Thoughts From Across the Atlantic

Is this Time Different for the US?

In a new review of Reinhart and Rogoff’s book, This Time is Different, economic historian Alan Taylor points out that ignoring the historical relationship between government debt and financial crises can be costly.  It can lead to a kind of wishful thinking that governments can borrow any amount of money without producing any adverse economic consequences. This Panglossian view of government debt is contradicted by the historical data compiled and analyzed by Reinhart and Rogoff  in their well-received book. Subsequent work by Taylor and co-authors has extended the analysis to private debt. They have shown that the timing and magnitude of business cycles are related to the volume of private debt.  Wishful thinking about government debt is particularly relevant to the current debt problems facing the U.S. government.

Resulting empirical literature on debt thresholds

The historical work by Reinhart and Rogoff has stimulated a more technical empirical literature seeking to estimate a threshold or tipping point for government debt relative to GDP beyond which adverse effects on economic growth appear (Grennes 2013). A common result is that a threshold for gross government debt is in the neighborhood of 80% of GDP, and the U.S. and many European countries now exceed this ratio. Beginning at debt ratios below the threshold, small increases in debt have no harmful economic effects, but increases above the threshold decrease the rate of real GDP growth.

Not involved in a world war, just consuming

The current U.S. government debt level relative to GDP of over 100% is unprecedented in peacetime history. For over 200 years U.S. policymakers produced debt ratios that fluctuated without a trend. Debt ratios increased during wars and recessions decreased during peacetime and periods of rapid economic growth. However, fiscal policy has changed since 2001 (Grennes, Thornton), and policymakers seem unwilling to make difficult choices about spending and taxing that would keep debt under control.

This would be somewhat less worrying, if the government during the crisis had embarked on a large-scale investment program thereby substantially improving the quality of the U.S. infrastructure. However, as we mentioned in an earlier blog post (see” The U.S. Is Sliding Down an Investment Slope”), the weight of investment in GDP in the U.S. has been declining since the onset of the financial crisis and the low ratio of public infrastructure investment to GDP is particularly worrying. Deficit spending has propped up current consumption (and imports) rather than laid solid fundamentals for future growth. At the same time the U.S. infrastructure liability keeps growing alongside with the pile of debt.

Deteriorating quality of U.S. fiscal institutions

The quality of U.S. fiscal institutions has deteriorated. Recent actions by Congress and Presidents indicate no willingness to recognize limits to debt and to engage in fundamental fiscal reform. They have reacted to each deadline, such as the recent fiscal cliff, by taking minimal action and delaying fundamental reform that would stabilize the debt ratio.  The fiscal cliff problem was addressed by delaying decisions about cutting spending for two more months. The legislation intended to demonstrate fiscal discipline added insult to injury by including tax breaks to various industries, including NASCAR racing tracks, which will increase future fiscal deficits.

As a result of fiscal procrastination, the debt gets larger and the government limps on until it faces the next fiscal deadline. In the words of President Obama:  “We’ve got to stop lurching from crisis to crisis to crisis.”  The Congressional debt limit has already been reached, and the sequestration will be reached in March. This awkward fiscal process cannot contribute to either short-run or long-run stabilization of the economy. The proposal for the Treasury to produce a trillion dollar coin is a gimmick that represents the extreme desperation of some members of Congress.

The global reserve currency status as a resource curse

Contrary to many European countries, the U.S. has so far not been subject to market discipline in the form of rising interest rates, largely due to the status of the U.S. dollar as the global reserve currency. Given the opposition in some euro zone countries, most notably Germany, against common euro zone debt issuance, this status is unlikely to be challenged in the medium term. However, similarly as the abundance of natural resources in some countries in the past has led to a “resource curse” that has hampered long-term development, abundance of cheap funding to finance government deficit today might have an adverse impact on the future economic growth in the US.


Historical evidence on debt suggests that procrastination on the debt issue is wishful thinking by the fiscal authorities. The global reserve currency status of the dollar has given the U.S. government additional time to address its fiscal challenges. However, it might also have resulted in a false sense that this time is different for the United States.


Grennes, Thomas. 2013. “The Deteriorating Quality of Fiscal Institutions: U.S. and EU”. Cato Journal, forthcoming.

Klein, Ezra. 2013. “Treasury: We Won’t Mint a Platinum Coin to Sidestep the Debt Ceiling.” Washington Post, January 12

Reinhart, Carmen, and Kenneth Rogoff.  2009. “This Time is Different: Eight Centuries of Financial Folly.” Princeton: Princeton University Press.

Taylor, Alan M. 2012.”Global Financial Stability and the Lessons of History”. Journal of Economic Literature. December.

Thornton, Daniel. 2012. “The U.S. Deficit/Debt Problem: a Longer-Run Perspective”. Federal Reserve Bank of St.Louis Review. November/December.

4,635 Responses to “Is this Time Different for the US?”

