™ Y‘w›µ õdMÜ
þA[ÃÛmÚ™_ewÐRÿÿ KH•» 6.
‹§Ÿ `UµÜð¯¢I{Mì»õ H©
½¹ <Äÿ9šï „± ‰{÷ {x¡j+E¸cP(°{çà €‰7RŽÚü< ÅB‹eÿÕàxÓê ±°S“ ß “G ÷*q ûÝ7`hwÐRÿÿ 7ý“2 mä>F
8+,zžTü Àl1-Ú!…>5ÞJ <Åÿ€9›ï „² ¹½
©H õ»ìM{I¢¯ðܵU` Ÿ§‹
.6 ¿Yr— – îÝ=m2Ì»tz ®¬B¬ËÂÂ‘Û Š N`uwÐRÿÿ ¬ Å…
îñ Ðý àp?±¶è2ìoÞmJáZ?Û„OÑ <Æÿ9œï „³ JÞ5>…!Ú-1lÀ üTžz,+8
F>äm _kUX^Aëæµg))Žâb±¢¦%®Øÿ<-‘x…“—²¹{wÐRÿÿ «Ú§‹ KœRR 6 /FCgÇeðoà{çß Ó8ˆ8 <Çÿ‚9ï „´ ÑO„Û?ZáJmÞoì2趱?pà ýÐ ñî
o”Þ˜Œk… Q É €†?Ò5¶¬«˜y[ R 2t‰ øÔ}wÐRÿÿ !R a3i“‚Ã$Õ`iö“
”©H±`íb Çf”It_ <Èÿƒ9žï „µ 8ˆ8Ó ßç{àoðeÇgCF/ 6 RRœK Fõèõ†.Äϯó³•ÅÑ<)뇮̹/Øà ˆÎ«±Ž›~wÐRÿÿ µ{
3 ~ü Ñ ô»)Œx´Atúé¨Ê [,!ûKõ
¬ <Éÿ„9Ÿï „¶ _tI”fÇ bí`±H©”
“öi`Õ$“i3a ¹û9£)@ÞÔˆhÝêˆ×›© à Є£½µO3åJ„wÐRÿÿ •§òù këqŽ•AüaAß÷5à k€àzº`Æ[H¤. <Êÿ…9 ï „• ¬
õKû!,[ ʨéútA´xŒ)»ô Ñ ü~ ¬B? zZJÓ
þ£Ù‚…8OÇ Ú‹±ëW²wƒ¯ÂS‰wÐRÿÿ ˆø P D Uz Cø- ŽRÀ êaÕíš•þ…ü wF, <Ëÿ†9¡ï „¸ Â.¤H[Æ`ºzà€k Ã5÷ßAaüA•Žqëk Òº
I .“ |ãÑÄLQP¤Ž Ä›¥3Ù^3:c¾=ÂèŒwÐRÿÿ “dÎ~ O
߬™äF; tä~º
‹D¿íHØžþë.,ÕE <Ìÿ‡9¢ï „¹ ,Fw ü…þ•šíÕaê ÀRŽ ¬øC zU D ¢Ì YPWcá§SJZÝ’xüí¸µ¢!¸
Ä”d9_°Ó£§wÐRÿÿ †©” ݬAhO©•þ`Ç eœ Í# „ãg´rõö
; <Íÿˆ9£ï „º EÕ,.ëþžØHí¿D‹
º~ät ;F䙬ß
O éÊ
“u ÚÒÛF x¡“¼Õñï ò è A€‰9º©wÐRÿÿ kçì #jé QóÄ $>~
®Sã †:Æ;#j•&¯í <Îÿ‰9¤ï „» ;
öõr´gã„ #Í œe Ç`þ•©OhA¬Ý åø–ŸæC/ «E÷¹¶ð‹Úè b2KÞ[…Œ‘:c ǪwÐRÿÿ tŒÿÿ {øC4|c#= eñrý¬€©f
WRíZà«mŽ <ÏÿŠ9¥ï „¼ í¯&•j#;Æ:† ãS®
~>$ ÄóQ éj# ð ó4öÙ¬:w 3!ܤŠdå!Þù •Yêtª:Å& ¯wÐRÿÿ ¬Nâv . ©VÏhs!ÿçË4
œ™ ¦p ¹UfEº|z <Ðÿ‹9¦ï „½ Žm«àZíRW
f©€¬ýrñe =#c|4Cø{ ú3bdaj
M,uеÄg:Qÿ&wi”@ÇQsª_™Þ-´wÐRÿÿ ä$²g
¬Þ»H]¢Ò¡©„Ó³ (ú¤KÊ• nÐ <ÑÿŒ9§ï „¾ z|ºEfU¹ p¦ ™œ
4Ëçÿ!shÏV© . Ï£&iJø¾ “³ÜÊÆÞzdž¶ Ô õ= i•SÊC†{¶wÐRÿÿ #–¿Û vŒJ @Û>ÊïÊE ¥j»ø«éÍÇ(ÙÕYK <Òÿ9¨ï „¿ Ðn •ÊK¤ú( ³Ó„©¡Ò¢]H»Þ¬
žcî¤Å ììØÉ*04‹mÜ@P–’)5ÔøV’Ìβ5½wÐRÿÿ ¹(‘ xû_ gÝÌo®ëuðçŸd,×¢%çXž¿¬Ñ¬ <ÓÿŽ9©ï „À KYÕÙ(ÇÍé«ø»j¥ EÊïÊ>Û@ JŒv NvEr õÃí8ñ oeMœ€ø¼Å’û„
ÁÈg³LŒœnÆwÐRÿÿ úäxï °¹+ãæ• zØ*’žG ât á2½ aV <Ôÿ9ªï „Á ¬Ñ-¿žXç%¢×,dŸçðuë®oÌÝg _ûx “îýã¥meŽÈBê’Q€ºbji²íaë tä
¤«Þ*öÈwÐRÿÿ /kìÓ m¡• <ÞUÜy(™ ”B‡Ïk×V‚ÓS ‰§½ <Õÿ9«ï „ Va ½2á tâ Gž’*Øz •æã+¹° ÄR™M{¤%Ë—Y•3#$’CŸÿœ´«`ø7à‹«Í &/ÛwÐRÿÿ &!’b # 8ÛÈ¡…Gî°
±,
ÀžNê€ø©´8 ƒ‚O <Öÿ‘9¬ï „à ½§‰ SÓ‚V×kχB” ™(yÜUÞ< •¡m ß•9ç!¥Ð¤OÓOëñsDé§ ‘ðÅa /õ‹‘ÈÓß=ÝwÐRÿÿ ã¢põ Y ÍS”CÀðB zÝúWÁ
