Daily Digest

Daily Digest 9/28 - Gold As Final Refuge, Savers Told To Start Spending, Seafood in Crisis

Tuesday, September 28, 2010, 11:54 AM
  • Gold Is The Final Refuge Against Universal Currency Debasement
  • Billionaire Steve Forbes Singles Out Australia As Light In Financial Crisis
  • Medvedev Seeks Hi-Tech Partnership In China
  • Japan Re-Engages Africa In Bid To Boost Global Relevance And Influence
  • U.S. Treasury Stumbles Selling Citi Shares
  • Like A Thief In The Night
  • Savers Told To Stop Moaning And Start Spending
  • Seafood Crisis

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Economy

Gold Is The Final Refuge Against Universal Currency Debasement (pinecarr)

States accounting for two-thirds of the global economy are either holding down their exchange rates by direct intervention or steering currencies lower in an attempt to shift problems on to somebody else, each with their own plausible justification. Nothing like this has been seen since the 1930s.

Billionaire Steve Forbes Singles Out Australia As Light In Financial Crisis (pinecarr)

Australia was the perfect place for the world's top business people to learn from the global financial crisis, Steve Forbes said today. As hundreds of tycoons, CEOs and capitalists began arriving in NSW’s capital city today for the annual Forbes Global CEO Conference, host Mr Forbes said: “From an outsider's perspective, the finances of Australia have been excellent compared to the rest of the world.

Medvedev Seeks Hi-Tech Partnership In China (pinecarr)

Russian oil will be pumped to China by next year. President Dmitry Medvedev will take part in the opening of the new pipeline from Russia with Chinese leader Hu Jintao while visiting the country.

Japan Re-Engages Africa In Bid To Boost Global Relevance And Influence (pinecarr)

Japan sees bilateral assistance as a means to lock vital partnerships throughout the developing world in order to secure deeper commercial avenues for its expansive multinational corporations.

    Crash Course DVDJoin us in creating a future of True Prosperity – share the Crash Course today (NTSC or PAL)

U.S. Treasury Stumbles Selling Citi Shares (David B.)

“The sales of Citigroup stock have slowed way down in July and August ... The US Treasury will not finish its share sale by ... the end of the year,” said Linus Wilson, a professor of finance at the University of Louisiana. “The only option for the Treasury if it wants to exit Citigroup before the year-end seems to be to conduct a large secondary offering of the stake.”

Like A Thief In The Night (Davos The Narcissist)

To date, the crime syndicate has struck 3,800 times. At the bottom of this article you will find a partial list of the mob hits that have been made by the organized crime syndicate many refer to as: La Cosa Nos(Cen)tra(l) Banksters. The families of the diseased are large - entire nations. They made the unfortunate and common mistake of trusting their late, and once rich Uncle Currency with safeguarding the value stored in their life savings. Those that didn’t take out a life insurance plan suffered. Many, like the little children of Argentina, actually starved to death.

The modus operandi is identical in every case. The loot is taken first, the heist ends with a rub on the mark.

Savers Told To Stop Moaning And Start Spending (SolidSwede)

The typical savings rate has fallen from more than 2.8 per cent before the financial crisis to 0.23 per cent last month.

Mr Bean said he "fully sympathised". But he continued: "Savers shouldn't necessarily expect to be able to live just off their income in times when interest rates are low. It may make sense for them to eat into their capital a bit."

Environment

Seafood Crisis (Jeff B.)

Too many hooks in the water. That’s the problem with today’s fisheries. Working from small pole-and-line boats to giant industrial trawlers, fishermen remove more than 170 billion pounds of wildlife a year from the seas. A new study suggests that our current appetite could soon lead to a worldwide fisheries collapse.

Article suggestions for the Daily Digest can be sent to [email protected]. All suggestions are filtered by the Daily Digest team and preference is given to those that are in alignment with the message of the Crash Course and the "3 Es."