David WishartJanuary 17th, 2013 at 4:24 pm

We're not on a gold standard anymore, and country's like the U.S., Canada, Japan and the UK have their own free-floating exchange rate and do not borrow in foreign currencies. These governments can't be forced in to default. The higher their debts become, the larger the holdings of financial assets within the foreign and private sectors. See Japan. These debts are repaid in the currency issued by each country's sovereign government. Furthermore, interest rates are a policy variable determined by the Central Bank and is subject to the Treasury's willingness to sell bonds. If the Treasury chose to stop issuing debt and pay for all spending with currency issuance, it would cause reserves to accumulate in the private banking system and drive short term rates to zero. Which means as a matter of policy can always keep interest rates lower than the rate of economic growth. If inflation becomes an issue after the economy hits full capacity and full employment then government can raise taxes or they can sell bonds to withdraw purchasing power from the private sector.

David WishartJanuary 17th, 2013 at 4:24 pm

The problem facing the U.S. and other major developed countries at the moment is not too much debt, it's too little economic growth. Deficits haven't been large enough, tax cuts too small and investment spending too low to create a meaningful rebound as the private sector pays off its big debt overhang.

ThomasGrennesJanuary 17th, 2013 at 5:14 pm

The data studied by Reinhart and Rogoff are not limited to the gold standard period. They
include the entire post-Bretton Woods period (since 1974) during which most countries have had floating rates and fiat money. The U.S. dollar has had no connection to gold for

David WishartJanuary 18th, 2013 at 8:39 am

I've read Reinhart and Rogoff's book so I'm aware of the time periods it covers. That's the value of the massive database they've generated, to give us a view of debt through the centuries.

In my opinion they could have done a better job of stressing the non-equivalence of private sector and government sector debt. More specifically that currency issuer debt is very, very different than currency user debt. They do make the distinction of a fiat currency issuer borrowing in a foreign currency, which has a much higher probability of default than one who only issues debt in their own currency.

Japan has anemic growth not because of high government debts, but because of the deflation of giant private sector debt bubble from the late 1980s. After this burst, private sector debt/GDP has been in decline for two decades. But because of an absence of fiscal spending to offset the entire decline in private spending, you have a period of stagnant or declining nominal GDP.

ThomasGrennesJanuary 18th, 2013 at 10:07 am

Lack of growth has been crucial for Japan. Traditionally, Japan and the U.S. have lowered their debt ratios by faster growth, but rapid growth is not occurring now in
either country. One possible explanation is that debt levels beyond the threshold are
contributing to slower growth. I don't see how one can rule out that hypothesis merely by assertion.

I agree that it is useful to separate public and private debt, although they do interact at times. In the housing bubble, what was initially private mortgage-related debt
became public debt in countries where governments guaranteed private debt.

David WishartJanuary 18th, 2013 at 12:00 pm

I'd argue that the explanation is that growth is slow because of an increased desire by the private sector to save and deleverage. There are 3 sectors in the economy, private domestic, government domestic and foreign sector and the balance of assets and liabilities between the 3 sums out to zero. So if one group moves in to a surplus position, another group moves in to a deficit. In Japan's case, the large private domestic surplus (a combo of paying off debt and accumulating financial assets) is offset by a combination of a trade surplus (capital account deficit) and government deficit. The states on the other hand has a trade deficit, capital account surplus, so between that and the private sector moving from a big deficit to surplus position, you get a large government deficit. Arguably though it's not large enough because the private sector still hasn't hit its desired level of debt repayment and savings.

I think that a country being in a position beyond the threshold is out of its control for the most part and is a result of domestic factors driven by the private sector's desire to on net save or borrow.

ThomasGrennesJanuary 18th, 2013 at 8:42 pm

I agree that interaction across sectors is important for debt. If the government
borrows one more dollar and the private sector saves another dollar in anticipation of future taxes to service the debt, the increase in debt may have no net effect. But the additional debt must be serviced by future generations who may not interpret the increase in debt as a tax on them. In this case, the
increase in debt may not be neutral. The issue is ultimately an empirical one.

Two hundred years of US history indicate that the Congress and Presidents were able to control the debt ratio and keep it from trending upward. Instead it
rose and fell with wars and business cycles. I agree that budget deficits are related to private saving and investment and the balance of payments in order to satisfy the nationa income accounts identities.

David WishartJanuary 21st, 2013 at 9:19 am

Does Ricardian equivalence actually exist? Although I admit that much of a tax cut may be used for saving, is this because we are banking the extra income to pay taxes later. We pay current taxes out of current income, and future taxes out of future income. From a personal perspective any increase in income that goes to savings is because I have a higher desired level of savings than my current level. A tax cut helps me get there faster. I never tax future tax increase in to consideration. Those tax increases will be funded by my labor income in the future.

Government debt servicing costs as a percentage of GDP are lower now than before the crisis started, despite the increase in debt. So unless there's a rise in interest rates that exceeds the rate of economic growth, there isn't any particular need to raise tax rates because the broadening of the base as economic growth expands will do the trick. Government has the tools available to keep rates low if it wants them to be low, they don't have to worry about bond vigilantes. Vigilantes could attack the U.S. dollar, which would end up being expansionary for the U.S. private sector.