¸ yC¦õ”lß <×ÿ’9¬ï „Ä O‚ƒ 8´©ø€êNžÀ
,±
°îG…¡ÈÛ8 # @C±³ì-è-
xšÑœ ÷è¢ UÝ~æ¬RZƒR׉E¬âwÐRÿÿ ±° B WI×ÊŸ?´«ý0ÿ¼™™Y¾A¸Œh’WüI è; <Øÿ“9®ï „Å ßl”õ¦Cy ¸
ÁWúÝz BðÀC”SÍ Y Aà
;ŒntvZ!cn®Jq.×›0÷ÜÆßzÚz½Ï»9º¯îwÐRÿÿ YjT g͸“ðÉÒ=Ï ÖžÍ¹ [íI‹ ™L ) <Ùÿ”9¯ï „Æ ;è IüW’hŒ¸A¾Y™™¼ÿ0ý«´?ŸÊ×IW 3ñ 1P§Õn #Ö¾Ö§¶* X RÏNÅB#ðŒ5õwÐRÿÿ O`£ åì3JkËœ²¿u <X¼*ƒ $äâðA
òÞr <Úÿ•9°ï „Ç ) L™ ‹Ií[ ¹ÍžÖ Ï=ÒÉð“¸Íg iøEàŸRÌÊô;›Ôß?¬Î?>Q¤p¡éjß r
É xÐRÿÿ
]jÈ
‹õѪ’¬–ÎñoÅØK pd u?,y’ º <Ûÿ–9±ï „È rÞò
Aðâä$ ƒ*¼X< u¿²œËkJ3ìå k>
ûéÄ¡Ÿl ¬púá¶[„»ê¤à¬Øv(R¢´IÊ
xÐRÿÿ æoá„ >æ*œÅÓÅuZ‘n¦ÍþéîÅIÉ‘#¹‚ <Üÿ—9²ï „É º ‘y,?u dp KØÅoñΖ¬’ªÑõ‹
(wUœî DVY˜òS4 qˆ}N¡
(œh ^ tj xÐRÿÿ vh O ;IØîW…À ïmjlq|bMÈÅêj1͇ <Ýÿ˜9³ï „Ê ‚¹#‘ÉIÅîéþͦn‘ÂZuÅÓÅœ*æ> ®£>ºŒêº %ìyz~L -PtwX§Z#`²®$P%ðƒ xÐRÿÿ ¨&Y aUØ‹-kÊì⛠겫>Úz’ W ²ˆ@1Å <Þÿ™9´ï „Ë ‡Í1jêÅÈMb|qljmï ÂÀ…WîØI; ½¢C%ÆǵsGhS7æÕøµ¶÷”Š•¶Í,T;¥VOigj xÐRÿÿ o8Âi f˜¹ƒJUöÂO¦ˆC úàÉh 1X«Ã?,÷ <ßÿš9µï „Ì Å1@ˆ² W ‘zÚ>«²ê ›âìÊk-‹ØUa 3ï ] Û>²š ëç¥7׵˜Û:ÂN£vsYLÉÆ“Š¥ xÐRÿÿ 2
N4švµÛƒq ºÇKŠÇ«èÓ®œ•’Q’¡a` <àÿ›9¶ï „Í ÷,?ëX1 hÉàú Cˆ¦OÂöUJƒ¹˜f ™Ñ
݃ñƒ ‡$:p×b•wÆÕe‚{=¨Åö ³ ?¢a<xÐRÿÿ owŽ„ *6©ðtéêQ¿B jú“F@h³f¶XA¯%
è <áÿœ9•ï „Î `a¡’Q’•œ®Óè«ÇŠKǺ qƒÛµvš4N þ2 ÀÇêÛVÿ! (A ‚ NþäŒ Ê Q¯õÊ ø iBxÐRÿÿ ञ qØÛÂ3c¿ ôUU²^¿Ut™ +? žx_j <âÿ9¸ï „Ï è
%¯AX¶f³h@F“új B¿Qêétð©6* jP®ÝÈ JµâùIo¯$ ûp_
¾Ñȱ³Û “ 1ºeWxÐRÿÿ ¥íÿª Dx}3¬à
«]Í µ+°p½Çö ™J@Ñ— <ãÿž9¹ï „Ð j_xž ?+ ™tU¿^²UUô ¿c3ÂÛØq Y§¢tRLc× âΉ
W&¤‹.ô5•E®•²
Wg•!ê[xÐRÿÿ DG
Gkꯚ ï üÅœ~•@!4ú`,G¼ûÿ
y <äÿŸ9ºï „Ñ —Ñ@J™ Âöǽp°+µ Í]«
à¬3}xD WÐ
ñ! Wòfkñs1 c‡&YyÈ—Ïi ~ R
ZJÅ_xÐRÿÿ æša… Ø•a$åê §ulvÏÞn¡x3″‰>™à´ <åÿ 9»ï „Ò y
ÿû¼G,`ú4!@•~œÅü ï š¯êkG
YKý z ]êAJ ›¡ n:³
ìS e£åN˜dxÐRÿÿ ‘Úq_ 2¨#€’ 8cá&b#n•˜÷¬Ô+ áöØf &W <æÿ¡9¼ï „Ó ´à™>‰”3x¡nÞÏvlu§ êå$a•Ø 3k@ìUÒ ž~À- î9æG x篡~´¸O¶ wCðú¶kxÐRÿÿ
º HüÒW4 ) Ì*Ùç«ìȵvÏ 4′”2vŽ <çÿ¢9½ï „Ô W& fØöá +Ô¬÷˜•n#b&ác8 ‘€#¨2 sí@äÂñ‹ ÀQ ‚¯Äè Œ QC <I8 eÔ^C—j³xÐRÿÿ Ŭ¬¨ /) ›* =£ž
h W{uê¯ ƒÊ:L_šö <èÿ£9¾ï „Õ Žv2″‘4 ÏvµÈì«çÙ*Ì ) 4WÒüH ™ •IŒŸ
cÉžhì¹Ð î‘]Á/1¦ øô×oÙ9ò„xÐRÿÿ &.›) D,ÖÔïµI*q´¡
Oq®}ñ _» F e& <éÿ¤9¿ï „Ö öš_L:ʃ ¯êu{W h
ž£= *› )/ öIBÖˆ™¬À®FËýÁL0G$‰¼ NT …º ’>e
œxÐRÿÿ o³Ç6 i ‘lÓŸ ²Ú
Ä(¢þ h†1 Å