19 Comments

saxplayer00o1's picture
saxplayer00o1
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Re: Daily Digest 9/28 - Gold As Final Refuge, Savers Told ...

 

"Sept. 28 (Bloomberg) -- Irish and Portuguese bonds slid, sending yields on the debt to records relative to German bunds, on concern the cost of bailing out the region’s banks is rising. Stocks and U.S. futures fell and the euro weakened.

The extra yield, or spread, investors demand to hold Ireland’s 10-year securities instead of similar-maturity benchmark German debt widened 22 basis points to 452 basis points as of 9:37 a.m. in London. The Portuguese-German spread increased 24 basis points to 439 basis points. The Stoxx Europe 600 Index lost 0.9 percent to a three-week low, while futures on the Standard & Poor’s 500 Index declined 0.4 percent. The euro weakened against 12 of its 16 most-traded counterparts. Oil and copper dropped and cotton extended gains to a 15-year high.

The cost of insuring Irish sovereign debt against default rose to a record, more than doubling in the past two months, as Standard & Poor’s said the bailout for Anglo Irish Bank Corp. may exceed its earlier forecast of 35 billion euros ($47 billion). Spreads on bonds of so-called euro-area peripheral nations have widened even after the European Union and International Monetary Fund put in place a $1 trillion financial backstop for the region’s most indebted nations."  (Since the story has changed, here is a link to the above story)

...................1A) Ireland Leads Surge in Sovereign Default Swaps on Bank System Bailout Cost

....................1B) S&P warns of further possible Irish downgrade

.....................1C) Anglo Irish Cost May Exceed 35 Billion Euros, S&P Says

.......................1D) Spain Borrowing Costs Rise as Moody's Decision Looms

..........................1E) Spain presents draconian budget with unemployment remaining above 19%

.............................1F) Berlusconi Sees Italian Yields Rise on Threat of Early Election

"Saville said a number of countries lacked the ability to pay their way because they had ratios of public debt to GDP that were above the accepted level of 60 percent of GDP and budget deficits that exceeded the 3 percent of GDP benchmark. They include not only Greece, Spain, Portugal, Ireland and Italy but also the UK, the US and Japan.

He quoted Bill Gross, who runs the world's biggest bond fund, Pimco, as saying UK government bonds "are resting on a bed of nitroglycerine".

In the US, according to Saville, total credit market debt is equal to 360 percent of GDP, compared with 260 percent in the Great Depression. "And the federal government adds $4 billion each day."

The question for the US, he said, was "not whether to default but how". The debt would probably be "inflated away"."

"The U.S. dollar is “one step nearer” to a crisis as debt levels in the world’s largest economy increase, said Yu Yongding, a former adviser to China’s central bank.

Any appreciation of the dollar is “really temporary” and a devaluation of the currency is inevitable as U.S. debt rises, Yu said in a speech in Singapore today.

“Such a huge amount of debt is terrible,” Yu said. “The situation will be worsening day by day. I think we are one step nearer to a U.S.-dollar crisis.”

Yu also said China is worried about the safety of its foreign-exchange reserves including those invested in U.S. Treasuries as the U.S. currency weakens, reiterating his earlier views on the dollar assets. The U.S. will record a $1.3 trillion budget deficit for the fiscal year ending Sept. 30, the Congressional Budget Office said Aug. 19.

The estimated budget deficit for this fiscal year would be equivalent to 9.1 percent of gross domestic product, the CBO said. That would make it the second-largest shortfall in 65 years, exceeded only by the 9.9 percent in 2009.