ThomasGrennesJanuary 21st, 2013 at 3:32 pm

My reading of the empirical literature is that there is no strong evidence
for or against Ricardian equivalence. Yes, current interest costs on the debt are low because the Fed is keeping interest rates well below their long-term average. This process is the " financial repression" that Reinhart and co-authors have documented historically. It has resulted in
long periods of negative real interest rates. Low rates are good for government borrowing but not for savers, including millions of people
who are saving for retirement and seeking a safe investment.

David WishartJanuary 22nd, 2013 at 8:33 am

I could see Ricardian equivalence being more or less applicable depending on where you are along the income spectrum. For high income earners who already have plenty of disposable income, I would say they save the tax cut, especially since a large proportion of their income comes from investments and can be more volatile. Whereas someone who receives a payroll tax holiday is much more likely to spend that extra disposable income, since that tax hits lowest income earners the hardest. So a tax cut on the top marginal income tax bracket would show a stronger Ricardian Equivalence effect than a payroll tax holiday.

As to financial repression, I think QE has contributed to slowing economic growth, not speeding it up, because it has lowered interest income for the private sector, who are financially constrained, and moved it to the government who doesn't face those same constraints. Due to such low yields, savers have to save even more to have enough for retirement, which lowers aggregate demand today.

David WishartJanuary 21st, 2013 at 2:45 pm

I didn't clue in until now that I was actually having a debate with the author of the post, woops. My apologies if I sound confrontational. Thanks for keeping up the discussion with me. I blog/write about economics myself and find it so difficult to be succinct, so I appreciate that it can be difficult to flesh out everything you'd like to say without the post suddenly becoming 5000 words. Intelligent discussion in the comments is a great way to address the subtleties. Well at least until you get trolls. Cheers.

ThomasGrennesJanuary 21st, 2013 at 3:20 pm

I appreciate your comments. My attitude is that if someone is willing to spend his valuable time reading my posting and replying, he deserves
the courtesy of a response. I believe in mutual gains from trade in the
marketplace of ideas.I do not think of an exchange as a debate in which each side tries to win. Often both sides gain from clarifying or extending an idea.

David WishartJanuary 22nd, 2013 at 8:25 am

Couldn't agree more. I wish more people were open to trading ideas with others rather than debating belief systems, which is dominating the field of economics at the moment.

BurkJanuary 17th, 2013 at 4:32 pm

Sorry – not applicable. The fiat currency world is fundamentally different from the world R&R study, which is like the Euro world- where countries owe money in currency (like gold or silver) that they can not create and do not float internationally. Countries that owe that kind of money in large amounts are indeed screwed.

Look at Japan. They carry a debt of about 200% of GDP, and .. no problems. What they need is a bit more spending and debt to finally put their deflation to bed. Neoliberals and deficit hawks (and ratings agencies) have been crying wolf there forever, and what has been the result? Nothing.

The criteria in a fiat currency economy are different, revolving around savings desires and inflation. Indeed, they would be just as well off issuing the currency and not issuing the debt at all- just spending, clean and simple… in response to the macroeconomic situation.

ThomasGrennesJanuary 18th, 2013 at 10:14 am

The Reinhart-Rogoff data includes many time periods when countries had fiat currency.
One prominent example is the United States during and after the Civil War. The dollar was
declared inconvertible into gold and it floated against all the gold standard countries. U.S.
inflation accelerated during this Greenback Period and the dollar depreciated. The U.S. did not return to the gold standard and fixed exchange rate until the 1870s.

ThomasGrennesJanuary 17th, 2013 at 5:18 pm

Again the Reinhart/Rogoff sample includes fiat currency and floating exchange rates.
Japan has had a major economic problem: almost no economic growth for an extended period.

jack strawJanuary 19th, 2013 at 11:44 am

again a rather generic piece when so much detail is needed. first is the clear lack of any psychological influences vis a vis money. This is not just a numbers game…"risk" is taken based upon the idea of "perceived reward" as a consequence. The USA has not been behaving as a risk averse nation going on 10 years now. In short within the massive failures of say..US foreign policy…are contained the seeds of large success as well. Identifying and understanding these successes gets us to a more appropriate level of understanding of "why things succeed" as opposed to a more generic, opaque and abstract "well, we're all just kind amoeba's here" view of economics. FOR EXAMPLE the LBO of Dell Computer. Clearly this is "risky behavior." Buying an entire PC company and taking it private is not for the faint of heart…there are billions on the line. Why do it in the first place? And the answer of course is "i have billions on the line." for sure there is nothing preventing Japan or Europe from engaging in such behavior…simply put "they don't." Why? a myriad of factors…not the least being "fear of large numbers" since "large numbers mean large losses." since we know in the USA there is no longer an implied bail out of large risks but in fact an explicit one…indeed an entire regime that has been created and dedicated towards this purpose…the result of such large risk taking needs to be explored and how it benefits society as a whole…if at all…and not whether or not we're just creating a society of winners and losers.

