Should We Kill The Politicians Before They Kill Us?
Why Is It Necessary For The Federal Government To Turn The United States Into A Prison Camp?
Bill
Black is a former bank regulator who played a central role in
prosecuting the corruption responsible for the S&L crisis of the
late 1980s. He is one of America's top experts on financial fraud. And
he laments that the US has descended into a type of crony capitalism
that makes continued fraud a virtual certainty - while increasingly
neutering the safeguards intended to prevent and punish such abuse. In
this extensive interview, Bill explains why financial fraud is the most
damaging type of fraud and also the hardest to prosecute. He also
details how, through crony capitalism, it has become much more prevalent
in our markets and political system. A warning: there's much revealed
in this interview to make your blood boil. For example: the Office of
Threat Supervision. In the aftermath of the S&L crisis, this office
brought 3,000 administration enforcements actions (a.k.a. lawsuits)
against identified perpetrators. In a number of cases, they clawed back
the funds and profits that the convicted parties had fraudulently
obtained. Flash forward to the 2008 credit crisis, in which just the
related household sector losses alone were over 70x greater than those
seen during the entire S&L debacle. So how many criminal referrals
did the same agency, the Office of Threat Supervision, make?
Zero
The question puzzling currency markets is why the EUR is so strong. While we have argued that during
the risk-off period of the last month or so post-LTRO2 (before
Tuesday) EURUSD strength appeared to be driven by repatriation flows
and balance sheet reduction, new information over the last couple of weeks driving the expectation that growth will be weak enough in the US to keep US policy very stimulative for a nice long time, we tend to agree with Steven Englander of Citigroup who argues that it looks very much as if QE3/Fed-stimulus anticipations are behind the EUR relative strength recently.
Indeed the recent USD weakness is pretty much across the board,
suggesting that it is less EUR attractiveness than USD unattractiveness
that is driving the EUR’s gains. That said, I think the buzz around
various euro zone measures to help out banks and ease the rigidities of
the fiscal compact is also helping support the EUR by reducing tail
risk, but right now the USD/Fed is the bigger story. Back of the envelope math based on the Fed/ECB balance sheets and EURUSD implies the market expects around $700bn of QE3 and given swap-spread differentials there appears to be little liquidity premium to reduce this expectation.
China
is preparing to avoid U.S. sanctions on Iran by paying for oil with
gold. Not only that but, as Forbes contributor Gordon Change also
mentions, China has already been bartering with Iran to get a hold of petroleum
using among other goods, Chinese washing machines, refrigerators, toys,
clothes, cosmetics, and toiletries. The barter trade works, but Iran
needs cash too - hence Gold. Thus, the leadership in America in
its infinite stupidity has actually accelerated the demise of the U.S.
dollar as the world’s reserve currency. In a similar move on a more micro level, the government of Spain in a similar desperation has banned the use of cash transactions above 2,500 euros. How do you think citizens are going to respond to this? People are already in the streets. Everything is going to go black market and to a barter system.
It will happen country by country as governments get increasingly
desperate and the authoritarian clamp down continues. It will happen on
an increasing level until all of these house of cards bureaucratic
states fail and something new is reborn - just as we noted in a small town in Greece recently.
When
even Pisani is questioning the fundamental-less QE3-addicted rally, it
is perhaps self-evident that volumes were lagging today and stocks
gave up most of their gains to end fractionally higher in the S&P
500 e-mini futures. Stocks peaked at the open of the US day-session
after an overnight ramp that started in the depths of the overnight
session (3amET) as auctions and data became so bad that traders adjusted
their odds of a central-banker injection which seemed to spur
wholesale buying of gold, stocks, selling of the USD (but also selling
of US Treasuries - which did not fit with the QE meme). Gold continued
its debasement rally after the US day-session as stocks sold back off
as GDP composition weakness became clear. As we pushed into the
European close, stocks rallied back to catch up with Gold's performance
on the day and then sagged for a quiet low volume afternoon that saw
the ES drop back below 1400, below its opening levels as Gold held above $1660. Treasuries limped
around in another narrow range day ending a fraction lower in yield
but off their best levels of overnight (where 10Y got down to 1.88%).