„F¾½ <êÿ¥9Àï „× &e F »_ ñ}®qO
¡´q*IµïÔÖ,D ØûO¢lEñ8«ÉÄdû_‡ ‘ÎCŠ ‘_HÔ„Ô‡|¨<¢xÐRÿÿ wî×Ô ?ªÚO5%•Õ*½[R’ØctJ…… ÂCCç(ø´ <ëÿ¦9Áï „Ø ½¾F„
Å 1†h þ¢(Ä
Ú² ŸÓl‘ i ÍöG Àµ´œ &N üΫXè@8l¦V“kN îŽp‹¨xÐRÿÿ öÂa OÝXU¥ è ‘LÈ7鹇 Wù¢ rÞ»‰þ? <ìÿ§9Âï „Ù ´ø(çCC ……JtcØ’R[½*Õ•%5OÚª? yŒ½_ç b¢úý=%´À ëR²ÛrŽ}
é iA&ÿ¡›A±xÐRÿÿ cqlÐ w ‘ º†âÁÖ‰þþ}Daáx§ —§„L÷ÑÇ <íÿ¨9Ãï „Ú ?þ‰»Þr ¢ùW ‡¹é7ÈL’ è ¥UXÝO 6¤ªå” ¨pu‚: ‰æ1ðÁEXÍ iÒsT qÄ´&Q´xÐRÿÿ S2!D V”6¶¶R¬týÊE©„t vîUò
@äŠÔ <îÿ©9Äï „Û ÇÑ÷L„§— §xáaD}þþ‰ÖÁ↺ ‘ w YÁÍjl“Õà sÊ „6è ¸Ê> ÙE¤Dªhm@û[ •xÐRÿÿ k 3
¾S
×)Ô„1½ƒgùÂ
ÿ _ù ñ Æþ <ïÿª9Åï „Ü ÔŠä@
òUîv t„©EÊýt¬R¶¶6″V ßYùX| ï«aœyŽ7BÝ~€•í}ÊLÊÆâøõ§¶ÑxÐRÿÿ µ[a
p†Ãiªæ+)@/—/b Êçõ’ ãKKbô3¬ <ðÿ«9Æï „Ý þÆ ñ ù_ ÿ
Âùgƒ½1„Ô)×
S¾
g ùöÙ×;°òGÕ3P¿çïˆ ]ÇñtjÍë ,ԗߟêxÐRÿÿ ¤ ncU¨oK4õÿ¨%ãÇóø•ùHtç~ÕgÊ”ø <ñÿ¬9Çï „Þ -3ôbKKã ’õçÊ b/—/@)+æªiÆp º÷Ç Ãw@FŠCi²þN§* KPe
F)^ ´‘ŒÐÌ yÐRÿÿ ˆÁáj ]õ[àmaâ¹–ÞY8c ¼UÜi€ÓjÜÁ‰ð¸ <òÿ¬9Èï „ß ø”ÊgÕ~çtHù•øóÇã%¨ÿõ4Ko¨Ucn )-âûê êGm êèãÁ ‹káy®d¾PÇj<Ô- 1 <yÐRÿÿ pLE o›9Ú0¢ÛûÂ0Ží³3µ²»FŠdàc1í4ùt <óÿ®9Éï „à ¸ð‰ÁÜjÓ€iÜU¼ c8YÞ–¹âamà[õ] èÜù ÛQ†ÑÒyú jÂÄp;•Lš}kž¨§
*ÍÁhÌ yÐRÿÿ NÆe >úXQ eÀvŸEÏ?iP-]çŸ6£°ž(• <ôÿ¯9Êï „á tù4í1càdŠF»²µ3³íŽ0ÂûÛ¢0Ú9›o A ,”3$E§zµWtw‹¢+¡ Y`þã… 0 PP8É yÐRÿÿ ÇàËâ w tm„<î—˜› ¯çëÌ”À¼»^ÑêU%c® <õÿ°9Ëï „â •(ž°£6Ÿç]-Pi?ÏEŸvÀe QXú> ‡×Ý
ü˜a ŠÞ.ÖP6ËYCñª
¦ Ðc7Û†› yÐRÿÿ [U l¾Of+Ý æÉ Ê ÃE#îÔÁô{! €c <öÿ±9Ìï „ã ®c%UêÑ^»¼À”Ìëç¯ ›˜—î<„mt w KËöà’
f-o Bû3R¸¬ “ð/l¼Éøë UÿºS yÐRÿÿ S ê eüÚzß ëzz%Ód—¼µñ3@M Tš• <÷ÿ²9Íï „ä c€ !{ôÁÔî#EÃ Ê Éæ Ý+fO¾l Šò9 H½zÉ!=ŸM=
礒õi©¬—sIßN›¤m g+yÐRÿÿ uÎÊ{ mÕ¢Åe¾8×p¤ÒÌ®ŠBJ/èNÄ ôŽ
<øÿ³9Îï „å •šT M@3ñµ¼—dÓ%zzë ßzÚüe •–õÐ=âL|KÆàÊŒ]Ý >¬è¥,* —¡aŽTðw1yÐRÿÿ ÀÜö N ±çäÓ ÜÔ¬ ÙR©ÁÎx•[¾Wê <ùÿ´9Ïï „æ
Žô ÄNè/JBŠ®ÌÒ¤p×8¾eÅ¢Õm ½¿Rï7ÿ|©y(dC@ ù=ºýßÝ¢ ÂVO5m±Ñ iÉ7yÐRÿÿ Øgñ¤ Yð•ŽúÒ3
rŽÁr¼®
È< ~Å^ŵªš <úÿµ9Ðï „ç êW¾[•xÎÁ©RÙ ¬ÔÜ Óäç± N Žxî¨ q´ù©°óØÂ*w Rð`Lj2ŽÞ°ç1ÑõñÖ?yÐRÿÿ i Ù½ ,A
¬ ÉÛy{úãû¥¥GBÞq[z¾nŠ¬—( <ûÿ¶9Ñï „è šªµÅ^Å~ <È
®¼rÁŽr
3ÒúŽ•ðY Åĺ$
’ R ÄZšÔÖþœ1ùc.‡w ›ê Ä«>mHyÐRÿÿ á ½¼ ` ]`á “&cIŽ‚6^ S¡Ø
a y»= <üÿ•9Òï „é (—¬Šn¾z[qÞBG¥¥ûãú{yÛÉ ¬
A, ×a‹åœ6]t¢Ó_É¥ Ž ( ›à ;¯Û°(* 1oNyÐRÿÿ fØ•C W
7îÊÖLW|Î !ïuÄì¾ —æaTƒÅ/¬ <ýÿ¸9Óï „ê =»y a
