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  1. #301
    Thailand Expat OhOh's Avatar
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    As G7 Quietly Shelves Russian Oil Price Cap Idea, Biden Will Beg Mideast Allies To Pump More

    by Tyler Durden

    Thursday, Jun 30, 2022 - 11:45 PM

    "To be honest we haven't spent much time discussing the timesink idiocy of the Biden/G7 "Russian oil price cap" idea because well, it is idiotic as Rabobank explained...

    The ‘oil cap’ is simple in theory:

    The G7 will refuse to provide insurance to any vessel that carries Russian oil unless the cargo is sold with an agreed price cap.

    Yet it won’t work and will just push oil prices higher.

    Russia will never agree. China and India will never agree either. Russia and China may offer their own underwriting services, which would force the West into physically blocking cargoes and confronting China - as a Russian-oil carrying ship is stopped in the US, says the Wall Street Journal.

    Plus, the G7 are already not taking Russian oil: they are taking Russian oil from India and China that is being on-sold.


    ... and it appears that finally even the dumbest people on earth, i.e. career politicians and economists, [and some TD members] have figured it out.


    Reuters reports that according to EU officials, the biggest price cap proponents - the governments of Germany and other European Union countries - voiced "caution" in a closed-door meeting about price caps on Russian oil, a day after the Group of Seven economic powers agreed to urgently start work on the matter,

    Here is the truncated timeline for those who missed it:

    On Tuesday G7 leaders agreed to explore “the feasibility of introducing temporary import price caps” on Russian fossil fuel, including oil, and tasked ministers to evaluate the proposal urgently.


    But just one day later, Germany’s envoy to the EU told his counterparts in a restricted meeting that the world should be “realistic” about the proposal, which he said was added to the G7 statement after “intense pressure” from Washington, according to one official who attended the meeting.

    And then, the envoy also said an agreement on whether to apply caps was not expected to come anytime soon... or any time for that matter as it is impossible.

    Then there are the holdouts: Hungary and Belgium also raised concerns at the meeting about the G7 statement on sanctions, the official said, with Hungary explicitly backing Berlin’s caution on oil price caps. A second EU official familiar with the talks confirmed that Germany and others had expressed wariness about oil price caps.

    A German government official said on Thursday that “success of this plan depends on international cooperation", which is precisely what we said.

    Of course, neither China nor India will ever agree to cooperate with the G7 if it means losing out on access to extremely cheap oil (the alternative is Russia just halting exports and sending the price of oil to $200+).


    Stefano Sannino, secretary general of the EU’s diplomatic service said on Thursday that a price cap would only be effective if universally applied, and so agreement would be needed across the G20 countries, not just the G7.

    “You need to be sure you do not have distortion of trade and then the only thing that is happening is that essentially oil goes to other places with other carriers and insured by other companies - and so the price remains the same,


    Sannino told an EU-UK Forum conference"


    Continues at:

    As G7 Quietly Shelves Russian Oil Price Cap Idea, Biden Will Beg Mideast Allies To Pump More | ZeroHedge

    More NaGastan "promises" failing to deliver.

    More heavy rain due in Trat province today.
    Last edited by OhOh; 01-07-2022 at 01:35 PM.
    A tray full of GOLD is not worth a moment in time.

  2. #302
    Thailand Expat OhOh's Avatar
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    Welcome To The Recession: Atlanta Fed Slashes Q2 GDP To -1%, Pushing First Half Into Contraction

    by Tyler Durden

    Thursday, Jun 30, 2022 - 11:08 PM

    "A day after Fed Chair Powell crowed once again how the US economy was strong enough to cope with his hawkish rate-hike cycle (and President Biden told the world this morning that the US economy is the strongest in the world), the Atlanta Fed just stole the jam out of everyone's donut by confirming the recession has started.

    If you were curious why bond yields are plunging and rate-hike expectations are falling, then here's your answer, courtesy of the Atlanta Fed, which just confirmed the economy is in technical recession.