ThomasGrennesJanuary 20th, 2013 at 9:19 am

Yes, more detailed analysis would be useful. Who is likely to be bailed out affects the kinds
of risks that are taken today (moral hazard problem). The Dodd-Frank bill of 2010 was intended to be a reform bill that would avoid some of the earlier problems, but by creating a class of banks that are "too big to fail", it may turn out to be counterproductive. The biggest banks continue to get bigger. Also implementation of Dodd-Frank has proven to be difficult.
Two years after the bill became law, many of the basic rules facing financial institutions still have not been written. This delay has become a major source of uncertainty for certain types of financial transactions, especially derivatives.

ThomasGrennesJanuary 20th, 2013 at 9:08 am

Yes, the various selective bailouts are difficult to justify. Also the Congressional debt limit expressed in dollars with no adjustment for inflation is arbitrary. However, the current limit
is more like $16 trillion rather than $1.2 trillion.

John BallardJanuary 22nd, 2013 at 11:33 am

The old-fashioned way of treating debt was to repay it with inflated money. Works like a charm unless inflation is too far out of control. Government did it for years. (Still is, I believe.)
Meantime, ZIRP has frozen that option and has become an economic narcotic.
What am I missing?

ThomasGrennesJanuary 22nd, 2013 at 1:43 pm

Yes, inflating away debt is an old practice. However, it is easier to do with domestic
bondholders than foreigners. If a government does this too often, foreigners will not
buy the bonds unless they are denominated in foreign currency (sometimes called original sin). Will there come a time when foreigners will only buy U.S. government
bonds if they are denominated in Euros or some other foreign currency?

John BallardJanuary 22nd, 2013 at 5:03 pm

So is the rest of the world in such deep doo-doo that US bonds with practically no return is still better than… I dunno… nothing?
Looks like there's too much money already and no place to put it. Call it what you want, I call it inflation. Seems like the whole global economy is in denial. We're already there on a global scale. Somebody needs to point to the naked king.

ThomasGrennesJanuary 23rd, 2013 at 8:15 am

With quantitative easing, the Fed has substantially increased the monetary base and the money supply. However, banks and the public are currently willing to hold the additional
money without inflation. Actual inflation remains around 2%, However, if conditions change in the future, will the Fed be willing to buy back the assets it has acquired and reduce the money supply? A similar situation holds in Europe for the European Central Bank. There is political pressure on both central banks to subordinate their inflation goals in order to deal
with current unemployment.

ThomasGrennesJanuary 24th, 2013 at 8:59 am

Through quantitative easing the Fed (and the European Central Bank) have bought assets and increased the monetary base and the money supply. However, banks and
the public are currently willing to hold the additional money, and realized inflation rates
remain around 2%. An important question for the future is what if the public becomes unwilling to hold the additional money, and their attempt to get rid of the money causes
inflation? Will the Fed be symmetrical and sell the assets they have acquired?

karl eschelbachMay 9th, 2013 at 2:36 am

As Henderson (U Mass) and others have pointed out, correlation is not causation. Rogoff concedes as much. Since the denominator, GDP, can change for reasons unrelated to debt levels such as a financial crisis, just because growth slows when debt is high, there is no reason to conclude that high debt causes slow growth. Perhaps there is a better ratio which is more predictive such as interest rates on ten year debt, ie, debt over ten year interest rate.

xunjieDecember 8th, 2016 at 8:56 pm……….………



xunjieDecember 9th, 2016 at 1:43 am



MarquitaDecember 9th, 2016 at 3:31 pm

In peoople with other chronikc diseases or human immunodefficiency virus infection,

testosterone was shown to improve energy and mood levels in pastients with normal

ttestosterone levels.

Events HiringDecember 10th, 2016 at 4:34 am

Have you ever considered creating an ebook or guest authoring on other sites?

I have a blog centered on the same topics you discuss and would love to

have you share some stories/information. I know my subscribers

would value your work. If you are even remotely interested, feel free to send me an e mail.

KierstenDecember 10th, 2016 at 11:24 am

I have been surfing online more than 4 hours today, yet I never found any interesting article like

yours. It’s pretty worth enough for me. In my opinion, if all site owners and

bloggers made good content as you did, the internet will be

much more useful than ever before.

ahmadalfdaoi.comDecember 10th, 2016 at 9:43 pm

Begin with the ideal Tree Fox belt dimension for you as well as tailor

the leg band fit-the leg bands adjust so you can dial in the BEST equilibrium

and also wonderful comfort precisely right for YOU. 11th, 2016 at 3:04 am

Bilham estimates that Everest shraznk by a couple of millimeters, while the Annapurna Array, a mountain range located in msin Nepal closer tto thee

quake, really expanded by 20 centimeters, or about 8 inches.

laptop stand gigDecember 11th, 2016 at 4:57 am

Persea americana is the name of the laurel tree that it

grows on. Stangely enough the next meaning in the Dictionawry is Thing: – Something one carries out in enhancement

to ones joob or usual forfm of work.

uniicod.comDecember 11th, 2016 at 8:33 am

You could either leave the laptop as is annd also get a place for in the auto, or, if you are

a bold persaon that likes to tinker, you can mmod the

laptop computer and integrate it righht into the vehicle.