The CBO also projected the U.S. would have a cumulative deficit of $6.27 trillion in the next decade, higher than its March estimate of $5.99 trillion. "

  • Other news, headlines and opinion:

Lipsky Says Global Growth in Second Half Will Fall Short of IMF's Forecast

Putin Yields Choke Corporate Borrowers on Record OFZ Sales: Russia Credit

Russia’s president fires powerful mayor

California eyes $5 billion bank loan

Rest areas closed until budget is enacted (California)

Moody's places $7.6 billion of GMAC-serviced RMBS on review ("after GMAC foreclosure affidavits were found to be faulty on cases in 23 states")

Debt forces Harvard back to drawing board

Failures of Harvard Endowment Will Take Five Years to Fix in Mendillo Plan

Moody's says receiver will help JeffCo pay sewer debts

Japan's savings crisis (Opinion)

USA: Smithers raises alarm over US firms' high debt levels

Morgan Stanley, Goldman Shorted Takefuji Ahead of Bankruptcy

Don't save, spend, says BoE chief Bean

Clinton Adviser Tyson: Drop Tax Cuts for Wealthy to Spur Spending

Bankruptcy option mulled (Louisiana...St. Helena school)

Seattle Budget: Higher Fees, Service Cuts & Layoffs ($67 million deficit)

Dividend Deals Most Since 2007 as Loans Heat Up: Credit Markets

Harvard Pilgrim cancels Medicare Advantage plan

DC shortfall could hit $175 million

Harrisburg May Miss Payroll Over Political Squabble

Newark sends out notificiations to 2200 employees of likely job eliminations

Census finds record gap between rich and poor

Austerity whips up anger, protests mount in Europe

Home Prices in U.S. Cooled in July After Tax Credit Expired

One-third of Americans Score Too Low for a Mortgage

U.S. business fears "downward spiral" in China trade

Roubini Sees High Risk of a U.S. Recession, Says Japan `Anemic'

cmartenson's picture
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Re: Daily Digest 9/28 - Gold As Final Refuge, Savers Told ...

Regarding the UK article about savers who need to stop moaning and start spending:

They should "not expect" to live off interest, he added, admitting that low returns were part of a strategy.

His remarks are likely to infuriate savers, who are among the biggest victims of the recession."

Whoa.  That has to be an Onion article, right pinecarr?  No way did they say that out loud.

Certainly many a blogger (*ahem*) has pointed out that the CBs are waging a war on savers in a dual attempt to get them to either spend their money on things they don't really need or toss up their hands and chuck their savings back into the stock market where the big banks can vacuum it up for their private gain.  But for the CB to admit this?

Okay, let's run with it.

The admission, lurking right beneath this statement, is that the system the CBs are now defending is one where everyone has no money saved and instead relies on credit as their buffer.  You know, the patently unsustainable system where ever increasing levels of debt ensure ever-increasing flows of interest 'earnings' to the banking system and the extremely wealthy.  You know, the system that requires exponential growth in debt in order to maintain a critical level of stability.

If ever you wanted a certain moment of clarity to be sure that the system will someday crash into a heap this was it; an outright admission by a leading central bank that their strategy consists of creating conditions hostile to savers in order to reward borrowers (and banks, obviously).  That is, they will defend the status quo of assuring non-labor based money flows to banks and the already wealthy by pinching off similar flows to savers who, it should be noted, came by their saved wealth through productive labor.

If ever there was an admission that the economy does not have enough productive flows to both support saversand bankers this was it.  When confronted with a choice between recipients, the CBs have made it utterly and completely clear: What productive flows remain shall flow in ways that support institutions over individuals and debtors over savers. 

If this sounds like a form of sociological warfare, don't blame me, I didn't invent it and put it into motion.

While I can appreciate how they came to this ideologically bankrupt position, I score it very poorly in terms of its sustainability and thoughtfulness.  Anybody can quickly reason out how this all ends in ruin; savings are the path to capital formation, borrowing for the sake of consumption is the path to capital erosion.

Are you sure this wasn't an Onion article??

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Re: Daily Digest 9/28 - Gold As Final Refuge, Savers Told ...

Hi Chris,

It was a Telegraph article.

..amazing, huh?

Jeff

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Re: Daily Digest 9/28 - Military to get off Oil by 2040...

