5 Interesting Facts About Google’s Treasury Operations

Google marked the 10 year anniversary of its stock market debut in August of last year. Since IPO Google has achieved almost unmatched business and commercial success and it now ranks amongst the largest and most respected companies in the world. Investors in the IPO haven’t fared badly either – one dollar invested then is now worth around 12 dollars. At the time, however, the IPO was considered a failure on a number of fronts as Google sold a lower number of shares than originally expected at a price towards the bottom of its guided range. The Dutch auction mechanism used for allotting shares to investors caused a great deal of confusion and has been rarely used since.

It wasn’t all Google’s fault; market conditions in 2004 weren’t exactly ideal (dot com scar tissue) and Google had an unproven business model. Looking back over the 10 years since August 2004 the IPO could be considered a low point from a financing and treasury perspective in what has since been a spectacular performance. This article looks at Google’s growth and commercial success through a “treasury lens” to better understand some of the key metrics behind what has grown to be one the largest corporate treasury and investment operations in the world.

To put the Google numbers in context we use comparative figures for two other ICT heavyweights, IBM and Microsoft. IBM IPO’d over 100 years ago and Microsoft went public in the mid-eighties.

Fact 1: Google’s Asset Base has grown by 1,200% to $130bn in 10 years

Google’s asset base has grown by close to 1,200% over the last 10 years and by 3,800% since IPO. In contrast IBM’s assets have increased by 11% and Microsoft’s by 140% over the same period. Some assets require more active management than others. For example goodwill and intangibles are passive from a treasury perspective but cash, on the other hand, requires management on a day to day basis.

Fact 2: Google currently has a $60bn Cash Pile

Every organisation manages cash flow and in some cases surplus cash. Few manage a cash mountain. Google’s latest 10-K showed cash plus cash equivalents totalling close to $60bn which has grown by close to 3,000% since IPO. While Microsoft hasn’t experienced the same growth in cash reserves as Google it remains massively cash rich – ranking second only to Apple in the corporate cash reserve league table.

Cash comprises approximately 50% of Google’s asset base. This is roughly equivalent to Microsoft’s cash to assets ratio but about five times larger than that of IBM. While both Google and Microsoft operate in different fields (advertising and business software) the one thing they share in common is their remarkable ability to consistently turn revenue and profits into cash. This has led to a situation in both companies where the underlying business has generated more cash than it can re-invest in business activities.

Fact 3: Google Traded over $100bn of Securities Last Year

We’ve defined trading volumes as the sum of the investment purchases and sales shown on each company’s cash flow statement. While it may not give an entirely true picture of the work involved in managing investments it does give a good sense of the scale of investment activity undertaken by each company. Most large organisations now operate “bank” like structures involving front, middle and back office activities as well as compliance and risk. Google buys and sells almost one hundred billion dollars’ worth of securities on an annual basis – more than their revenue from business activities.

Fact 4: Google Invests Heavily in Property, Plant and Equipment

Google’s spending on Property, Plant and Equipment (PPE) has increased dramatically in recent years with the treasury team directing over ten billion dollars towards such investments in 2014. Google has ramped up investment in data centres and other cloud related fixed assets as it competes aggressively with the likes of Microsoft, Amazon and Salesforce to gain the upper hand in what is still a fledgling market. This trend is set to continue into the future. Google’s Q4 2014 earnings release stated that “we expect to continue to make significant capital expenditures.”

Fact 5: Despite being Cash Rich Google Still has some Debt

It may seem unusual for a company with such vast cash reserves to have any debt on its balance sheet but the international nature of Google’s business has meant that a large portion of this cash is actually held overseas, out of reach of the head office treasury team due to the tax implications of bringing it home. At the moment, total debt levels are very low at approximately 5% of equity.

This high level glance at Google’s financial statements gives a telling insight into the scale of the company’s treasury operations. It now ranks on a par with mid-scale financial institutions from a treasury activity point of view. Perhaps the most impressive aspect of the Google treasury story has been the speed of growth since IPO and the positive challenges this has presented. Google is truly a world class organisation, no doubt supported by a world class treasury team.

09 Jul 2015

Money, Money, Everywhere

No matter how little money you have, you might be surprised to discover that you have some in places you would never think to look.

How many times have you gone to the store and put the change into your pocket or pocketbook, and forgotten that it was there? Over the years I have heard numerous stories like that.