Ø¡S ^6‚½ÅIc&” á`] ` ä´¬ä†Õ±š x> zWoÍíkkqî’,JE
C3ØSyÐRÿÿ ࢜N
ÖgxÛ4¸†/
O+›
HY£ û) À/Wf <þÿ¹9Ôï „ë ¬/ŃTaæ— ¾ìÄuï! Î|WLÖÊî7
W ÜMƒÐÌ•d׺¿‰p“ á™ y
¶þ¢«KÚ“ .¬]¸_yÐRÿÿ 6ȬG o{ <¾Ñ´“ëݸä??ƒ‹HCþ«ó¡®½ <ÿÿº9Õï „ì fW/À )û £YH
›+O
/†¸4ÛxgÖ
ˆš-xý¡Æ2
ßâƒXOy×Câc™m°$9ÎFRÆ4DdyÐRÿÿ òRpš _Æ¢6JÌxDh² ¼ö,=ΊX—†áèAL¶å = ÿ»9Öï „í ½®¡ó«þCH‹ƒ??ä¸Ý듴Ѿ< {o àJýáïÇ8T²¨}›Pv5íÕ¨ø¦H§“¤¨;(`¿ÏïgyÐRÿÿ
²À” # š!Ò¢OéµJCL¢Ó ïc•²¬»Ý÷´é = ÿ¼9×ï „î å¶LAèᆗXŠÎ=,ö¼ ²hDxÌJ6¢Æ_ pH¥k”ñmrÔÉ,Ìû ž0Øh ÃwðŒl¢©ÖÙ^myÐRÿÿ M”Í• Å -˜e5 YÂÂó.æûùÇì wÂÔÚý = ÿ½9Øï „ï é´÷Ý»¬²•cï Ó¢LCJµéO¢Ò!š # dm Š±%
Ò ]ï ÞÄo³
~ µ,±úËœ:ÈtyÐRÿÿ 0Œáæ fg ¶Z‡;¹§ m‘
Íæ! TjÈ13U = ÿ¾9Ùï „ð ýÚÔÂw ìÇùûæ.óÂÂY 5e˜- Å 1wÇhV̙̽ó”G “}’zs½-›Á7æèòD÷’ºzwyÐRÿÿ A›
½ 7²®aÛ³è¹ã,Ð`Â)˲!îŠ6ÛGJÍE = ÿ¿9Úï „ñ U31ÈjT !æÍ
‘m §¹;‡Z¶ gf B¦µ‹O¯w R¡
J …Û˜5«îÏuÅXé´X @Ú {yÐRÿÿ Txž Y²` qonqLâÐTù GsÌz &Óþ!µA:ù = ÿÀ9Ûï „ò EÍJGÛ6Šî!²Ë)Â`Ð,ã¹è³Ûa®²7 xqX2ó3#@´>¼ð¼ÚÉœK ®ˆ—ù²Väâo™³íR—yÐRÿÿ x“óy AÂÚ‚Þ6_}
ÑB®8m™û¡KgÓn’„ 3 = ÿÁ9Üï „ó ù:Aµ!þÓ& zÌsG ùTÐâLqnoq `²Y ÝÉ Ï;S‡¬
ð-æP<
NÇx{tc’ÎùDãÚ] ›yÐRÿÿ %ËUš t¹pn°3 ¡GÊœ¨ÞóŽ)E²Ö×ò… âr¶ =ÿÂ9Ýï „ô 3 „’nÓgK¡û™m8®BÑ
}_6Þ‚ÚÂA #Ð ‹tК¡BšGT{kdY²©c‘,’Ÿ1a
ùMŸyÐRÿÿ c h½ qKì-
FÓƶ¬%Ð1š= ÄÌy0eÉ = ÿÃ9Þï „õ ¶râ …ò×Ö²E)ŽóÞ¨œÊG¡ 3°np¹t O2/ 9GÞw唤ΠR•¬ j ûîR
åÜÞe’, ¯¡«yÐRÿÿ G-Îö Ed îy
e™” ÎÙA%쟕¦Ìz Ù)» = ÿÄ9ßï „ö Ée0yÌÄ =š1Ð%¬¶ÆÓF
-ìKq NÍ4•YVÞ t½¦‚öO yà ’ —êæ= fUÒz’P}¸yÐRÿÿ )|÷º oöªoÛ0øÕR
/¶Ãù wv¿K¯a-΃â =
ÿÅ9àï „÷ »)Ù z̦•Ÿì%AÙÎ ”™e
yî dE ú 5$P”MýJ^(™‘1ŽBÙKº÷ ÃgNv @Ž ÚÄÀyÐRÿÿ Î Ñ` i¿šž:¥3KƒŠf&AýËeíÉwÖÕ¥×(æì– =
ÿÆ9áï „ø âƒÎ-a¯K¿vw ùö/
RÕø0Ûoªöo ì!»ÜÁ¢?|¯Y k¶oTš#
çùﶤ æ# ߊ¦ËyÐRÿÿ ˜ìIÐ h¤^‰›9 ÖúP†× ΓE E7è
N°–½?ë =
ÿÇ9âï „ù –ìæ(×¥ÕÖwÉíeËýA&fŠƒK3¥:žš¿i ~ñ^
™þÊôt5 /2†õmè„£}Å-p xï x«•ÑyÐRÿÿ äHIÎ .© ¶T ¾‰f(Nj ñdÅÐtKî®]cü =
ÿÈ9ãï „ú ë?½–°N
è7E E“Π׆PúÖ 9›‰^¤h ¯iz•[ jhAÌÏЎͬW è” ú÷Â#¸x ÁáÄÖyÐRÿÿ = P ¾
Žœ1š_Ï + &(5ô£ î{þà“ =
ÿÉ9äï „û üc]®îKtÐÅdñ jN(f‰¾ T¶ ©. ú›2¿Úì ì=Ä ün€”5ߌƒÌ
h ÿZ9`’ ÛyÐRÿÿ ä0 J F Éy kß
[º ™¼„v.= P`;Yaˆ]e½ = ÿÊ9åï „ü “àþ{î £ô5(& + Ï_š1œŽ
¾ ttHNÐw³dÔ´LäÃt_c‹kŠ8ÞýÏÄŽ9¼ pàyÐRÿÿ Uªì F¡õÊß ç¯|4ÚÌúè2Ö—
ØkAš{´K = ÿË9æï „ý ½e]ˆaY;`P =.v„¼™ º[
ßk yÉ F !ʤ@Y° ¬`: ŠÔŠSÊh¡]EuP clŠJý¯¼jíyÐRÿÿ Γ4 ÐôÈ
¶+
