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Nairaland Forum / Nairaland / General / Business / Angola Overtakes Nigeria As Owner Of Most Battered Oil Currency (21949 Views)
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Re: Angola Overtakes Nigeria As Owner Of Most Battered Oil Currency by legaxi(m): 8:38am On Apr 12, 2018 |
oneda: How about other tribes? 1 Like 1 Share |
Re: Angola Overtakes Nigeria As Owner Of Most Battered Oil Currency by BadBradley: 8:42am On Apr 12, 2018 |
obailala: I do not debate on the solutions, long or short term, of making the Naira work. I'm citing instances where the government promised to stabilise the dollar and the other notorious retárd is denying it. |
Re: Angola Overtakes Nigeria As Owner Of Most Battered Oil Currency by 4Play(m): 9:03am On Apr 12, 2018 |
niyisky: Why compare Nigeria to Russia who are subject to Western economic sanctions due to Russian military invasion of Ukraine and a variety of other reasons? Again and as with the Venezuelan comparison often trotted out but ill-informed Buhari apologists, the Russian financial crisis started in 2014 and yet no one then tried to justify GEJ by comparing Nigeria to Russia. If you replace a looting government with an honest/competent government, which is the narrative Buhari supporters promote, that in itself should provide an economic boost. To ignore the sheer incompetence of this government by making naive comparisons to Venezuela, as you guys often do, is like justifying a leader by making comparisons to Idi Amin. 5 Likes |
Re: Angola Overtakes Nigeria As Owner Of Most Battered Oil Currency by obailala(m): 9:08am On Apr 12, 2018 |
BadBradley:Of course that's a standard promise made by every government, including the current govt.; i.e. to strenghten the Naira and boost the economy. |
Re: Angola Overtakes Nigeria As Owner Of Most Battered Oil Currency by 4Play(m): 9:11am On Apr 12, 2018 |
grandstar: The Buhari apologists will be bringing out the celebratory champagne for this "sterling" achievement. 3 Likes |
Re: Angola Overtakes Nigeria As Owner Of Most Battered Oil Currency by Suplexx: 9:16am On Apr 12, 2018 |
SalamRushdie: You are wrong. Angola currency in the black market is worse than naira in the black market. Angola refused to devalue its currency, so it would appear their official price is better than ours. But Kwaza is over 500 to $1 in the black market. In 2014, it was less than 100 to a $1. 2 Likes 2 Shares |
Re: Angola Overtakes Nigeria As Owner Of Most Battered Oil Currency by BadBradley: 9:21am On Apr 12, 2018 |
obailala:thank you. But the APC-puppet on this thread is even denying that . 1 Like |
Re: Angola Overtakes Nigeria As Owner Of Most Battered Oil Currency by Nigeman: 9:25am On Apr 12, 2018 |
dapsin999: Your evil prophesy will backfire on you IJN |
Re: Angola Overtakes Nigeria As Owner Of Most Battered Oil Currency by Abagworo(m): 9:32am On Apr 12, 2018 |
oneda: Buhari did excellently well in managing the economic crisis he met from onset. A lot was done by opposition including the "Avengers" saga and a lot of moves to sabotage smooth take off. Despite all the challenges, Nigerian economy performed better than almost all oil producing countries including Saudi Arabia. 1 Like 1 Share |
Re: Angola Overtakes Nigeria As Owner Of Most Battered Oil Currency by SalamRushdie: 9:42am On Apr 12, 2018 |
Suplexx: We don't know what black market is at the world bank , I just showed you the prevailing exchange rate and you are saying something else, next you will tell me of how Buhari needs another 4 years |
Re: Angola Overtakes Nigeria As Owner Of Most Battered Oil Currency by SBG04: 10:06am On Apr 12, 2018 |
I don't understand where you people are getting your own news from! Who says Nigeria's economy is getting worse? GDP growth rate is positive and rising for the first time since 2014. Inflation has been on the decline for more than 10 consecutive months. The EGRP is on course and our tax revenues are hitting double digit growth rate monthly. Where are you people getting your own statistics from or is it just plain stupidity that is on display here on NL? 2 Likes 2 Shares |
Re: Angola Overtakes Nigeria As Owner Of Most Battered Oil Currency by waveman2: 10:14am On Apr 12, 2018 |
I think u really need to go back to basic economics, maybe u never passed one. Take a look at what strengthen your local currency against the dollar. U can as well ask China. bettercreature: |
Re: Angola Overtakes Nigeria As Owner Of Most Battered Oil Currency by waveman2: 10:21am On Apr 12, 2018 |
Must u always use agriculture as your yard stick for export. U forgot we also use other items. Most everyone go into agriculture. How do we improve technology export. This is running to four years how many industries around the world have open their factories in Nigeria. We should stop using agriculture as a bench mark for our export revenues. It is just a part of it. obailala: |