Whether it is discounting Fed easing or EUR repatriation, USD weakness was broad today but JPY and AUD strength was relatively equal providing little carry-driven strength to support stocks. VIX warbled
above and below 16% but ended back above as the term structure of vol
continues to leak flatter. A solidly green week for stocks, accompanied
by falling volumes and average trade size has seen the nominal value of
the S&P 500 almost overtake Silver for best-performing asset YTD
(after Silver's post LTRO2 collapse). Copper outperformed Gold and Oil on the week
- though they managed to more than double the implied move from USD's
weakness (-0.5% on the week). The lack of financials in today's push
along with only modest energy, industrials, and materials follow through
suggests investors are losing hope rather quickly with the QE chatter and the slide into the close did nothing to stay anxiety.
It must be difficult for the BRICS countries today. On one hand, they continue to jockey for respect among the Western powers, insisting on participating in quasi-European bailout funds like the IMF. On the other hand, they are also clearly aware of the Western nations' continuing efforts to surreptitiously devalue their domestic currencies, and the pernicious effect that has had on them as exporters and as lenders of capital. In that vein, it was interesting to note that during the latest BRICS Summit held this past March in New Delhi, the main topic of discussion centered on the creation of the group's first official institution, a so-called "BRICS Bank" that would fund development projects and infrastructure in developing nations. Although not openly discussed, reports suggest what they were really talking about was creating a type of BRICS central bank - an institution that could facilitate their ability to "do more business with each other in their local currencies, to help insulate from U.S. dollar fluctuations…" Given the incredible scale of western central bank intervention over the past six months, the BRICS' increasing frustration with their printing efforts should be a given by now. The real question is what they're doing about it, and what assets they're accumulating to protect themselves from the inevitable, which brings us to gold.
In perhaps the most courageous (and now must-read) speech ever given inside the New York Fed's shallowed hallowed walls, Economic Policy Journal's Robert Wenzel
delivered the truth, the whole truth, and nothing but the truth to the
monetary priesthood. Gracious from the start, Wenzel takes the
Keynesian clap-trappers to task on almost every nonsensical and
oblivious decision they have made in recent years. "My views, I
suspect, differ from beginning to end... I stand here confused as to
how you see the world so differently than I do. I simply do not
understand most of the thinking that goes on here at the Fed and I do
not understand how this thinking can go on when in my view it smacks up
against reality." And further..."I scratch my head
that somehow your conclusions about unemployment are so different than
mine and that you call for the printing of money to boost 'demand'. A
call, I add, that since the founding of the Federal Reserve has
resulted in an increase of the money supply by 12,230%." But his closing was tremendous: "Let’s
have one good meal here. Let’s make it a feast. Then I ask you, I
plead with you, I beg you all, walk out of here with me, never to come
back. It’s the moral and ethical thing to do. Nothing good goes on in
this place. Let’s lock the doors and leave the building to the spiders,
moths and four-legged rats."
While
many will remember 1982 for its disco and the movie E.T., it is
perhaps best known by an investing public as the end of a 16 year
secular bear market. The 10% decline from 1966 was better, however, than
the 38% loss from 1937 to 1941 and the 80% loss from 1929-1932 but
together this triumvirate make up the secular bear markets. Luckily, as
IceCap's Keith Dicker notes, for most of the investment industry they
can gloss over these extended loss periods and instead focus on the
long-run secular bull markets (cue Jeremy Siegel). However, he points
out that unknown to many and ignored by the rest, "we are in the
middle of another long and dragged out Secular Bear Market which has
seen investors lose 7% since the year 2000 - that's 12 years of hopes
for nothing." Understanding secular markets and how they
transition from BULL to BEAR is perhaps the most rewarding investment
perspective you won’t hear from anyone else. While financial markets
continue to yo-yo with our retirements, the truth is, the next Secular BULL Market is not quite ready to perk its head up just yet
as Dicker addresses P/E ratios during inflationary and deflationary
periods summing up his view of the world rather succinctly: "As
central banks continue to bail out banks and countries, they implicitly
create an investment culture whereby failure is rewarded and success
is taxed to reward those who failed."