    The continued erosion in economic data has prompted The Atlanta Fed to slash its forecast for Q2 GDP growth from 0.0% to -1.0%+0.9% to 0.0%, meaning the US is now right on the verge of a technical recession (after Q1's confirmed 1.6% contraction yesterday).

    According to the Atlanta Fed's
    GDPNow model estimate for real GDP, growth in the second quarter of 2022 has been cut to a contractionary -1.0%, down from 0.0% on June 15, down from +0.9% on June 6, down from 1.3% on June 1, and down from 1.9% on May 27.

    Attachment 88887

    As the AtlantaFed notes,

    "The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2022 is -1.0 percent on June 30, down from 0.3 percent on June 27.

    After recent releases from the US Bureau of Economic Analysis and the US Census Bureau, the nowcasts of second-quarter real personal consumption expenditures growth and real gross private domestic investment growth decreased from 2.7 percent and -8.1 percent, respectively, to 1.7 percent and -13.2 percent, respectively, while the nowcast of the contribution of the change in real net exports to second-quarter GDP growth increased from -0.11 percentage points to 0.35 percentage points."


    In short: the US consumer is getting tapped out, just as we have been warning repeatedly.

    Welcome To The Recession: Atlanta Fed Slashes Q2 GDP To -1%, Pushing First Half Into Contraction | ZeroHedge

    More NaGastan "promises" failing to deliver.

    More heavy rain due in Trat province today.

  3. #303
    Thailand Expat harrybarracuda's Avatar
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    Russia's economy in numbers*


    • 17.1% Annual inflation in May
    • 8-9% Retail trade set to fall this year
    • 83.5% Car sales fall in May 2022
    • 7.8% Official forecast of fall in Russian GDP in 2022
    • 30% Unofficial forecast of GDP collapse by IIF


    *Official sources: Akort; economy ministry; AEB; Rosstat
    The next post may be brought to you by my little bitch Spamdreth

  4. #304
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    Quote Originally Posted by harrybarracuda View Post
    17.1% Annual inflation in May
    8-9% Retail trade set to fall this year
    83.5% Car sales fall in May 2022
    7.8% Official forecast of fall in Russian GDP in 2022
    30% Unofficial forecast of GDP collapse by IIF
    That is the tip of the iceberg of what is coming. Sabwang has more humiliation coming on multiple fronts for that matter.


  5. #305
    Thailand Expat OhOh's Avatar
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    GT Voice: G7 is in no position to dictate nations’ oil trade with Russia

    By Global Times Published: Jun 29, 2022 10:33 PM

    "The so-called Group of Seven (G7) nations on Tuesday had "positive and productive discussions" with China and India about plans to implement a price cap on Russian oil exports, Reuters reported on Wednesday. The news came on the heels of G7 agreement on exploring imposing a price cap on Russian oil, apparently as part of the West's ever expanding sanctions against Russia.

    Details remain sketchy regarding the so-called "discussions." As of press time on Wednesday, there has been no official confirmation from relevant parties regarding Reuters' report, which cited an unidentified source. The report suggested that China and India would be able to buy Russian crude at even lower prices under the plan, but that would represent a significant shift for China and India as both have refrained from joining in the US-led sanctions against Russia and have continued normal economic and trade cooperation with Russia.

    China's Foreign Ministry has repeatedly stated that unilateral sanctions are not conducive to resolving issues, and that China and Russia always engage in normal economic and trade cooperation on the basis of mutual respect, equality and mutual benefit. India, despite pressure from Washington, has also continued energy trade with Russia.

    Although it remains unclear what the reported discussions were about and what the outcome was, one thing is very clear: The G7 led by the US is primarily seeking to increase pressure on Russia, as their previous moves fail to sway Moscow, and the interests of China and India, or any other country for that matter, is not their primary concern despite the so-called "attractive pitch."