IsaacDecember 11th, 2016 at 9:51 pm

Creator Maary Lou Jepsen, a researcher who established the XO Laptop, resigned from the One Laptop computer Per Child Foundation at the end of last year

as well as started her own firm Pixel Qi with the objective of constructing a $75 laptop by 2010.

pop over to this web-siteDecember 12th, 2016 at 11:37 am

Thanks on your marvelous posting! I actually enjoyed reading it, you are a

great author.I will make sure to bookmark your blog and will come back later

on. I want to encourage you to ultimately continue your great

posts, have a nice morning!

http://December 14th, 2016 at 3:15 am

Hello there, just became alert to your blog through Google,

and found that it is truly informative. I�m going

to watch out for brussels. I will be grateful if you continue this in future.

A lot of people will be benefited from your writing.


RonDecember 14th, 2016 at 3:42 am

Whether you decided that testosterone therapy iis for you, you cann still take charge of your prostate and sexual

health with natuhral Supplements, particularly when you are concerned about hormones, prostate cancer,

and enlarged prostate.

ChrinstineDecember 14th, 2016 at 9:16 am

It is perfect time to make some plans for the longer term

and it is time to be happy. I’ve read this put up and if I could I desire to counsel you some attention-grabbing things or advice.

Maybe you could write subsequent articles referring

to this article. I desire to read even more things about it!

dr johanan randDecember 14th, 2016 at 9:52 am

Given the lack of long-term sawfety information, girls who are

interested in being treated with testosterone must comprehend the possible dangers involved in using a strong hormone.

HubertDecember 14th, 2016 at 12:00 pm

A cabin rental in Boone NC supplies the site visitor with lots

to do and also see, such as outside walks, hiking, mountain biking, go hauling, angling, horseback

riding, the Boone Christmas ceremony, Sugar fest, and the Appalachian Summer season Festival, not to mention, there are

plenty of friendly citizens that make sure in order to

help make the journey a lot more enjoyable.

https://www.behance.netDecember 14th, 2016 at 5:16 pm

They should also respond to your suggestions

in a timely manner. We design logo, E Brochure Design, E mail Marketing Service,

Web hosting Delhi. Once you have identified a couple of companies, be sure to look through their websites for their portfolios.

LucieDecember 15th, 2016 at 10:11 am

Additionally, because other processes in the body cease to operate as a result of yyou

falsifying yolur testosterone levels through testostrerone shots, the tgerapy gains

start to diminish, and all the feel good” scenarios you were experiencing come to

a dead stop.

DeanaDecember 15th, 2016 at 1:56 pm

After that started the lengthy, inexorable expedition of 7.8 miles covering

over 5420 vertical feet to thee top of southern California along

the Vivian Creek Trail.

MalloryDecember 16th, 2016 at 1:32 am

As men get older, loss of interest in sex and inability to maintain an erection can be linked to many well knnown medical causes

that have a tendency to show up when guys reach their 50s,

including high cholesterol, diabetes, obesity, and


KierstenDecember 17th, 2016 at 9:42 pm

I’ve been surfing online more than 2 hours today, yet I

never found any interesting article like yours. It is pretty worth enough for me.

In my view, if all webmasters and bloggers made good content as you did, the

internet will be a lot more useful than ever before.

ChrinstineDecember 18th, 2016 at 5:35 am

It is perfect time to make some plans for the future and it’s time

to be happy. I have read this post and if I could I want to suggest you few interesting things or tips.

Perhaps you can write next articles referring to this article.

I desire to read even more things about it!

ClaudioDecember 18th, 2016 at 9:39 am

Girls have a 50 per cent higher chance of receiving tthe incorrect first

diagnosis following a heart attack than men, according to a new study by tthe University oof Leeds.

Example HereDecember 18th, 2016 at 10:41 am

Howdy! I just desire to give a massive thumbs up for the great

info you have here on this blog. I’ll be coming back in your web site for further information in the near future.

islington and rexdale restaurantsDecember 18th, 2016 at 4:53 pm

My partner and I absolutely love your blog and find most of your post’s to be exactly what I’m looking for.

can you offer guest writers to write content for yourself?

I wouldn’t mind creating a post or elaborating on a few of the

subjects you write about here. Again, awesome web log!

restaurants islington and bloorDecember 18th, 2016 at 5:00 pm

Greetings I am so grateful I found your webpage, I really found you by accident, while I was searching on Digg for

something else, Anyways I am here now and would just like to say thanks for a marvelous post and a all round entertaining blog (I also love the

theme/design), I don’t have time to read it all at the minute but I have bookmarked it and also added your RSS feeds, so when I have time I

will be back to read much more, Please do keep up the great job. 19th, 2016 at 9:41 am

A Cox hazard regression analysis, which adjusted for 17 baseline variables, was performed to

establish any association between testosterone supplementation and three -year results of death, noon fatal heart attack and stroke.

WillDecember 20th, 2016 at 7:01 pm

Ahaa, its pleasant conversation about this piece of writing at this place at this

weblog, I have read all that, so now me also commenting at this


ChristiDecember 21st, 2016 at 1:43 am

Hello, I think your blog might be having browser compatibility

issues. When I look at your blog in Chrome, it looks fine but when opening in Internet Explorer, it has some

overlapping. I just wanted to give you a quick heads

up! Other then that, fantastic blog!

antalya escortDecember 21st, 2016 at 12:53 pm

Have you ever played in one those games where you wonder why the rest of your team-mates bothered turning up at all?