Americans consume 20 million barrels of oil per day and FutureMoneyTrends
asks what will happen when the price of gas reaches $4, $5, or $6 per
gallon. Between exponentially rising fuel prices and stagnant wage
growth for those employed, American consumers were broken in the lead up
to the start of the depression recession in 2008. The situation is massively worse now than at the bottom in March 2009 (from $2.00/gallon to $3.92 currently) and that is where they take up the narrative of where we go next as the cost to drive has more than doubled in the space of three years and is on an unsustainable path;
either as a nation of consumers facing de minimus wage growth, or the
lack of firms' ability to pass this cost on to consumers leading to
more unemployment. As the unreality of the S&P 500 passing back
above 1400, a reflection back on the real economy is sobering to say
the least.
The
balance sheet recession diagnosis of many of the world's developed
nations remains among the clearest explanation linking the failure of
textbook monetary policy to the dismal multipliers, transmission
mechanism breakages, and sad reality of a recovery-less recovery.
Whether you agree with Richard Koo's traditional but massive Keynesian
fiscal stimulus medicinal choice is a different matter but the Nomura
economist delineates the three problems (two macroeconomic and
one capital flow) exacerbating the eurozone crisis and notes that
"bulls have gotten ahead of themselves". Noting that the
central bank supply of funds may help address financial crises but
cannot resolve problems at borrowers, and that authorities have never
admitted they were wrong, Koo stresses the three key reasons that bullish speculation on eurozone is premature
- monetary accommodation's ineffectiveness when the private sector is
deleveraging, active fiscal retrenchment by the core when fiscal
stimulus is the only plus for aggregate demand, and Japanese and US
lagged-examples of that dash any short-term hope that structural reforms
will lead to growth. Even his solution to the European debacle - one
of financial repression limiting the sale of government bonds to each nation's own citizens
- while retroactively limiting a nation's largesse seems to only lead
to the inevitable Japanification we have discussed at length. In the
meantime, Koo appears far less sanguine than the markets about the
prospects for anything but further demise in Europe (and the US).
It is three and a half years since the Great Recession hit in 2008 with the collapse of our financial system caused by the Wall Street banks and their captured politician cronies in Washington D.C. Their mouthpieces in the mainstream media have been telling the American sheeple that we have been out of recession and in recovery since the 4th quarter of 2009. It truly has been a recovery for the Wall Street bankers and the mega-corporations that have laid off millions and opened new factories in the Far East while generating record profits and rewarding their executives with millions in bonuses. The stock market has doubled from its 2009 lows. All is well on Wall Street – not so much on Main Street. The compliant non-questioning MSM reported that GDP in the 1st quarter rose 2.2%, less than expected. This pitiful government manipulated result confirms that we are back in recession. The first quarter had the huge benefit of fantastic weather, an extra day, and a supposed surge in jobs. And this is all we got? Take a good long hard look at this chart.
I'm PayPal Verified
04/27/2012 - 16:56
PETERSON AIR FORCE BASE, Colo. – The North American Aerospace Defense
Command and U.S. Northern Command will conduct a major exercise, ARDENT
SENTRY 2012, focused on Defense Support of Civil Authorities, May 2 � 9,
2012.Why Is It Necessary For The Federal Government To Turn The United States Into A Prison Camp?
04/27/2012 - 23:17
Trader Dan on King World News Metals Wrap
Trader Dan at Trader Dan's Market Views - 46 minutes ago
Please click on the following link to listen in to my regular weekly radio
interview with Eric King on the KWN Weekly Metals Wrap.
*http://tinyurl.com/6utdgbt*
Italian bond auction failure/Italian 10 yr bond yield 5.64%/Spanish 10 yr bond yield rises to 5.88%/Spain downgraded two notches/French election next Sunday
Harvey Organ at Harvey Organ's - The Daily Gold and Silver Report - 2 hours ago
Good
morning Ladies and Gentlemen:
Gold closed up today by $4.10 to $1664.00 by comex closing time. Silver
also had a good day rising by 8 cents to $31.28. It seems that the
global bourses are shrugging off bad news by the minute as I would guess
that investors believe that we will have QEIII by just about all of the
major financial central banks.
The euro has remained relatively strong these
Yes Virginia, There IS A Free Lunch In The U.S...
Dave in Denver at The Golden Truth - 20 hours ago
I've been collecting some articles that I've wanted to post and comment on
this week but didn't have time. Instead, I'll post them for everyone to
read and form their own conclusions.