¯Vºg¦½ªƒûäˬaÊëfIŽ = ÿÌ9çï „þ K´{šAkØ
—Ö2èúÌÚ4|¯ç ßÊõ¡F äÃþ§ýn-è Ý» !Þù#žV4¾ÎV? €)à‡¸ ‰¬ûyÐRÿÿ É¡ ŒÕŸ søb‹uc³°®U yÌ ø ½Ÿ = ÿÍ9èï „ÿ ŽIfëÊa¬Ëäûƒª½¦gºV¯
+¶
ÈôР씄 ×?v:Ì&ˆ0¬:$[°z `ºåëm¬Þcifÿ¾-
zÐRÿÿ c<
¥ a•Ý¥M4¸JÏúfµ[œãðëÔ¹“ Çù, nÅ = ÿÎ9éï … Ÿ½ ø Ìy U®°³cu‹bøs ŸÕŒ I—*¿§Pj„¥Š7’k¬´¦Š…C3¨,p ¬Vxv-@ zÐRÿÿ t
}2& òˆâOI|:B4¯úìA ÚAÍz³™o Ó = ÿÏ9êï … Ån ,ùÇ “¹Ôëðãœ[µfúÏJ¸4M¥Ý•a ¦l œ½ÏÃÝIGÙ óBÔTv¤ø¼{N»Ž*à 2#ˆÑ§ zÐRÿÿ Ñ VÍ @°R{‹²(”XPu6‹ u“±~{j›?šu„æÚ = ÿÐ9ëï … Ó o™³zÍAÚ Aìú¯4B:|IOâˆò &2} óöÛ¦<#{ {x øóC]’ ˆ,5″ªp9ö9’K1’cÔ zÐRÿÿ . <+ 8 ó]
.¥Ð[/ۚ߉ž²‚{ãfâ¢2̆UÇ = ÿÑ9ìï … Úæ„uš?›j{~±“u ‹6uPX”(²‹{R°@ ÎØ’üÕ²k‡Õ#)x¢•Hó ² W@t’* ©P^ zÐRÿÿ “±” “Ìùû~
ä˜i/’=¿½
Öguóæ—¡•+üÂw = ÿÒ9íï … ÇU†Ì2¢âfã{‚²ž‰ßšÛ/[Ð¥.
]ó 8
”¤ Ù(“Ô˜—í ª%MÆý
£âRÞ“µ¹ºF ©#zÐRÿÿ Œû> 2rø˜g•6¼í ÿåFô¸‹}Їɾ ÏÔ© = ÿÓ9îï … wÂü+•¡—æóugÖ
½¿=’/i˜ä
~ûùÌ” ›™“±uîòóµé’;‘9∠à„pÕ®¡Çå4 ¤~(zÐRÿÿ ä “M{
”ýïÖMšJ=Žëº3ÜË ? ¸’Ò• = ÿÔ9ïï … ©ÔÏ ¾É‡Ð}‹¸ôFåÿ í¼6•g˜ør2 0
~Ë6æÜ¡½
0ƒ ÉQ Ö²
)Oç¤Wy•¨÷m¿l,zÐRÿÿ Ä RoãÒ
̨ }¡‘2”þ £
¦Jz)I
C4 = ÿÕ9ðï … •Ò’¸ ? ËÜ3ºëŽ=JšMÖïý”
{M“ °Óôëþ2”(çUÖƒ…
HÂØ í:“}ú6 è‡ ‡0zÐRÿÿ òF8O
rÝNZ¬òY‚>¹ IÚ” % ðÅ?šæ°U“ = ÿÖ9ñï … 4C
I)zJ¦
£ þ”2‘¡} ¨Ì
ÒãoR ˜èÐ6Í :á =’&ÊÑÃØb$0¡¯!#M‘óHÕá 1zÐRÿÿ 6Í ó Uþ7Ƥh£gફ¢za æh][:ÆwLÝ°¥ = ÿ×9òï … “U°æš?Åð % ”ÚI ¹>‚Yò¬ZNÝr
áU¦mÉ
âÍenjµ¯<Ô 1U úo1Ê9P(Ng^ òl7zÐRÿÿ G®üN dšOåbDß 8’ I‘ ¨î¾`¶çž2 è
= ÿØ9óï …
¥°ÝLwÆ:[]hæ az¢«ªàg£h¤Æ7þU d4¬N ˶C eœ ÉÚ.ú„ 0mLåÝ6ur†ˆ˜ã=zÐRÿÿ G–¬” ]$ƒkáRCº•þ¸ o ‘¯
>èøóŒe¢P = ÿÙ9ôï …
è 2žç¶`¾î¨ ‘I ’8 ßDbåOšd ±Þ^àùC°ß ÍÑÌ¥¬„¶ ‚‰‘¹øQ 6B puåQRzÐRÿÿ 8tuæ Zö©LÔâB’$cÂ÷{;q_¢XŽše*kÇQo =¬ÿÚ9õï …
P¢eŒóøè>
¯’ o ¸þ•ºCRákƒ$] Àð_áÿ>U™áO l˜:Á ¸C²`,sÿ”@hD ²8XzÐRÿÿ ,T‡Ž
é *žŠ¬ ™MPR‘tQÀj¢»R¡K׫ = ÿÛ9öï …
oQÇk*ešŽX¢_q;{÷Âc$’BâÔL©öZ tÛÈÝâÂœ ´k!Δ])F¼ôãŠ{
ý3]rþj~uDÂYzÐRÿÿ aûvó mX ð årfÆó^xý &n™ÂÔH+lˆ¾ƒ =!ÿÜ9÷ï …
«×K¡R»¢jÀQt‘RPM™ ¬Šž* é
E_½ÅÌé IÌ»L÷œ ¿Ñ’ €æ) •ƒFn
ÚÉ»fzÐRÿÿ Z ~J _Ôõ8A7Ö Ú‰•™¤|6ÏüCðâ õíÏÛŠ =”ÿÝ9øï … ƒ¾ˆl+HÔ™n& ýx^óÆfrå ð Xm
<»í¿q¹M<{% £R èI {d)£g q ” `˜ÖhzÐRÿÿ aŽUÑ J ž*E4É+¤(J3鋬 @3 gníX ”Ü =#ÿÞ9ùï … ŠÛÏíõ âðCüÏ6|¤™•‰Ú Ö7A8õÔ_ # z ÇÂ¥#¼ÖdîÉJ Ÿöüo •Q ¬¥¾ ÞuzÐRÿÿ ”…R« 7„X”ïLYªg 7¨yGÿÈL.ë å*Ôj =$ÿß9úï … Ü” Xíng 3@ ¬‹é3J(¤+É4E*ž J U K°ì.ö0ŪØ(É_%Ž‹Ç/þ€~ùý&¸µaëzÐRÿÿ ásò` TÇÕ]?yr›½ÿX