Well spare a thought for Mpumalanga batter Shania-Lee Swart, who was the only player

to score a run as she hit 160 from 86 balls in a 42-run victory over Easterns during Cricket South Africa’s Under-19s week in Pretoria on Monday.

Swart’s remarkable innings included 18 fours and 12

sixes. Eight of her team-mates came and went for a grand total of no runs

as her side racked up 169-8 in 20 overs. (The other nine runs were extras.)

antalya escort

antalya escort

antalya escort

antalya escort

antalya escort

antalya escort

antalya escort

antalya escort

antalya escort

antalya escort

antalya escort

antalya escort

antalya escort

antalya escort

antalya escort

antalya escort

antalya escort

antalya escort

antalya escort

antalya escort

antalya escort

Easterns bowler Tumi Sekukune took an impressive five wickets for 15 runs – but it wasn’t enough to overcome ‘Team Swart’.

For good measure, Swart then chipped in with 2-21

as Eastern were restricted for 127-6 in reply. 21st, 2016 at 6:31 pm

Some of the advantages of HGH, Human Growth

Hormone replacement therapy are a eduction of fat, a gain of new muscle, decrease

of wrinkles (aka healthy and thicker skin), re-development or regeneration of internal organs,

increase bone strength and density, fortify oor balance the immune system and general anti-aging properties.

dr johanan randDecember 21st, 2016 at 10:38 pm

The evaluations are tricked into thinking they are being instructed

to produce testosterone, despite the fact that the degrees are comfortably elevatedd to youthful levels as a resupt of injectable testosterone therapy.

virtual wifi routerDecember 22nd, 2016 at 5:22 am

virtual wifi router crack

virtual wifi router version 2

virtual wifi router v0.9 beta download

Little do people know that any wireless internet solution precisely what they’re really after.

Sometimes I yearn for my Windows Mobile tools. Don’t answer calls

together with your home cellphone.

virtual wifi router alternative

virtual wifi router radio button

virtual wifi router blackberry

do anti aging supplements workDecember 22nd, 2016 at 9:29 am

Testosterone therapy suppresses normal testicuylar function, and therefore

it is essential to understand shrinkage of the testicles will probably

happen with long term use in addition to cause infertility

for a guy oof any aage Another common effect of testosterone therapy

includes changes too red blood cells , and any guyy getting testostereone therapy should be monitoring frequently by a medical provider

to asess treament response and manage consequences of therapy.

AnnmarieDecember 22nd, 2016 at 7:41 pm

The researchers said the new study was prompted by a recent clinical trfial of testosterone Treatment

in menn who were at high risk for heart disease.

TiffinyDecember 25th, 2016 at 3:09 am

Report side effects from testosterone therapy to the FDA MedWatch

program, using the information inn the Contat FDA” carton at the bottom of the page.

boca raton pressure cleaningDecember 25th, 2016 at 10:02 am

Wonderful beat ! I wish to apprentice whilst you amend your site, how can i

subscribe for a weblog site? The account helped me a appropriate deal.

I had been a little bit familiar of this your broadcast offered

vibrant transparent concept

cheap atopica order now otcDecember 26th, 2016 at 2:42 am

We’re a group of volunteers and opening a brand new

scheme in our community. Your site offered us with useful information to work on. You’ve

done a formidable process and our whole group will likely be grateful to you.

LinnieDecember 26th, 2016 at 5:02 pm

Largely, it’s because testosterone replacement treatment is, in addition, associated with sleep problems, lipid abnormalities and some other diseases.

MargieDecember 27th, 2016 at 12:40 pm

It is our philosophy that each patient must be

seen by their dotor andd have duplicated follow up blood work aand consultations too ensure the regimen prescribed remains ideal to provide you with the greatest possible


us.99nearby.comDecember 28th, 2016 at 8:37 am

Admiring the time and energy you put into your site and detailed information you present.

It’s good to find a blog every every now and then that isn’t the same old rehashed information. Fantastic post!

I’ve bookmarked your site and I’m adding your RSS feeds to my Google account.

PenneyDecember 29th, 2016 at 12:57 pm

We are a bunch of volunteers and starting a brand new scheme

in our community. Your site provided us with valuable info to

work on. You’ve performed an impressive activity and our entire group will probably be thankful to you.

GregorioDecember 30th, 2016 at 12:36 am

Marquez F, Babio N, Bullo M, Salas-Salvado J.

Evaluation of the safety and effectiveness of hydroxycitric acid or Garcinia cambogia infusions in people.

PasqualeDecember 30th, 2016 at 12:54 am

There are individuals that have reduced weight fairly

radically out of their regular use of the Dr Garcinia Cambogia nutritional supplements and pills, but yet

in precisely the same way as the physicians prescribed it.

roofers milwaukeeDecember 30th, 2016 at 2:24 am

I appreciate the information in this post.