Re: Angola Overtakes Nigeria As Owner Of Most Battered Oil Currency by banio: 10:25am On Apr 12, 2018 |
Taught Venezuela was worst hit. |
Re: Angola Overtakes Nigeria As Owner Of Most Battered Oil Currency by Barzinime(m): 10:55am On Apr 12, 2018 |
Dont say Nigerians......You say some Nigerians Ibibioesan: |
Re: Angola Overtakes Nigeria As Owner Of Most Battered Oil Currency by hamzeiy: 11:19am On Apr 12, 2018 |
oneda:grudgly i agree with you fully |
Re: Angola Overtakes Nigeria As Owner Of Most Battered Oil Currency by Nobody: 12:02pm On Apr 12, 2018 |
jimrog: Pls list the projects. |
Re: Angola Overtakes Nigeria As Owner Of Most Battered Oil Currency by jimrog: 12:26pm On Apr 12, 2018 |
PrecisionFx: Are u denying there are no road projects bin done by the govt? 1 Like 1 Share |
Re: Angola Overtakes Nigeria As Owner Of Most Battered Oil Currency by Suplexx: 2:24pm On Apr 12, 2018 |
SalamRushdie: Buhari deserves four years. Official rate is a dubious rate because it is govt controlled, particularly for those countries who refused to allow it to float. 2 Likes 1 Share |
Re: Angola Overtakes Nigeria As Owner Of Most Battered Oil Currency by temigreat(m): 2:42pm On Apr 12, 2018 |
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Re: Angola Overtakes Nigeria As Owner Of Most Battered Oil Currency by SalamRushdie: 2:56pm On Apr 12, 2018 |
Suplexx:n Yes he deserves four years in Daura and you can join him there it's okay |
Re: Angola Overtakes Nigeria As Owner Of Most Battered Oil Currency by Suplexx: 4:00pm On Apr 12, 2018 |
SalamRushdie: If possible another 8 years in Aso Rock to completely change the mentality of the looters. 2 Likes 2 Shares |
Re: Angola Overtakes Nigeria As Owner Of Most Battered Oil Currency by grandstar(m): 5:50pm On Apr 12, 2018 |
obailala: You first need to understand that I am apolitical. I don't even vote. So I am speaking from a strictly independent point of view. I can as well provide such views about the Ghanaian or Argentine economies. However, in 2015, if I was told which of the 2 candidates I would have preferred between Jonathan and Buhari, Buhari would have been my No.1 choice hands down. So, my criticism should be seen in a rather constructive light rather than petty bias. Why do I blame Buhari for the recession, for the collapse of the economy and for even the present dire state? Let me use an illustration Imagine everyday, you had a N1,000,000 with you and you went to the black market to buy $10,000. What will the exchange rate be? Most likely N100 to $1.00. And it has been like this for a long time. One day, you go to the market with your usual 1m and want to buy your $10,000. However, the traders say there is not much dollars available and all you can get is $7,000. If you choose to buy the $7,000, will they sell it to you at the same rate of N100 to $1 or will they ask for a mark up? I am sure you will say they will of course demand a higher price for the $7,000. The price will not remain the same. Well, Buhari said it must remain the same. By fire by force, it must remain the same.He said he does not believe in the depreciation or devaluation of the currency. who gives a damn what you believe? Market forces will reign supreme. Upon assumption of power, the continual depreciation of the Naira which you acknowledged was occuring during the last months of the Jonathan administration due to the declining dollar inflow into the country due to the rapidly collapsing oil price was put to a halt. Buhari hijacked forex policy from the semi-autonomous CBN and fixed the Naira at 197 to $1. Since nature says the Naira should continuously continue to lose value due to declining dollar inflow, it was a recipe for disaster. Before long, the CBN could no longer satisfy the demand for forex. Businessmen turned to the thinly traded black market and the Naira value started crashing against the dollar. The overvalued official exchange rate discouraged forex inflow and chased away foreign investors. To understand why, imagine your uncle sent you $100 through WU and your bank offered you 19,700 at the official rate. Meanwhile, the black market rate is N300. Will you be willing to exchange? Will you want to bring your dollars in? If you at $100 can not afford to make losses on your money, is it someone with a $100m? The artificial scarcity of forex caused by his ineptitude deprived companies of much needed foreign exchange and before long they started collapsing, their collapse devastating other businesses as well, triggering a severe recession. Lamido Sanusi was relentless in condemning Buhari's exchange rate policies. He was seething. Other economist refused to keep quiet. Soludo and Utomi condemned his statist policies. The condemnation of Buhari isn't personal but strictly business. The depreciation of the Naira during the last months of Jonathan admin was in order. Dollar inflow was dropping very fast. Buhari should have let the market do its work but he interfered ignorantly, his cure was worse than the disease itself. If you owned a $1b company and you wanted someone to head it, will you simply choose someone who is 100% honest but has never run a N1M company before? Do you think this will be wise? The stock market collapsed to a 3 month market low upon Buhari's announcement that he is running for a second term. That is how little faith the business community has in his policies. It was a vote of no confidence. No one is shirking off Jonathan's lapses but they are a poor excuse for Buhari's failures. I will share this same reply with all those who replied me. 1 Like |