ðsMò[? öÚ¿íàæŸ =%ÿà9ûï … jÔ*å ë.LÈÿGy¨7 gªYLï”X„7 8Œˆç’ ºŸ½‡[+{xÎÍÐ Wð ™—-« ª ã2æŒzÐRÿÿ —c;² 4œ öxSgXßxN¿‡ WZæÔ
—a; ¯ =&ÿá9üï … Ÿæàí¿Úö ?[òMsð
Xÿ½›ry?]ÕÇT
¥æˆ»Rˆ´ ¿‡9bñ > =Žb˜Œ’‰‚aõYQŒDÜzÐRÿÿ -d å =®¦ßk³ ê 2þ>Y¡-r^×ñ ”@¡&ùú =’ÿâ9ýï … ¯ ;a—
ÔæZW ‡¿NxßXgSxö œ4 ¢
Uvõõ2ê€CŠ ‘7ÕG .Æ>$¯.
öGO•zÐRÿÿ WG7Ì i|}á ‚%Œ oG!¦µÌ¼“ ]À/Éþ 7A =(ÿã9þï … úù&¡@” ñ×^r-¡Y>þ2 ê ³kߦ®= HŠãŽ( jøðÄm Ç ¹ ô§?t =:3º_ßü^¯ž—zÐRÿÿ ƒ¬Sz Vœi Õ X ¬ÕŽ{ ª,`°ŒëÑ SUžžð¬ =)ÿä9ÿï … A7 þÉ/À] “¼Ìµ¦!Go Œ%‚ á}|i Õ–{ 5>£fTvJ”–²ŒµÑˆ`ÚôWy#ŽVVd O˜zÐRÿÿ ¢-%û ^h¬ú ªœntPÇÉx>g{T̈L¦îEÖ² =*ÿå: ï … -ðžžUS Ñ댰`,ª {ŽÕ¬ X Õ iœV â5Ý {•»«bˆ’.Ê ªç«0Ï<v¸ T]ý½}†%6ŸzÐRÿÿ fÁ—” S¼
éÃå‰UË›d“ˆÿb GOï hŸ„ € ` =+ÿæ: ï … ²ÖEî¦LˆÌT{g>xÉÇPtnœª ú¬h^ P‰²µµªl”P©V¾KßÜÀ Np”WU8o Ò,6XF6³zÐRÿÿ Ñ C ¬ +X*ÕßÏÛ Á Óv¬Ø*È5´F-kLv =,ÿç: ï … ` € „Ÿh ïOG bÿˆ“d›ËU‰åÃé
¼S †™Þ/Ë
(놕 â÷|þ&I‘?ñ¹Z |F§y©
s¼zÐRÿÿ ‚™Ÿò CÈê¡ G~qlx ù€W”1e_wŒ é8Pº =-ÿè: ï … vLk¬F´5È*جvÓ Á ÛÏßÕ*X+ ¬ Ϩü½ •ß¦S`s‡= ï;ÓÈœ vÇÍslAØ7 Ž ÂzÐRÿÿ Q Ç
NµËÉl‘“©vÈ ü ?%
=Œ b• q×/` =.ÿé: ï … ºP8é Œw_e1″W€ù xlq~G ¡êÈC áû ø e‹»& ø:(tÿ*
‡ps7*`“wd.5ÄzÐRÿÿ æp, s cVò$Ý ÙqÖ‹Æ3 þ ÇÖ ´ ü =/ÿê: ï … `/×q •b Œ=
%? ü Èv©“‘lÉ˵N ËåŠîxY)&ÿ*<‘ õÏ §C8ÀÖ Ð£Y„9÷> ÎzÐRÿÿ
A L )´m÷`p;¥ué¡~+«ûŠN,¬Bw“¶
¾ =0ÿë: ï … ü ´ ÖÇ þ 3Æ‹ÖqÙ Ý$òVc s , I¾!’ë˜
¿ ¦_[ÝæjA™‡Ä¢ÊPåLr: ã¶ØzÐRÿÿ ÌwºÐ ¬ )iãÊÄ
N@K¬…äþ¶Þ¸> Hø»åѳf =1ÿì:ï … ¾
¶“wB¬,NŠû«+~¡éu¥;p`÷m´) LõZ¢W®×Pnô„xBÉ€œöÖym…ºg …ï’øØ}
ßzÐRÿÿ g»”³
¤Ã,¥Ü6[Y6Nã¹OÚŽ%͸ ê>šÀ =2ÿí: ï …- f³Ñå»øH >¸Þ¶þä…¬K@N<br< a=””> />ÄÊãi) ¬ ¬Ä°
kC¬î ±Ûq°Ž´š]7U¥¿± üôR^å § åzÐRÿÿ
Òå× ^€U>¬16~§ÝR¯ÑO
A> Ô9sÇ4v2Ú =3ÿî: ï … Àš>ê ¸Í%ŽÚO¹ãN6Y[6Ü¥,ä
îHzç¬iNÍê`ƒ*ò¢V²…„1‹Feå–¿§ ”
ú’/èzÐRÿÿ R¢ 9n
Ò@ž²@$ Àb$ ÙÀ ›¥-E =4ÿï:
ï …! Ú2v4Çs9Ô >A
OѯRݧ~61¬>U€^ #O¬2•ÖsF5é ÚJ…YÍ›´@žV{mª ³ f5å ízÐRÿÿ –Z{ì &¹©N}.»èN<žýÇåSýý=‰@b“ ý¬ =5ÿð:
ï …” E-¥› ÀÙ Â$bÀ $@²ž@Ò
n9 ž²STAô¬ûÁT„üY ˆF
`Ã9 ¶¨¬N*Ýø
ïzÐRÿÿ ‘]2¹ zJe½ñô©Tü
¬øæïI ”[êýK@Bê_p =6ÿñ:
ï …# ¬ý “b@‰=ýýSåÇýž<Nè».}N©¹& Õ3³ .‹{ D™39<ôQ9•‡€ ªlaPé•A ”9ëôzÐRÿÿ 7Æ>0 :¾_ “2¥¬ì}wy•z ] þå43 NÈà =7ÿò:
ï …$
via Zero Hedge http://ift.tt/1fIqDBL Reggie Middleton