    Over the past several months, the US and some of its allies imposed an embargo on Russian oil in an effort to maximize pressure on Russia, while the EU agreed to ban most Russian oil imports by the end of the year. But the sanction measure aimed at depriving Russia of oil revenues has proved counterproductive. According to the IEA data, Russian oil export revenues increased by $1.7 billion in May to about $20 billion, which is well above the 2021 average of roughly $15 billion.

    Then came the idea of creating a buyers' cartel, with the aim of keeping Russian oil supplies on the market to avoid a further price hike to limit its oil revenues. While a cap on Russian oil prices may sound like a great idea for the West when it comes to curbing Moscow's revenues from oil sales, implementing such a price cap could only be a fantasy with little feasibility if G7 cannot get the world's major oil importers on the same page.

    Yet, the problem is that G7 nations are no longer major buyers of Russian oil, and as an unrelated third party, the G7 has neither the qualification nor the market power to dictate energy trade among China, India and Russia.

    Western media reports so far suggested that the West may impose such a price cap through insurance. About 95 percent of the world's tanker fleet is insured through the International Group of Protection & Indemnity Clubs in London and some companies in other European countries. G7 could tell crude buyers that if they want to continue using the insurance service for Russian oil shipment, they need to agree to a "capped price."

    But even that could also fail to pressure Russia, as Russia has already prepared an alternative by offering insurance through the Russian National Reinsurance Company, according to media reports. The moves could also further disrupt already turbulent global energy trade by creating more barriers and chaos.

    As for China, stable energy prices are of great significance to its domestic social and economic development, and China and Russia are important partners in energy trade cooperation, with continuous practical progress recorded over the years. If there is a need for price adjustment in bilateral energy trade, China and Russia can discuss the issue through bilateral channels.

    G7 has no qualification to tell them how to conduct trade."


    GT Voice: G7 is in no position to dictate nations’ oil trade with Russia - Global Times
    Last edited by OhOh; 01-07-2022 at 06:22 PM.

  6. #306
    Thailand Expat harrybarracuda's Avatar
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    The G7 doesn't care if Puffy is having to give it away at bargain prices, that's their aim you witless fuck.


  7. #307
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    Quote Originally Posted by harrybarracuda View Post
    The G7 doesn't care if Puffy is having to give it away at bargain prices, that's their aim you witless fuck.
    I don't think he is, he's laughing even discounting given current prices vs production cost, which for Russia is peanuts and don't forget he's pumping gas to the EU as fast as they can use it.

    https://www.reuters.com/business/energy/why-russian-oil-price-cap-is-easier-said-than-done-2022-06-28/

  8. #308
    Thailand Expat harrybarracuda's Avatar
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    Quote Originally Posted by malmomike77 View Post
    I don't think
    Yes I know. You don't even read your own articles you simpleton.

    China and India have become the biggest buyers of heavily-discounted Russian oil as Europe cut imports.

  9. #309
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    I don't know how 'heavily discounted' these Russian energy exports actually are, but it remains the fact that Russia has been enjoying it's largest ever foreign Trade surplus.

  10. #310
    Thailand Expat harrybarracuda's Avatar
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    Quote Originally Posted by sabang View Post
    I don't know how 'heavily discounted' these Russian energy exports actually are, but it remains the fact that Russia has been enjoying it's largest ever foreign Trade surplus.
    Makes a budget deficit even harder to swallow, especially when they're having to fund it from their savings.

    Arf.

  11. #311
    Thailand Expat DrWilly's Avatar
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    Quote Originally Posted by sabang View Post
    I don't know .
    Thats a good start.