One woman was always finding bills and coins in the oddest places. When I asked her why she didn’t remember having put them there she told me that sometimes she needed to do something as soon as she got home and then hung up her coat without checking the pockets or changed pocketbooks without transferring everything from one to the other.

I would have thought that a person who was always finding a few dollars here and there would think to look for money when she needed it most. Yet this woman never did. Each time she looked in a pocketbook or wallet, she always found some.

If I had ever had the experience, even once, of finding money in my coat pocket, a purse, or a wallet, those are the first places I would look when I didn’t have enough money to buy some food.

But even more than that, there are many people who open up small bank accounts for emergency money and then forget all about it. I was one of those people although I didn’t really forget about it.

Whenever I was short of cash, I would think about that account that was holding my fifty dollars and ask myself if this was really an emergency. After assuring myself that it was not a life or death emergency, I would decide to leave it in the bank.

One day, many years later, I received a letter from my bank telling me that they were going to be charging me a monthly fee for storing my money. I quickly got into my car and headed over to the bank.

When I got up to the teller I thanked her for sending me the letter and told her that it reminded me that I had this account and now I would close it out. She was flabbergasted and started to whine, “It wasn’t meant for you to withdraw your money, just to deposit more.”

She didn’t see me smiling as I left the bank, clutching my fifty dollars in my hot little hands.

09 Jul 2015

3 Steps to Disciplined Trading

In this article I’m going to show you the path to disciplined trading in 3 simple steps as recommended by a trading expert with 45+ years of market experience.

The path to disciplined trading

Step 1 – Methodology

The 1st step is to find a systematic rule-based approach to trading the markets that has been proven to work, either by computerised backtests or manual testing. This is extremely important because without a validated strategy you will not be able to build confidence in it and will likely just end up losing money and increasing stress.

Make sure you stay away from strategies that do not have clearly defined rules you can program into a computer, the rules should be simple and not require interpretation otherwise the results will be inconsistent. This step must be completed properly, if you do not then the string of losses you will likely experience will make it very difficult to continue following the strategy and you’ll either stop trading or jump to the next strategy and repeat the losing process.

Step 2 – Confidence

The 2nd step is to gain confidence with the strategy by understanding how it works, why does it make money? Really understand the backtest results, know the type of markets it works in best, then either paper-trade it or trade it with a small position size for a while to get a feel for how it behaves.

This process can take some time so don’t rush it. Also, don’t assume you can trade it just because you know the rules and have read the backtest report; there is a large difference between knowing something and doing it, so while you may think you can handle the performance characteristics of the system it can be an entirely different scenario once you’re risking your own money with it.

Step 3 – Discipline

The 3rd step is to gain discipline by following the strategy religiously. This is very important because not following the rules will erode your confidence and invalidate the results.

Make sure you resist the temptation to constantly ‘tweak’ the strategy rules, especially based on the results of a small number of trades. All strategies have winning periods and losing periods and the results are not defined by any one trade, rather you need to apply the strategy over a large number of trades to let the edge work in your favour.

If you find you constantly want to change the strategy or can’t enter or exit trades when the strategy requires it, you lack confidence in the strategy and the only solution is to stop trading it and go back to steps 1 and 2 again.

Go do it!

By following these 3 steps you can become a more disciplined trader. It won’t be easy, there are many challenges in trading, but if you remain persistent and are always looking to improve you give yourself a much better chance of being a successful trader.

09 Jul 2015

Money for Nothing

There was a time, not too many years ago, when relationship articles were the hot topic. They still are, but they’re not the hottest topic anymore. In its place is now money and security.

One of my publishers, whose opinions I greatly respect, was talking to me about the kinds of articles that most people are reading these days and we thought that with people so concerned about wanting to meet and marry their soul mate, that they were the articles most people gravitate toward. We were wrong.

I was looking over the stats of the articles that I’ve written over the last four years (over 900 articles) and what I discovered is that relationships, which used to be the prime focus of people, has been steadily losing ground to articles about money.

People are now more concerned about financial security than meeting their soul mate. There is more of a here today, gone tomorrow, way of looking at their lives. And business articles, which used to be a big drawing card, don’t seem to have the same impact that they used to.