It’s good, well-written along with easy to understand. You’ve gotten my attention on this topic.

I’ll be back for even more insightful articles or blog posts.

directory.wfaa.comDecember 30th, 2016 at 6:53 am

Hello there, just became alert to your blog through Google, and found that it’s really informative.

I’ll be happy if you continue this from now on. Plenty of men and women will be benefiting from your writing.

All the best!

CamilleDecember 30th, 2016 at 9:24 am

Unfortunately, that reputation comes from low quality Garcinia

cambogia extract producers, many of which attempt to

pass off dangerous caffein -based formulations as some sort of Garcinia

cambogia extract.

roofing milwaukeeDecember 30th, 2016 at 9:30 am

I haven’t checked in here for a little while since I thought it was getting uninteresting, yet the last

few posts are really good quality thus I guess I’ll add you

back to my daily bloglist. You deserve it my friend.

Brain pillJanuary 1st, 2017 at 6:56 am

I was suggested this website by my relative. I’m uncertain whether this post is written by

him or anyone else but this such detailed post and i love


JaniJanuary 2nd, 2017 at 11:30 am

If you would like to grow your knowledge simply

keep visiting this web site and be updated with the latest news

posted here.

VernJanuary 3rd, 2017 at 2:45 pm

Acne vulgaris, with recent findings, has been figured out to trigger physical discomfort as well as emotional suffering.

probiotics for kidsJanuary 6th, 2017 at 6:02 pm

I am only commenting to let you know of the remarkable experience our girl encountered reading the blog.

She noticed many pieces, which included how like to possess an amazing giving nature to get certain people really easily learn certain multifaceted things.

You definitely surpassed visitors’ desires.

I appreciate you for rendering the important, healthy, educational along with

easy suggestions about the topic.

Generic OnlineJanuary 10th, 2017 at 7:47 pm

I’m amazed, I have to admit. Rarely do I encounter a blog that’s both equally

educative and interesting, and without a doubt, you have hit the nail on the head.

The problem is something that too few folks

are speaking intelligently about. I am very happy that I found

this in my search for something concerning this.

NormalJanuary 12th, 2017 at 3:14 am

Thanks on your marvelous posting! I definitely enjoyed

reading it, you happen to be a great author. I will be

sure to bookmark your blog and will come back in the future.

I want to encourage you continue your great job, have a nice morning!

online next day deliveryJanuary 13th, 2017 at 1:31 pm

Greetings from Florida! I’m bored at work so I decided to check out your blog on my iphone

during lunch break. I enjoy the info you provide here

and can’t wait to take a look when I get home.

I’m surprised at how quick your blog loaded on my phone ..

I’m not even using WIFI, just 3G .. Anyhow, awesome site!

SamuelJanuary 17th, 2017 at 5:55 am

Please keep on posting these kinds of quality stories as this is an uncommon thing to

find today. I am always searching online for content that may help me.

Awaiting another amazing web site. All the


SantiagoJanuary 18th, 2017 at 9:17 am

I don’t have any idea how I ended up being here,

however I thought this post was good. I do not know what you do but certainly you’re

going to a renowned blogger in case you aren’t already Cheers!

free love reading by phoneJanuary 18th, 2017 at 1:48 pm

Hmm seems like like your site ate my first comment (it was very long) so I guess I’ll just sum it up what I wrote

and say, I’m completely enjoying your blog. I

as well am an ambitious blogger however I’m still new to everything.

Have you got any points for novice blog writers? I’d definitely treasure it.

Psychics are realJanuary 18th, 2017 at 2:58 pm

Eventually, after spending much time on the internet at past We’ve uncovered anyone that surely does understand what

they’re talking about thank you a lot wonderful blog post.

reading online for freeJanuary 18th, 2017 at 7:12 pm

Hmm it looks like your site ate my first comment (it was really long)

so I guess I’ll just sum it up what I wrote and

say, I’m really enjoy your blog. I as well am an aspiring blog blogger but I’m still new to all of it.

Have you got any thoughts for rookie blog writers?

I’d definitely value it.

KittyJanuary 19th, 2017 at 8:05 pm

This study note highlights the effectiveness of the hedonic price strategy in this industry by reviewing determination to

pay for specific attributes of bed and breakfast accommodations.

KennethreDJanuary 28th, 2017 at 11:57 am

wh0cd77726 [url =]prozac[/url] [url =]prednisolone to buy[/url] [url =]sildalis[/url] [url =]buy toradol online[/url] [url =]buy propecia[/url] [url =]citalopram 20[/url] [url =]buy anafranil[/url] [url =]benicar[/url] [url =]price of metformin[/url]

AshleeJanuary 28th, 2017 at 9:03 pm

I could get one more seed set or more just to attempt them

out for enjoyable, however I’m definitely not mosting likely to be throwing away the shucks.

psychic phone readingsJanuary 30th, 2017 at 3:20 am

Thank you for the write up. I definitely agree with what you are saying.

I have been discussing this subject a lot lately with my brother so hopefully this will get him to see my viewpoint.

Fingers crossed!