  12. #312
    Thailand Expat OhOh's Avatar
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    Posted on July 2, 2022 by M. K. BHADRAKUMAR

    India, BRICS in cold war conditions

    "The phone conversation on Friday between Prime Minister Modi and Russian President Putin conveyed a big signal, coming on the morrow of the release of the new Strategic Concept by NATO which called Russia the alliance’s “most significant and direct threat.” The readouts from Moscow and New Delhi both highlighted the two leaderships’ determination to carry forward the momentum of economic cooperation despite the western sanctions against Russia. (here and here)
    Ironically, the West’s “sanctions from hell” have given a big stimulus to India-Russia bilateral trade, giving it a dynamism that one never suspected would be recaptured in the post-Soviet era.
    Friday’s call was agreed upon in the sidelines of the BRICS summit (June 23-24). Curiously, it has come at a time when the Western powers have stepped up their efforts to create discord among the BRICS member countries, and brainwash India, in particular, to join their bandwagon in the new Cold War conditions. India is of course cherrypicking, as obstreperous as ever on the multilateral circuit — EU, G7, QUAD.

    India’s relationship with Russia was the leitmotif of Modi’s visit to Japan in April (partly) and three visits to Europe in May as well as his two meetings with US President Biden during this period (mostly.) In the West’s calculus, China and India are giving what analysts would call “strategic depth” to Russia, which nullifies its frantic efforts to “erase” Russia. Interestingly, the western attempts to create paranoia in the Indian mind about the close ties between Russia and China are no longer having the desired effect of Delhi becoming wary of Russia’s intentions. India sees, on the contrary, great opportunities to tap into Russia’s tilt to Asia-Pacific region for economic partnerships.

    Without doubt, India is “balancing” between Washington and Moscow and BRICS summit was a great occasion to monitor that trapeze act. An unabashedly pro-western internet paper from Delhi had predicted that Modi would act as a vigilante for US President Biden, blocking any BRICS statement critical of the US. Whether that was true or not, Modi made a rather anodyne speech at the BRICS summit.
    On the other hand, Putin had stated in his speech at the summit that “Considering the complexity of the challenges and threats the international community is facing, and the fact that they transcend borders, we need to come up with collective solutions. BRICS can make a meaningful contribution to these efforts.”

    Putin added, “We are confident that today, as never before, the world needs the BRICS countries’ leadership in defining a unifying and positive course for forming a truly multipolar system of interstate relations… we can count on support from many states in Asia, Africa and Latin America, which are seeking to pursue an independent policy.”
    In his speech, Chinese President Xi Jinping made an even more direct appeal to the BRICS partners: “Our world today is overshadowed by the dark clouds of Cold War mentality and power politics and beset by constantly emerging traditional and non-traditional security threats. Some countries attempt to expand military alliances to seek absolute security, stoke bloc-based confrontation by coercing other countries into picking sides and pursue unilateral dominance at the expense of others’ rights and interests. If such dangerous trends are allowed to continue, the world will witness even more turbulence and insecurity.

    “It is important that BRICS countries support each other on issues concerning core interests, practice true multilateralism, safeguard justice, fairness and solidarity and reject hegemony, bullying and division.”
    Frankly, no matter the impressive-looking XIV BRICS Summit Beijing Declaration, the fact remains that the grouping is performing far below its actual potential and one principal reason for this is India’s zero-sum mindset regarding China, which makes it difficult for it to work with China collectively in any regional forum.
    However, any apprehension in the Indian mind that China would “dominate” BRICS is unwarranted. Russia undoubtedly occupies a special place in the structure of the BRICS. In fact, BRICS was Moscow’s brainwave and Russia was responsible for launching the format. The first ministerial meeting (in the BRIC format) took place at the suggestion of Putin in September 2006, on the sidelines of the UN General Assembly session in New York. Thus, the idea of creating BRICS matured in Russia.

    Second, BRICS is a “de-ideologised” format. It shows no animus against America although it challenges western hegemony of the international political and economic order. The very fact that the Manmohan Singh government welcomed Putin’s BRIC initiative at a most sensitive juncture when India’s negotiations for a nuclear deal with the US (with eye on Washington’s embargo on technology transfer) speaks for itself.

    Moscow conceived the BRICS concept for the strengthening of the formation of a multipolar system of international relations and the growth of economic cooperation — and it has indeed contributed to the birth of a new economic system, based on the equal access of countries to financing and sales markets, a combination of state planning and market economy.