Today’s hot topics center around getting money for nothing. People have always been attracted to articles about getting a lot of money without having to work for it, but lately, it’s been almost a mania, as evidenced by all the people who set up gofundme websites. This concept is now called crowdsourcing. I call it panhandling or standing there with a begging bowl in your hands asking strangers for money.

I had heard a story about a lazy, spoiled, twenty-one-year-old girl, who is in excellent health, setting up a gofundme website asking people to donate money so that she can go to Japan on a two-week vacation. The hands out, begging bowl concept, annoyed me so much that I wrote an article about it. And, wouldn’t you know it, but the number of people who read that one article climbed much higher and much faster than most of my other articles.

People take a look at Bill Gates and Warren Buffett and all they can see is the billions of dollars they have and they want to have what those two men have. They don’t see all the hard work that went into accumulating that wealth, nor do they see the kind of hard work they do to sustain their wealth. They just see a lot of money and they think they are entitled to the same riches.

Sad to say, but we’re living in a lazy, selfish, society these days and we’ve lost our moral compass along the way. We need to get back to the things that are really important before our whole society comes crumbling down around us.

Connie H. Deutsch is an internationally known business consultant and personal advisor who has a keen understanding of human nature and is a natural problem-solver.

09 Jul 2015

Financial Ratios

When investigating whether or not an organization is a worth while, or potentially profitable investment, it is crucial to consider the following financial ratios in your research.

Financial Ratios

Liquidity financial ratios are sometimes referred to as balance sheet ratios since most of the variables are taken from the balance sheet. Liquidity ratios measure the short-term solvency of a company. In other words, they indicate a company’s ability to meet its short-term financial obligations. These financial ratios are generally based upon the relationship between current assets and current liabilities.

Current Ratio

The current ratio is one of the most commonly used financial ratios to measure a company’s short-term financial strength. It is arrived at by following the formula shown below:

Current Ratio = Total Current Assets / Total Current Liabilities

Current assets are the assets that are expected to be converted into cash in the next operating cycle. The cash from current assets is used to pay off current liabilities, which are scheduled for payment during the next operating cycle. A company should have enough current assets to meet its current liabilities. The higher a company’s current ratio, the higher their margin of safety is since there is a possibility to lose some current assets, such as inventory write-offs or bad debts. If a company has a low current ratio, or less than 1x it indicates a potential short term liquidity crunch, and a possibility that they will not be able to meet their short term obligations.

While a generally acceptable current ratio is 2x, current assets should be twice the current liabilities, a satisfactory ratio is relative to the nature of the business. Moreover, while judging the current ratio, it is important for an analyst to look at the composition of current assets and liabilities. A company may have a very high current ratio of 3x, but if most of the current assets are locked in the form of inventory, a high current ratio may not indicate a good liquidity position. In this case, it is crucial to know the characteristics of the inventory. If the inventory consists of old product that is not selling well, the company may have to write off the inventory and the current ratio may drop significantly. However, if a large portion of their inventory consists of new products that the company is expecting to sell during the next business cycle, a high current ratio is a sign of healthy short-term liquidity position. Similarly, a high current ratio may also indicate a large amount of idle cash being accumulated and not reinvested into the business.

Quick Ratio

The quick ratio is also referred to as the ‘Acid-Text ratio’. It is considered to be one of the best financial ratios for judging a company’s ability to pay off its short-term debts and is a more difficult test for a company to pass. As mentioned above, inventories are subject to write-offs in certain cases and are therefore considered to be the least liquid component of current assets. While these financial ratios are similar to the current ratio, it excludes inventories from current assets.

Quick Ratio = (Total Current assets – Inventories) / Total Current Liabilities

By excluding inventories, the quick ratio concentrates on the most liquid assets, including cash, government securities and receivables. A higher quick ratio indicates that even if sales revenue were to disappear, the company would still be in a position to meet its current obligations with readily available assets. A quick ratio of 1x is considered acceptable, unless the majority of the quick assets are in the form of accounts receivable. In this case, the pattern of accounts receivable collection needs to be studied to find if the average collection period lags behind the schedule for paying current liabilities. The quick ratio is one of the utmost important financial ratios used to review an organization’s attractiveness when considering investment.