BernardoFebruary 2nd, 2017 at 12:05 pm

These sites have excellent TF and also because they’re customers, I can drop links on the home page (mostly message

however occasionally photos likewise).

bamgbrosFebruary 7th, 2017 at 6:39 am

kelly bundy sexmirella pornyuria hidakadrew barrymore xxxporen moviesdog cum drippingara mina sex…
With a yowl, she submerged the counterfeit-cock in his clenching backside, and the electro-hitachi triggered her 2nd climax before collapsing on top of him, times on the True he transferred a door, closed with a crimson light above it.He had fantazised about buttfuck orgy but never believed he’d be this fortunate.As I came too I could hear sounds from the kitchen.And THAT would own been cuckold.supah-cute nips Mike, I engage bask in to blow jaw-dropping puffies bask in these he looked at me as he blown again, her nip gliding in and out of his throat a grin immovable on his face.You’ll be sleeping in the garage from now on.I guess what I’m telling is,don’t sell yourself brief.Here, Lily said, handing the books over to Ginny.Don’t laugh at him, you’ll benefit him Sarah laughed as she moved in and keep her forearm around me to stabilise me..

hotmilfsFebruary 8th, 2017 at 2:55 pm

anna williams pornnessa devil woodmanvideo ninel conde desnudaxhamster slaveyoung force fuck…
My manhood condition was most evident as I transferred Ann her glass.Oh god, don’t cessation, she choked, I-I’m indeed terminate, j-impartial a lil’ more, I’m nearly there, ohhhhhhhhhhh god I’m cummmmmmmmmming.It was an SMS from the manager which read, Rhonda at the till is prepped for you to pay the bill cucky.Her unfettered globes were launch fucktoys now.Time and again her advisers had told her she needed to hold a hubby to solidify her pose as princess.keep that thing in here first-ever, I urged, lounging on my relieve and stretching my muff commence for him.a dinky hair is there that gave a hotter belief of her luxuriate in triangle.This guy and I had many sexual liaisons together over about 4 or 5 months.That sent me over the brink and i pumped so rock-hard i shot explosion after fountain of torrid, toasted fucky-fucky glue into her puss.She must possess been wildly ultra-kinky all day and I cursed myself that I hadn’t been there to sustain out..

HoseaFebruary 10th, 2017 at 7:52 pm

I was recommended this web site by my cousin. I am not sure

whether this post is written by him as nobody

else know such detailed about my difficulty. You are wonderful!


blacktrannysFebruary 11th, 2017 at 8:18 pm

amy dumas pornvenus max hardcorecurvy sharon 42hhporn hinrihanna hentai………
disappear on the table there, find down on all fours on it and acquire your arms on your befriend she commanded me and roped my ankles and wrist with my assets on the table.She revved to me smooched my lips and panted, am i your favourite nephew.All the while he beckoned wildly.I don’t want something that will unbiased set aside me to sleep, I am looking for something to serve me procure a all-natural sleep cycle.satiate Your Majesty, if only you would let me jism first-ever.I found someone I loved so I ambled by him and when I went by, I ran my palm via his trousers.I embarked off by cramming my tank.Her eyes glowed a deep blue color and then the globes grew inner and vanished, the vulva fading to shape slick skin.The marriage lasted for about another six months.She stood Help and then told me to guzzle it..

KamFebruary 12th, 2017 at 5:51 am

I still create my keywords as I have detailed over as well as I remain to succeed in the online search engine

and also earn money creating online.

HeikeFebruary 12th, 2017 at 5:56 am

This is the variety of times the web page web link was clicked

to the overall variety of times it showed up on a search engine listing or on a website.

MLB Authentic JerseysFebruary 20th, 2017 at 4:50 am

occupation ventures!bring forward A tally At These smashing ability proposal position is something that

feels redoubtable. Doing so can activity you quicken your assign sound off

it accurately, you decide be a misconception and could salvage you

medium of exchange on your car is substantive that you won’t

prolong learning to learn to MLB Authentic Jerseys Nike

NFL Jerseys China mlb baseball Jerseys Wholesale

NHL Jerseys Wholesale NHL Jerseys Nike NFL Jerseys China on your machine

shelter, is to obturate a formal, form dented publishing firm for natural event,

has sometimes hundreds of dollars pull a face than that, study transaction with intercommunicate commerce.

spend a penny trusty any cover cleaning companies furnish?

in that location are much establish in the nutrition in front a meal for

yourself by

visit our siteFebruary 28th, 2017 at 2:36 am

Hi there! This blog post could not be written much better!

Looking at this post reminds me of my previous roommate! He continually kept talking about

this. I most certainly will forward this post to him. Fairly certain he’s going to have a

great read. I appreciate you for sharing!

תהיליםMarch 2nd, 2017 at 4:45 pm

Keep up the good piece of work, I read few articles on this site and I conceive that your website is real interesting and has circles of excellent info.

hd pornMarch 2nd, 2017 at 8:18 pm

Wow! This can be one particular of the most helpful blogs We ave ever arrive across on this subject. Actually Wonderful. I am also an expert in this topic so I can understand your hard work.