Interesting article:

US Military Needs to Get Off Oil by 2040: Report

by Matthew McDermott, New York, NY  on 09.28.10

http://www.treehugger.com/files/2010/09/u-s-military-needs-to-get-off-oil-by-2040.php

Thats one way to end wars... no oil for the Military Industrial Complex....

-Bob O

 

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Damnthematrix
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Re: Daily Digest 9/28 - Military to get off Oil by 2040...
mainebob wrote:

Interesting article:

US Military Needs to Get Off Oil by 2040: Report

by Matthew McDermott, New York, NY  on 09.28.10

http://www.treehugger.com/files/2010/09/u-s-military-needs-to-get-off-oil-by-2040.php

Thats one way to end wars... no oil for the Military Industrial Complex....

-Bob O

And exactly what else would they do when there isn't any left....???

Mike

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Re: Daily Digest 9/28 - Gold As Final Refuge, Savers Told ...

Hi Chris-

   Nope, I double-checked to see whether I was just dreaming this AM, or if I really did see that article on The Telegraph this AM, and it was still there!  

   BTW  this was what The Onion had on the economy:

American Voices

-->

'Forbes' Wealthiest List Increased Wealth

September 28, 2010 | ISSUE 46•39

 

Members of Forbes magazine's annual list of the 400 richest people in the United States outperformed the stock market over the past year, increasing their overall value by 8 percent. What do you think?

 

  • Sawyer Maitland Delinquent Claims Clerk

    "Okay, you sold me. I wanna be a rich guy, too."

  • Cam Read Librarian

    "That's it. From now on I'm putting all my money in the 400 richest people in the United States."

  • Greg Bardot Unemployed

    "Is Forbes still in print because those 400 people buy every issue each month?"

 

    But hey!  If The Onion doesn't mind referencing the Telegraph article, they have some ready made material for their next edition!

 

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Re: Daily Digest 9/28 - Gold As Final Refuge, Savers Told ...
cmartenson wrote:

Regarding the UK article about savers who need to stop moaning and start spending:

They should "not expect" to live off interest, he added, admitting that low returns were part of a strategy.

His remarks are likely to infuriate savers, who are among the biggest victims of the recession."

Whoa.  That has to be an Onion article, right pinecarr?  No way did they say that out loud.

And of course the banker who said it was a.... Mr. Bean! I certainly thought at first that it was a link to a satirical article!

Poet

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Re: Daily Digest 9/28 - Gold As Final Refuge, Savers Told ...

Don't forget Alan Greenspan's infamous statement, advising people to go out and take out an ARM loan.

 

Even Better one: Fed will limit QE2 to "only" 100 Billion per month:

http://www.zerohedge.com/article/bullard-confirms-qe-over-1-trillion-wou...

 

$100 Billion is what, Pocket change?

 

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Re: Daily Digest 9/28 - Gold As Final Refuge, Savers Told ...

Bank of England 'should consider fresh cash injection'

Mr Posen argued that sustained high inflation was not a threat, leaving the way open for further injections of cash into the financial system through QE.

"I believe that if we were to loosen monetary policy further, it must primarily take the form of large scale asset purchases," he said.

Changing interest rates, or making commitments to keep them low, would only have a marginal impact, he argued.

Marginal? Tell that to the people who's savings are being obliterated.

But that's ok, because the IMF think it's all good.

Thumbs up from the IMF

"The government's strong and credible multi-year fiscal deficit reduction plan is essential to ensure debt sustainability. The plan greatly reduces the risk of a costly loss of confidence in public finances and supports a balanced recovery. Fiscal tightening will dampen short-term growth but not stop it as other sectors of the economy emerge as drivers of recovery, supported by continued monetary stimulus."

Sorry, are we sustaining debt or trying to reduce it? Oh, stimulus. We're increasing it. Silly me.

Help all bank customers access web accounts, says Which?