First, Meredith Whitney buckled under the intense criticism of her
assessment last year that many municipalities would go bankrupt. I guess
since that particular shit didn't hit the fan within a standard 3
month/one-quarter time frame, Ms. Whitney's confidence crumbled. Well,
last week this item hit the newswire, and I'm sure it wasn't reported on
CNBC/Bloomberg/WSJ/Barron's: LINK Ms. Whitney was ... more »
Bill Black: Our System Is So Flawed That Fraud Is Mathematically Guaranteed
Bill
Black is a former bank regulator who played a central role in
prosecuting the corruption responsible for the S&L crisis of the
late 1980s. He is one of America's top experts on financial fraud. And
he laments that the US has descended into a type of crony capitalism
that makes continued fraud a virtual certainty - while increasingly
neutering the safeguards intended to prevent and punish such abuse. In
this extensive interview, Bill explains why financial fraud is the most
damaging type of fraud and also the hardest to prosecute. He also
details how, through crony capitalism, it has become much more prevalent
in our markets and political system. A warning: there's much revealed
in this interview to make your blood boil. For example: the Office of
Threat Supervision. In the aftermath of the S&L crisis, this office
brought 3,000 administration enforcements actions (a.k.a. lawsuits)
against identified perpetrators. In a number of cases, they clawed back
the funds and profits that the convicted parties had fraudulently
obtained. Flash forward to the 2008 credit crisis, in which just the
related household sector losses alone were over 70x greater than those
seen during the entire S&L debacle. So how many criminal referrals
did the same agency, the Office of Threat Supervision, make?Zero
Leaving Ponzi In The Dust
The European Central Bank prints money and hands it to the banks in undiminished size and at an interest rate which compels massive carry trades. The European banks buy sovereign debt that helps to lower the price of the sovereign’s funding costs, the banks use some of the money to increase their own capital and lend some of the money to individuals and corporations in the nations where they are domiciled. The money gets used and eventually dries up and a some of the capital is used to come into compliance with Basel III. The yields of the periphery nations fall but then begin to rise again. Germany, using Target-2, keeps lending money to the other central banks which use part of the money to support their currency, the Euro. The circle is then completed and the equity markets, notably in America, trade off of the strength of the Euro and some days at almost a point by point movement. Never before in the history of the world has such a grand scheme been implemented and in such an all-encompassing fashion. The unlimited amount of money that is available, because they can print all the money they want, has allowed Europe to game the world’s financial system while no one looked or caught on to the scheme. The world’s fiscal system has been rigged by Europe.Why The Euro Is So Strong, Or Why The Market Expects $700bn Of Fed QE3
The question puzzling currency markets is why the EUR is so strong. While we have argued that during
the risk-off period of the last month or so post-LTRO2 (before
Tuesday) EURUSD strength appeared to be driven by repatriation flows
and balance sheet reduction, new information over the last couple of weeks driving the expectation that growth will be weak enough in the US to keep US policy very stimulative for a nice long time, we tend to agree with Steven Englander of Citigroup who argues that it looks very much as if QE3/Fed-stimulus anticipations are behind the EUR relative strength recently.
Indeed the recent USD weakness is pretty much across the board,
suggesting that it is less EUR attractiveness than USD unattractiveness
that is driving the EUR’s gains. That said, I think the buzz around
various euro zone measures to help out banks and ease the rigidities of
the fiscal compact is also helping support the EUR by reducing tail
risk, but right now the USD/Fed is the bigger story. Back of the envelope math based on the Fed/ECB balance sheets and EURUSD implies the market expects around $700bn of QE3 and given swap-spread differentials there appears to be little liquidity premium to reduce this expectation.Michael Krieger On The Rebirth Of Barter
China
is preparing to avoid U.S. sanctions on Iran by paying for oil with
gold. Not only that but, as Forbes contributor Gordon Change also
mentions, China has already been bartering with Iran to get a hold of petroleum
using among other goods, Chinese washing machines, refrigerators, toys,
clothes, cosmetics, and toiletries. The barter trade works, but Iran
needs cash too - hence Gold. Thus, the leadership in America in
its infinite stupidity has actually accelerated the demise of the U.S.
dollar as the world’s reserve currency. In a similar move on a more micro level, the government of Spain in a similar desperation has banned the use of cash transactions above 2,500 euros. How do you think citizens are going to respond to this? People are already in the streets. Everything is going to go black market and to a barter system.