    India has a problem to appreciate that the BRICS paradigm does not lie in expanding the capabilities or ambitions of the group’s member countries, but in fostering a qualitative change in the economic development model of the Global South. India’s dog-in-the-manger attitude — sulking and politicising the forum with extraneous issues (primarily to embarrass China) — doesn’t make sense.
    Unlike India, China takes BRICS seriously. The Chinese initiative to create a BRICS Vaccine Centre has been under development and the implementation of this project amid the current conditions can be a significant achievement that will bolster the entire format of the association. Ideally, India should cooperate with the project instead of teaming up with its QUAD partners which has turned out to be a wild goose chase.

    Again, industrial innovation is slated to be a priority for China’s BRICS Presidency in 2022. Expectations are high that during its presidency, China will come up with a number of breakthrough initiatives. Clearly, now that the construction of the BRICS’ New Development Bank headquarters in Shanghai has finished, new proposals are expected from China on the development of its operations, including possibly an expansion of the number of shareholders of the bank.

    Of course, China will promote its own projects, including Belt and Road initiative. But then, China is also putting into the projects the most financial resources. It is high time for India to have a serious reassessment of values within the BRICS framework, and the changing internal balance of power in the grouping in the new Cold War conditions.

    BRICS is at the crossroads and this realisation has propelled the concept of a “BRICS+” format to the centerstage of discussions. China’s BRICS chairmanship 2022 witnessed the launch of the extended BRICS+ meeting at the level of Ministers of Foreign Affairs. Participants included Egypt, Nigeria, Senegal, Argentina, Indonesia, Kazakhstan, Saudi Arabia, UAE and Thailand.

    During the ministerial, China also announced plans to open up the possibility of developing countries joining the core BRICS grouping. Argentina and Iran have been mentioned as candidates for BRICS expansion. Be that as it may, “BRICS+” is certain to be on the agenda of global governance in times to come. "

    https://www.indianpunchline.com/indi...ar-conditions/

  13. #313
    Thailand Expat harrybarracuda's Avatar
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    Translation: "Hey Vlad, how about some more of that cut price oil? Got anything else you want to sell me cheap?"

  14. #314
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    Quote Originally Posted by panama hat View Post
    You still don't get it as you're repeating this crap over and over.
    That is what he does. The propaganda is a broken record.

    Quote Originally Posted by panama hat View Post
    Trade surplus because he can't import anything . . .
    I have explained this to him as well, but he keeps spewing the same crap. He is more than a bit thick.

  15. #315
    Thailand Expat OhOh's Avatar
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    Them sanctions working NaGaStan?

    Economic sanctions-27688-jpeg

  16. #316
    Thailand Expat Backspin's Avatar
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    Quote Originally Posted by panama hat View Post
    Yes, unlike your brain.

    Next . . .

  17. #317
    Thailand Expat HermantheGerman's Avatar
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    Quote Originally Posted by harrybarracuda View Post
    Translation: "Hey Vlad, how about some more of that cut price oil? Got anything else you want to sell me cheap?"

    How about some Russian women?



    The men are all gone.


  18. #318
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    What is it with these morons and the graphs?

    Russia is a bankrupt gas station and no pictures can change that reality.

  19. #319
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    Russia is a bankrupt gas station
    So this is what our resident Einstein calls reality. No snubs, this is a bankrupt gas station-




    This is a Real list of Russia's top ten exports in 2021-



    1. Mineral fuels including oil: US$211.5 billion (43% of total exports)
    2. Gems, precious metals: $31.6 billion (6.4%)
    3. Iron, steel: $28.9 billion (5.9%)
    4. Fertilizers: $12.5 billion (2.5%)
    5. Wood: $11.7 billion (2.4%)
    6. Machinery including computers: $10.7 billion (2.2%)
    7. Cereals: $9.1 billion (1.9%)
    8. Aluminum: $8.8 billion (1.8%)
    9. Ores, slag, ash: $7.4 billion (1.5%)
    10. Plastics, plastic articles: $6.2 billion (1.3%)

    Russia’s Top 10 Exports 2021

  20. #320
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    Quote Originally Posted by sabang View Post
    This is a Real list of Russia's top ten exports in 2021-
    So, a gas station it is.