Interest Coverage Ratio

The interest coverage ratio is also called the ‘times interest earned ratio’ and measures the margin of safety available to a company before paying the interest liabilities on their debts. In other words, it indicates the amount of profit a company makes before paying interest. These financial ratios are used by investors and creditors, to judge a company’s financial risk position. It is calculated as follows:

Interest Coverage ratio = Profit before interest and taxes / interest

Interest is a tax-deductible expense. The ability of a company to pay interest is not affected by tax payments. Hence the numerator used in these financial ratios is profit before interest and taxes. A high interest coverage ratio is an indication that the company can easily meet its interest payments even if its profit before tax suffers a considerable decline. A company having a low coverage ratio is perceived to be financially risky since a minor decline in operating profit can result in an inability to meet their interest payments. It is also used by lenders to measure the debt capacity of a company.

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09 Jul 2015

Mobile Apps Make Remote Deposits Easy

As banking increasingly goes digital, credit union members have a new way of handling paper checks. Instead of using an ATM or making a personal appearance in the branch, members of a growing number of credit unions can endorse the back of a check, take a photo of the front and back, and then upload the image via their credit union’s mobile application (remote deposit capture, as it is sometimes referred to).

Depositing a check with your smartphone can literally take only seconds. As effortless as this process may seem, you may encounter some bumps along the way. Below are some simple steps to assure your success with mobile deposit.

Know your credit union’s requirements: Make sure you are eligible to use your credit union’s mobile deposit service. Most credit unions will let you use this feature if you are eligible or have signed up for mobile banking.

Endorse the check: Sign your check with blue or black ink and make sure there are no other items that need to be written on the check. For example, you may need to write “for remote deposit only” or include the last four digits of your account number.

Make sure the amount of your check is within the deposit limits: Because of security risks, many credit unions will limit the amount you can deposit remotely. If your check doesn’t fit those limits you will need to make your deposit at an ATM or the branch office.

Take a clear picture of your check:

Make sure your checks are deposited by using these tips for taking a clear, quality photo of your check.

· Place the check on a dark background that won’t reflect your camera flash.

· Make sure there’s plenty of light on the check.

· Ensure that all four corners of the check are inside the photo.

· Make sure no other objects are in the frame of the photo.

· Hold your smartphone directly above the check.

· If you get a blurry image, move the camera a few inches higher above the check.

· If you are having problems with quality or lighting, turn off the flash.

Confirm and press send: Make sure the check is going to the right account and that all other information is correct before you click send.

Keep the hardcopy of the check until it is processed. Your credit union may touch base with you via email when the check is accepted. Once you have your follow-up email, write “deposited by mobile” on the check and hold on to it until the deposit shows up in your account.

By following these simple steps, you can make a safe, secure mobile deposit. Remote check deposit has already begun to change the way credit unions interact with their members. With a mobile banking app., members can check their balance, transfer money between accounts and deposit checks remotely. No matter how convenient mobile banking has become, your credit union still can’t produce cold, hard cash through the phone so don’t kiss the brick-and-mortar branches goodbye just yet.

09 Jul 2015

Recent Trends in Asset Management

Asset management is the financial umbrella term for any system that monitors or maintains things of value, whether for an individual or a group. An asset is anything that has actual or potential value as an economic resource. Anything tangible or intangible that can be owned and produce a profit (turned into cash) is considered an asset. Tangible assets are physical items including inventory, buildings, trucks, or equipment. Intangible assets are not physical items, and include copyrights, trademarks, patents, stocks, bonds, accounts receivable, and financial goodwill (when a buyer purchases an existing company and pays more than it is worth, the excess is considered the goodwill amount). Both tangible and intangible assets work to build the owner’s financial portfolio. While this concept has been in play for more than a hundred years, recent developments have lead to several shifting variables worth considering. The following are recent management trends and some of the implications for asset investment.

The Globalization of the Market

Even as recently as 20 years ago, the majority of investments were made in U.S. based companies. As technology expanded our range of communication and information, our interest in investing in overseas companies expanded as well. Until recently, most investing in international assets was pooled into mutual funds. Those mutual funds were typically run by a manager who specialized in the country and made all of the decisions. However, the rapid development of previously underdeveloped markets, such as those in Eastern Asia, and the formation of the European Union, has made international investment less daunting. Recently there has been a large shift to investing in individual companies instead of the previously dominant international mutual funds. This allows the assets to be managed as the investor sees fit.