It will happen country by country as governments get increasingly
desperate and the authoritarian clamp down continues. It will happen on
an increasing level until all of these house of cards bureaucratic
states fail and something new is reborn - just as we noted in a small town in Greece recently.Golden Day As Stocks Slip And Silver Still Leads YTD
When
even Pisani is questioning the fundamental-less QE3-addicted rally, it
is perhaps self-evident that volumes were lagging today and stocks
gave up most of their gains to end fractionally higher in the S&P
500 e-mini futures. Stocks peaked at the open of the US day-session
after an overnight ramp that started in the depths of the overnight
session (3amET) as auctions and data became so bad that traders adjusted
their odds of a central-banker injection which seemed to spur
wholesale buying of gold, stocks, selling of the USD (but also selling
of US Treasuries - which did not fit with the QE meme). Gold continued
its debasement rally after the US day-session as stocks sold back off
as GDP composition weakness became clear. As we pushed into the
European close, stocks rallied back to catch up with Gold's performance
on the day and then sagged for a quiet low volume afternoon that saw
the ES drop back below 1400, below its opening levels as Gold held above $1660. Treasuries limped
around in another narrow range day ending a fraction lower in yield
but off their best levels of overnight (where 10Y got down to 1.88%).
Whether it is discounting Fed easing or EUR repatriation, USD weakness was broad today but JPY and AUD strength was relatively equal providing little carry-driven strength to support stocks. VIX warbled
above and below 16% but ended back above as the term structure of vol
continues to leak flatter. A solidly green week for stocks, accompanied
by falling volumes and average trade size has seen the nominal value of
the S&P 500 almost overtake Silver for best-performing asset YTD
(after Silver's post LTRO2 collapse). Copper outperformed Gold and Oil on the week
- though they managed to more than double the implied move from USD's
weakness (-0.5% on the week). The lack of financials in today's push
along with only modest energy, industrials, and materials follow through
suggests investors are losing hope rather quickly with the QE chatter and the slide into the close did nothing to stay anxiety.Eric Sprott: "When Fundamentals No Longer Apply, Review the Fundamentals"
It must be difficult for the BRICS countries today. On one hand, they continue to jockey for respect among the Western powers, insisting on participating in quasi-European bailout funds like the IMF. On the other hand, they are also clearly aware of the Western nations' continuing efforts to surreptitiously devalue their domestic currencies, and the pernicious effect that has had on them as exporters and as lenders of capital. In that vein, it was interesting to note that during the latest BRICS Summit held this past March in New Delhi, the main topic of discussion centered on the creation of the group's first official institution, a so-called "BRICS Bank" that would fund development projects and infrastructure in developing nations. Although not openly discussed, reports suggest what they were really talking about was creating a type of BRICS central bank - an institution that could facilitate their ability to "do more business with each other in their local currencies, to help insulate from U.S. dollar fluctuations…" Given the incredible scale of western central bank intervention over the past six months, the BRICS' increasing frustration with their printing efforts should be a given by now. The real question is what they're doing about it, and what assets they're accumulating to protect themselves from the inevitable, which brings us to gold.