Which? said branch-based instant access accounts paid 0.65% a year on average compared to 1.14% for web savers.

Wow, that much? With inflation at 3.1% you'll excuse me if we don't take our dwindling savings and go to the pub.

Government figures suggest that up to four million people are "digitally excluded", meaning they do not have or cannot afford internet access.

Which? chief executive Peter Vicary-Smith said: "Not everyone is comfortable or able to manage their finances online and these people are missing out on the best deals as a result.

So those who can't afford internet access and/or are not able to manage their finances online (or at all, is the subtext) really are missing out on great ways of getting access to crap savings accounts and expensive loans.

"Banks should be more inclusive by offering terminals in branches where customers could access online deals, with some help from staff."

So if you go to the branch and try to get a deal you won't get it, presumably because of staff and branch location costs. But if you go to the same branch and use the provided online terminals you can get those deals? And if you don't understand the online instructions, you can ask those same staff for help? Come again?

Savers 'dealing with debts first'

Good, the Crash Course does suggest getting out of debt. I wonder how long before the interest rates shoot up like they did in the 80's and 90's.

 

ChrisM - there's some more analysis to Mr Bean's pearls of wisdom here. Of course, what they don't quite say is that once people have dipped into their savings and spent it, to boost the economy and all that, is there's no pension rainbow waiting at the other end. No doubt the BoE et al will then chastise people for not saving.

 

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Re: Daily Digest 9/28 - Gold As Final Refuge, Savers Told ...

And of course the banker who said it was a.... Mr. Bean! I certainly thought at first that it was a link to a satirical article!

Poet

Too funny, Poet!!  Truth is stranger than fiction!!

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saxplayer00o1
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Re: Daily Digest 9/28 - Gold As Final Refuge, Savers Told ...

 

Mr. Bean's news video

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wheatgrassfarmer (not verified)
Re: Billionaire Steve Forbes Singles Out Australia As Light In F

I don't think Forbes has been reading UofAustralia Dr. Steve Keen's excellent DebtWatch blog.

Influendced by the British bankers, the situation in Australia, while an order of magnitude better than the US and Europe, is not all a bed of roses. Dr. Keen has been on a mission for two years plus to try and bring some sanity to the country's trip down the realestate bubble road. A few have listened, most not. Here's some thougts on http://www.debtdeflation.com/blogs/2010/09/15/more-on-the-commonwealth-b... and perhaps that is why Forbes is talking Australia's book. In anycase, anyone looking to Australia as a safe haven should spend some time reading Dr. Keen's archives. His grasp of economic theory and monetary policy, at least, is refreshing. However, I've tryed to get my Aussie friends here in the states to read him with no success.

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Re: Daily Digest 9/28 - Gold As Final Refuge, Savers Told ...

Wheatgrassfarmer

Welcome to the CM.com. Laughing I think you'll find Steve Keen has a lot of fans on this site.

Doug

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Re: Daily Digest 9/28 - Gold As Final Refuge, Savers Told ...

I suspect that the next bank scam is for the banks to charge fees for those people with accounts that should have taken out a loan and did not. The bank manager will decide who should have taken the loan.

And for those that don't have an account the state or fed gov. will send you a bill for non-use of the banking system.

There always seems to be a way for the banks/gov to steal your money.

 

Ken

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Re: Daily Digest 9/28 - Gold As Final Refuge, Savers Told ...

 

http://www.freedompolitics.com/articles/gold-2048-government-people.html

Thomas Sowell: Politics versus gold

One of the many slick tricks of the Obama administration was to insert a provision in the massive Obamacare legislation regulating people who sell gold. This had nothing to do with medical care but everything to do with sneaking in an extension of the government's power over gold, in a bill too big for most people to read.

Gold has long been a source of frustration for politicians who want to extend their power over the economy. First of all, the gold standard cramped their style because there is only so much money you can print when every dollar bill can be turned in to the government, to be exchanged for the equivalent amount of gold.