Use of Index Funds

The rise of technology has not only affected the global market, it has also affected the way we invest in our own stock market. There has been a large shift away from the fund manager driven investments of before and into index funds. Index funds are a group of investments that align with the index of a specific market, like the Dow Jones for instance. As they are primarily computer driven, index funds remove the need for an asset manager, which allows for advantages such as lower costs, turnovers, and style drift. They are also simpler to understand as they cover only the targeted companies and need only to be rebalanced once or twice a year.

Drop of Interest Rates

Traditionally, stocks and bonds were the ideal assets. However, with the severe drop in interest rates that has occurred over the past 7 or 8 years, many investors are looking to alternative assets. Bonds are not providing as steady returns as they used to, and the constantly changing risk and volatility of the stock market is turning those looking for higher returns towards alternative investments. These alternatives include hedge funds, private equity (stocks held in private companies), and real estate. These have become popular as they offer relatively greater returns in a shorter time frame. However, these alternatives also carry a higher long-term risks.

While these are all trends to take into consideration when examining your investments, the key to good asset management still lies in diversification. Any investment, no matter the type, comes with some degree of risk. The best solution to limit the risk is to spread out your investments over different types and reassess as needed. A balanced portfolio and good asset management leads to a happy investor.

09 Jul 2015

Financial Irrelevance to God by Those Missing the Real Treasure

Money is manmade and has nothing to do with the way God sees the world. Wealth is an addiction created by greed and those who engage in it are unlikely to be a part of the inheritance of the great treasure at the end of the day. Following my reincarnation and with a strong link to the Spirit of the Universe, the only real God, it commissioned me to tear down the wall of blindness and bring in the harvest. In a vision a great treasure was shown to me buried deep under the ground.

The meaning of the treasure haunted me for some two to three weeks and my pleas to be shown what it implied had no effect. That is until one day while praying with a minister at the Order of St. Luke’s Healing Service where we each asked for something special. He asked for the healing of one of his charges in a nursing home. My request was to be shown the meaning of the treasure.

On the way home the Spirit led me by a different route which took me past a friend’s house. She is a spiritual person and we were often drawn together for the purpose of serving God. Nearing her door the tears started and they were flowing full pelt when she opened it. Ushering me into her lounge room the tongues started and they poured from my mouth in an unstoppable fashion.

As soon as they ceased my friend jumped to her feet with the interpretation. The Spirit told us that the treasure was buried by the churches and that they lie and hide the truth. It informed us that it would be I who would unearth the treasure and return it to the children from whence it was stolen.

Over months of working in the Spirit and with healing miracles part of my work the treasure has been shown to me. It is the truth and the knowledge of how religions have stolen the name of the real God and given it to the false God of religion, Jesus Christ. He was the image put up by Constantine who established the Catholic Church in 325 AD.

The wall was built by the first beast, the sun, and strengthened by the emperor who was an Amorite by inheritance. The Amors inhabited Babylon and stylised the sun-star into a woman named Mary. Men considered they could ‘marry’ Mary by dying on a cross at dawn and rising with the sun into the heavens. Constantine reinstated her as the Mother of God and his new religion was based on it and the Islamic rituals of Islam.

He buried the treasure by denying the children of Israel the truth and he hid the way to gain access to the Spirit of the Universe. The Vatican then banned reincarnation and anyone who went against its orders were murdered. The emperor introduced the systems that control governments, the law, military, religions, and the economy. He is 666 and identified as such in a vision shown to me and in Revelation 13:18. Money continues to separate those seeking knowledge of God from the Spirit.

09 Jul 2015

5 Questions You Should Ask Your Financial Advisor

Managing your wealth, no matter how big or small, is a cumbersome task. Your financial advisor helps to keep your money safe while making it work for you. Before you start working with someone, ask them these important questions.

What Certifications Do You Have?

You need to know what licenses and certification your financial advisor has. Most of the top consultants are certified public accountants, fund specialists, consultants, or analysts. Some even carry a Juris doctorate and insurance licenses. While everyone has to start somewhere, you want to work with a firm that has extensive experience in the field.

What Safeguards Are in Place to Protect Assets from Fraud?

Your assets need to be protected by a reputable custodian. When you ask about safeguards, you should also ask about any infractions he or she has received in the past both with the firm and as an individual. To provide you with the best service, your financial advisor should be a fiduciary.