Let’s start with Europe.
It’s now clear that the spate of positive economic data coming out of Europe prior to the German Federal Election in September 2013 was just political gaming to get Angela Merkel back into office.
The reasoning here is obvious: Merkel has walked a tightrope act between appearing to play “hardball” with bankrupt EU nations while effectively writing every check needed to keep the EU project together.
Consider that the alternative to Merkel was a completely anti-Euro party that wanted Germany out of the Euro, it’s fairly obvious who EU-leaders would be supporting during this election.
Germany's exceptionalism is obvious. Whereas electorates across the European Union have punished their governments for the Great Recession and the euro crisis, Germans re-elected Chancellor Angela Merkel and displayed strong support for her party, the Christian Democratic Union (CDU), in the recent election…
Elsewhere, populist anti-European parties of the right have been gaining ground with campaigns directed against immigrants and minorities, especially Muslims…. Germany, by contrast, has no anti-European party with any serious support. Even the newly formed Alternative for Germany – which did unexpectedly well in the recent election, finishing just short of the 5% threshold needed to enter the Bundestag – insists that its anti-euro agenda is not anti-Europe. They want to end the common currency, because, in their view, it is undermining the European ideal.
Against this background, Germany's neighbours have been showing their love – or at least admiration. At the end of 2011, Polish Foreign Minister Rados?aw Sikorski called upon Germany to take a stronger leadership role in Europe..
Likewise, as France slides into a governance crisis and its leaders' credibility rapidly erodes, the leading French intellectual Alain Minc has published Vive l'Allemagne (“Long live Germany”), in which he argues that Germany is Europe's healthiest and most democratic country.