When the amount of money the government can print is limited by how much gold the government has, politicians cannot pay off a massive national debt by just printing more money and repaying the owners of government bonds with dollars that are cheaper than the dollars with which the bonds were bought. In other words, politicians cannot cheat people as easily.

That was just one of the ways that the gold standard cramped politicians' style-- and just one of the reasons they got rid of it. One of Franklin D. Roosevelt's first acts as president was to take the United States off the gold standard in 1933.

But, even with the gold standard gone, the ability of private individuals to buy gold reduces the ability of the government to steal the value of their money by printing more money.

Inflation is a quiet but effective way for the government to transfer resources from the people to itself, without raising taxes. A hundred dollar bill would buy less in 1998 than a $20 bill would buy in the 1960s. This means that anyone who kept his money in a safe over those years would have lost 80 percent of its value, because no safe can keep your money safe from politicians who control the printing presses.

That is why some people buy gold when they lose confidence in the government's managing of its money. Usually that is when inflation is either under way or looming on the horizon. When many people start transferring their wealth from dollars into gold, that restricts the ability of politicians to steal from them through inflation.

Even though there is currently very little inflation, purchases of gold have nevertheless skyrocketed. Ordinarily, most gold is bought for producing jewelry or for various industrial purposes, more so than as an investment. But, at times within the past two years, most gold has been bought by investors.

What that suggests is that increasing numbers of people don't trust this administration's economic policies, especially their huge and growing deficits, which add up to a record-breaking national debt.

When a national debt reaches an unsustainable amount, there is always a temptation to pay it off with inflated dollars. There is the same temptation when the Social Security system starts paying out more money to baby boom retirees than it is taking in from current workers.

Whether gold is a good investment for individuals, and whether the gold standard is the right system for a country, are much more complicated questions than can be answered here. But what is clear is that the Obama administration sees people's freedom to buy and sell gold as something that can limit what the government can do.

Indeed, freedom in general cramps the government's style. Those on the left may not be against freedom in general. But, at every turn, they find the freedoms granted by the Constitution of the United States hampering the left's agenda of imposing their superior wisdom and virtue on the rest of us.

The desire to restrain or control the buying and selling of gold is just one of the many signs of the inherent conflict between the freedom of the individual and the left's attempts to control our lives.

Sneaking a provision on gold purchases and sales into massive legislation that is supposedly about medical care is just one of the many cynical tricks used to circumvent the public's right to know how they are being governed. The Constitution begins, "We the people" but, to the left, both the people and the Constitution are just things to circumvent in order to carry out their agenda.

To find out more about Thomas Sowell and read features by other Creators Syndicate columnists and cartoonists, visit the Creators Syndicate web page at www.creators.com.

Thomas Sowell is a senior fellow at the Hoover Institution, Stanford University, Stanford, CA 94305. His Web site is www.tsowell.com.

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Re: Daily Digest 9/28 - Gold As Final Refuge, Savers Told ...

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Re: Daily Digest 9/28 - Gold As Final Refuge, Savers Told ...
cmartenson wrote:

Regarding the UK article about savers who need to stop moaning and start spending:

They should "not expect" to live off interest, he added, admitting that low returns were part of a strategy.

His remarks are likely to infuriate savers, who are among the biggest victims of the recession."

Whoa.  That has to be an Onion article, right pinecarr?  No way did they say that out loud.

Yes, they are getting a little reckless. Saying this stuff behind closed doors at their meetings where they devise their ponzi schemes and stealth methods of skimming from the commoners is one thing. But, being bold enough to proclaim it in public leaves no room for denial. It makes it much more difficult to call your opponents that want honesty and transparency, like the Tea Party activists or their equilvalent, wacko-conspiracy-theorists when you've already conceded their point publicly.

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Re: Daily Digest 9/28 - Gold As Final Refuge, Savers Told ...

Mr Bean is not a politician. I guess that is why he has been caught out telling the truth!

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