Consultants with a strict code of ethics have standards that they share with their clients. However, no matter their standards, they should be in compliance with Financial Industry Regulatory Authority, state and regulatory agencies, and the Security’s and Exchange Commission.

What Are Your Fees?

When it comes to fees, your counselor should be 100 percent transparent. He or she needs to explain his or her exact fee structure, so you understand how you are paying. Some are fee-only, meaning they provide a flat rate for services rendered.

Some investment consultants charge a commission fee. That means they make money off each product you purchase to help your investments grow. It is important to know which one you are working with, or if you are with someone who charges a fee in addition to earning commissions.

What Access Do You Have to Earning Reports?

As your financial advisor, he or she should have direct access to the top holdings of where your investments are. He or she needs to be able to tell you immediately what the earnings report is anytime you call.

At the very least, he or she should be able to educate you on your holdings before any investment of assets. By educating you on available options and what assets are invested, you can better understand what the consultant suggests.

How Often Do You Communicate

When it comes to letting you know how your money is doing, the counselor should be open to communication. He or she should send out weekly announcements about the market. Also, you must be informed of trade notifications immediately and receive an explanation on every buy and sell option. Most firms also send out information about their monthly investment outlook as well as a quarterly outlook. Brokers also offer to keep their customers informed with educational information and fact sheets.

Ask the tough questions of a financial advisor before asking him or her to manage your funds. It helps you to weed out the inexperienced and shady consultants before losing any money.

09 Jul 2015

Money and Power

If anyone wants to know why money was invented they need to look at the power that it generates. Politically it is the mainstay of governments while religiously it has grown gods and made their organisations indispensable. So where does it fit into the scheme of human behaviour and why is it at the root of the World Order? One could may assume that something other than an invented commodity would fit that role so why doesn’t it?

When humans took to a sedentary life and gave up wandering the forests and taking their food from the land, as God originally intended, they had time to think about other things. In the depositions of their living areas archaeologist have uncovered tales of their development from what might be termed primitive living to the more sophisticated trade deals and exchange of goods.

Other things crop up as well and chief among them is the religious side of life and the sacred sites where they imprinted their feelings and beliefs on items in art form. Over time the images became ever more lifelike and their meanings clearer. It was there where my research discovered the power.

It came first in the form of an exchange between humanity and the Sun-God. This unmistakable giving of life for prosperity permeates the ancient world and mysterious sites, like Stonehenge in England, or the temples of the Maya in Mexico. They stand as fortresses of power holding a code within that is only now interpretable.

My reincarnation and evidence that there is no heaven or hell is behind my ability to look at these sites from a different perspective and without the religious bias to better understand their meaning. It is a fact that the ancients were desperate to communicate with the sun and they worked out ways to do that. One way was to send a man up riding the cross as a kite to mate with the Mother God. This is shown in rock art in Nordic regions, such as Ostergotland (star of god’s land).

Dispersed light creates rings of seven colours, the same as the rainbow, and the number for ‘her’ is ‘seven’. The man is number 8 and multiplied together 7×8 is 56, the number of holes in the outer circle of Stonehenge. Both these numbers are linked to ancient beliefs that carry over into modern religious practices.

There are 7 candles on the altar of Christian churches, and 7 lights in the normal Jewish menorah, and so on. There are also 7 days of the week and 3×7 is 21, another mystical number. The 3 represents the ancient trinity of Mother God, sun and light.

Stonehenge displays the practice of exchanging god-men on crosses for fertility of the earth. The core of the site is the horse-shoe shape enclosed by the trilithons, made of 2 upright stones with a cap supporting them are the top. The ‘horse’ features prominently in ancient rituals and the white horse was etched out of the underlying chalk in several places in both Britain and Europe.

In time the use of circles as a symbol of exchange gave rise to the coins that were imprinted with the king’s head because he was supposedly the one married to the sun. The magic of handing over his image in exchange for goods took hold and gave rise to the monetary system. It was enhanced by Constantine, who established the Catholic Church in the year 325. He is also the one who organised the system of commerce that is still in play.

The circle with cross symbol is found in and around many sites on every inhabited continent and the first coins were of the same symbol. Later the king’s head was put inside the circle to suggest he is the thing that is the metaphor of the exchange. It provided extra power to the money, while that term comes from ‘moni’ or ‘man in the eye.

09 Jul 2015