    “Putin’s Russia is a bankrupt gas station run by a mafia that prefers to spend its time and money in London and New York. Offering any carrots to these war criminals would set the stage for a return to the appeasement and corruption that brought us to this deadly phase.”
    Garry Kasparov

  21. #321
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    Foreign Policy Fail: Biden’s Sanctions Are a Windfall For Russia!

    by Ron Paul Posted onJuly 05, 2022

    It’s easy to see why, according to a new Harris poll, 71 percent of Americans said they do not want Joe Biden to run for re-election. As Americans face record gas prices and the highest inflation in 40 years, President Biden admits he could not care less. His Administration is committed to fight a proxy war with Russia through Ukraine and Americans just need to suck it up.


    Last week a New York Times reporter asked Biden how long he expects Americans to pay record gasoline prices over his Administration’s Ukraine policy. “As long as it takes,” replied the president without hesitation.


    “Russia cannot defeat Ukraine,” added Biden as justification for his Administration’s pro-pain policy toward Americans. The president has repeatedly tried to deflect blame for the growing economic crisis by claiming Russia is solely behind recent inflation. "The reason why gas prices are up is because of Russia. Russia, Russia, Russia," he said in the same press conference.


    But Biden has a big problem: Americans do not believe him. According to a Rasmussen poll earlier this month, only eleven percent of Americans believe Biden’s claim that Russian president Vladimir Putin is to blame for high prices.


    When it comes to disdain for the average American hurt by higher prices, there is more than enough in the Biden Administration to go around.


    Brian Deese, Director of President Biden’s National Economic Council, was asked in a recent CNN interview, “What do you say to those families that say, listen, we can’t afford to pay $4.85 a gallon for months, if not years?”


    His answer? “This is about the future of the Liberal World Order and we have to stand firm.”


    Has there ever been an Administration more out of touch with the American people? If you asked working Americans whether they’d be happy to suffer poverty for the “liberal world order,” how many would say “that sounds like a great idea”?


    President Biden’s attempts to bring down gasoline prices are bound to fail because he does not understand the problem. He can beg the Saudis to pump more oil, he can even threaten the US oil companies as he did in a Tweet yesterday. He can buy and sell from the Strategic Petroleum Reserve in attempt to give the impression that prices are lowing. None of it will work.


    The strangest part of this idea that Americans must suffer to hurt the Russians is that these policies aren’t even hurting Russia! On the contrary: Russia has been seen record profits from its oil and gas exports since the beginning of the Ukraine war.


    According to a recent New York Times article, increasing global oil and gas prices have enabled Russia to finance its war on Ukraine. US sanctions did not bring the Russian economy to its knees, as Biden promised. They actually brought the American economy to its knees while Russian profits soared.

    As Newsweek noted last week, Russian television pundits are joking that with the financial windfall Russia has seen since sanctions were imposed, “Biden is of course our agent.”

    Washington’s bi-partisan foreign policy of wasting trillions on endless wars overseas has finally come home. Biden is clearly out of touch, but there is plenty of blame to go around. The only question is whether we will see an extended recession…or worse.

    Reprinted from The Ron Paul Institute for Peace & Prosperity.

    https://original.antiwar.com/paul/2022/07/04/foreign-policy-fail-bidens-sanctions-are-a-windfall-for-russia/

  22. #322
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    Quote Originally Posted by sabang View Post
    Reprinted from The Ron Paul Institute for Peace & Prosperity.

  23. #323
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    Professor snubs hath spoken. Thanks for the larf.

  24. #324
    Thailand Expat harrybarracuda's Avatar
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    Ron Paul oh FFS we really have hit the bottom of the barrel.


  25. #325
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    Followed by Doctor Emiritus 'arry. Comedy duo. Thanks again.

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