Robert Wenzel's 'David' Speech Crushes Federal Reserve's 'Goliath' Dream
In perhaps the most courageous (and now must-read) speech ever given inside the New York Fed's shallowed hallowed walls, Economic Policy Journal's Robert Wenzel
delivered the truth, the whole truth, and nothing but the truth to the
monetary priesthood. Gracious from the start, Wenzel takes the
Keynesian clap-trappers to task on almost every nonsensical and
oblivious decision they have made in recent years. "My views, I
suspect, differ from beginning to end... I stand here confused as to
how you see the world so differently than I do. I simply do not
understand most of the thinking that goes on here at the Fed and I do
not understand how this thinking can go on when in my view it smacks up
against reality." And further..."I scratch my head
that somehow your conclusions about unemployment are so different than
mine and that you call for the printing of money to boost 'demand'. A
call, I add, that since the founding of the Federal Reserve has
resulted in an increase of the money supply by 12,230%." But his closing was tremendous: "Let’s
have one good meal here. Let’s make it a feast. Then I ask you, I
plead with you, I beg you all, walk out of here with me, never to come
back. It’s the moral and ethical thing to do. Nothing good goes on in
this place. Let’s lock the doors and leave the building to the spiders,
moths and four-legged rats." IceCap Asset Management: 1982 And Secular Bull Market Bias
While
many will remember 1982 for its disco and the movie E.T., it is
perhaps best known by an investing public as the end of a 16 year
secular bear market. The 10% decline from 1966 was better, however, than
the 38% loss from 1937 to 1941 and the 80% loss from 1929-1932 but
together this triumvirate make up the secular bear markets. Luckily, as
IceCap's Keith Dicker notes, for most of the investment industry they
can gloss over these extended loss periods and instead focus on the
long-run secular bull markets (cue Jeremy Siegel). However, he points
out that unknown to many and ignored by the rest, "we are in the
middle of another long and dragged out Secular Bear Market which has
seen investors lose 7% since the year 2000 - that's 12 years of hopes
for nothing." Understanding secular markets and how they
transition from BULL to BEAR is perhaps the most rewarding investment
perspective you won’t hear from anyone else. While financial markets
continue to yo-yo with our retirements, the truth is, the next Secular BULL Market is not quite ready to perk its head up just yet
as Dicker addresses P/E ratios during inflationary and deflationary
periods summing up his view of the world rather succinctly: "As
central banks continue to bail out banks and countries, they implicitly
create an investment culture whereby failure is rewarded and success
is taxed to reward those who failed."Breaking Point: The End Of The Cheap Energy Economy
Americans consume 20 million barrels of oil per day and FutureMoneyTrends
asks what will happen when the price of gas reaches $4, $5, or $6 per
gallon. Between exponentially rising fuel prices and stagnant wage
growth for those employed, American consumers were broken in the lead up
to the start of the depression recession in 2008. The situation is massively worse now than at the bottom in March 2009 (from $2.00/gallon to $3.92 currently) and that is where they take up the narrative of where we go next as the cost to drive has more than doubled in the space of three years and is on an unsustainable path;
either as a nation of consumers facing de minimus wage growth, or the
lack of firms' ability to pass this cost on to consumers leading to
more unemployment. As the unreality of the S&P 500 passing back
above 1400, a reflection back on the real economy is sobering to say
the least.Richard Koo On The Three Problems With Bullish Speculation On Europe
The
balance sheet recession diagnosis of many of the world's developed
nations remains among the clearest explanation linking the failure of
textbook monetary policy to the dismal multipliers, transmission
mechanism breakages, and sad reality of a recovery-less recovery.
Whether you agree with Richard Koo's traditional but massive Keynesian
fiscal stimulus medicinal choice is a different matter but the Nomura
economist delineates the three problems (two macroeconomic and
one capital flow) exacerbating the eurozone crisis and notes that
"bulls have gotten ahead of themselves". Noting that the
central bank supply of funds may help address financial crises but
cannot resolve problems at borrowers, and that authorities have never
admitted they were wrong, Koo stresses the three key reasons that bullish speculation on eurozone is premature
- monetary accommodation's ineffectiveness when the private sector is
deleveraging, active fiscal retrenchment by the core when fiscal
stimulus is the only plus for aggregate demand, and Japanese and US
lagged-examples of that dash any short-term hope that structural reforms
will lead to growth. Even his solution to the European debacle - one
of financial repression limiting the sale of government bonds to each nation's own citizens
- while retroactively limiting a nation's largesse seems to only lead
to the inevitable Japanification we have discussed at length. In the
meantime, Koo appears far less sanguine than the markets about the
prospects for anything but further demise in Europe (and the US). Jim Quinn Explains Why We've Never Left The Recession
It is three and a half years since the Great Recession hit in 2008 with the collapse of our financial system caused by the Wall Street banks and their captured politician cronies in Washington D.C. Their mouthpieces in the mainstream media have been telling the American sheeple that we have been out of recession and in recovery since the 4th quarter of 2009. It truly has been a recovery for the Wall Street bankers and the mega-corporations that have laid off millions and opened new factories in the Far East while generating record profits and rewarding their executives with millions in bonuses. The stock market has doubled from its 2009 lows. All is well on Wall Street – not so much on Main Street. The compliant non-questioning MSM reported that GDP in the 1st quarter rose 2.2%, less than expected. This pitiful government manipulated result confirms that we are back in recession. The first quarter had the huge benefit of fantastic weather, an extra day, and a supposed surge in jobs. And this is all we got? Take a good long hard look at this chart.
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