In Italy, the bourgeoisie of Milan and Rome have made a point of spending winter days dressed in characteristically German Loden overcoats.
Even in the habitually Eurosceptical United Kingdom, Prime Minister David Cameron has sought to boost his international credibility by highlighting his close ties with Merkel, rather than by emphasising the UK's ‘special relationship' with the United States.
Merkel’s Germany is effectively the glue holding the whole EU mess together. And it is not surprising that those EU-political leaders (PMs in Spain, Greece, Portugal, etc) in danger of being ousted by anti-Euro parties in their home countries are exceedingly “pro-Merkel.” No Merkel= no Euro = no more political career for most of this crowd.
Note in the below article how the improvement in unemployment for August was revised down after Germany’s elections.
The unemployment rate across the 17-country eurozone hit a record 12.2 percent in September, with about 19.5 million people classed as jobless by EU data agency Eurostat.
Thursday's figures showed the August rate had been revised up from 12.0 percent to 12.2 percent…
Analysts said the "revising away" in August of previous falls dented hopes of the labour market having bottomed out.
Economic data can be and is commonly used as a political tool. The EU is just the latest example of this. Indeed, if we look at the market, we’re getting clear signals that the next round of the EU crisis is beckoning. Indeed, the EU just announced record unemployment. And the biggest issue remains youth unemployment, which remains north of 50% for most of the southern periphery.
The market, which can be gamed for political purposes in the short-term, has a way of predicting turning points. And with that in mind, I want to note that the markets are indicating that the next round of the crisis is here.
For a free report on how to prepare for it… swing by…
Best Regards
Phoenix Capital Research
via Zero Hedge http://ift.tt/1ke1ZMX Phoenix Capital Research