Re: Angola Overtakes Nigeria As Owner Of Most Battered Oil Currency by grandstar(m): 6:02pm On Apr 12, 2018 |
SillyMods: Stop being rude and rather reason constructively. Stop overblowing Jonathan's lapses as well. Do you think that OBJ in his first term did not inherit an economy in tatters from Abdulsalam? OBJ inherited an economy that was barely growing at 3% yearly from 1994 to 1999 when he assumed power. Not only that, the 2 previous regimes of Abacha and Abdulsalam were very corrupt especially that of the latter. Abdulsalam was so bad that they even dipped into the foreign reserves. No matter how much you steal, never , ever touch the foreign reserves. It does not belong to the State. Funny thing, OBJ did not whinged or whine perennially like Buhari but rather got to work resuscitating the economy. Buhari, like a typically bad workman blames his tools. to know more, please read the article below: You first need to understand that I am apolitical. I don't even vote. So I am speaking from a strictly independent point of view. I can as well provide such views about the Ghanaian or Argentine economies. However, in 2015, if I was told which of the 2 candidates I would have preferred between Jonathan and Buhari, Buhari would have been my No.1 choice hands down. So, my criticism should be seen in a rather constructive light rather than petty bias. Why do I blame Buhari for the recession, for the collapse of the economy and for even the present dire state? Let me use an illustration Imagine everyday, you had a N1,000,000 with you and you went to the black market to buy $10,000. What will the exchange rate be? Most likely N100 to $1.00. And it has been like this for a long time. One day, you go to the market with your usual 1m and want to buy your $10,000. However, the traders say there is not much dollars available and all you can get is $7,000. If you choose to buy the $7,000, will they sell it to you at the same rate of N100 to $1 or will they ask for a mark up? I am sure you will say they will of course demand a higher price for the $7,000. The price will not remain the same. Well, Buhari said it must remain the same. By fire by force, it must remain the same.He said he does not believe in the depreciation or devaluation of the currency. who gives a damn what you believe? Market forces will reign supreme. Upon assumption of power, the continual depreciation of the Naira which you acknowledged was occuring during the last months of the Jonathan administration due to the declining dollar inflow into the country due to the rapidly collapsing oil price was put to a halt. Buhari hijacked forex policy from the semi-autonomous CBN and fixed the Naira at 197 to $1. Since nature says the Naira should continuously continue to lose value due to declining dollar inflow, it was a recipe for disaster. Before long, the CBN could no longer satisfy the demand for forex. Businessmen turned to the thinly traded black market and the Naira value started crashing against the dollar. The overvalued official exchange rate discouraged forex inflow and chased away foreign investors. To understand why, imagine your uncle sent you $100 through WU and your bank offered you 19,700 at the official rate. Meanwhile, the black market rate is N300. Will you be willing to exchange? Will you want to bring your dollars in? If you at $100 can not afford to make losses on your money, is it someone with a $100m? The artificial scarcity of forex caused by his ineptitude deprived companies of much needed foreign exchange and before long they started collapsing, their collapse devastating other businesses as well, triggering a severe recession. Lamido Sanusi was relentless in condemning Buhari's exchange rate policies. He was seething. Other economist refused to keep quiet. Soludo and Utomi condemned his statist policies. The condemnation of Buhari isn't personal but strictly business. The depreciation of the Naira during the last months of Jonathan admin was in order. Dollar inflow was dropping very fast. Buhari should have let the market do its work but he interfered ignorantly, his cure was worse than the disease itself. If you owned a $1b company and you wanted someone to head it, will you simply choose someone who is 100% honest but has never run a N1M company before? Do you think this will be wise? The stock market collapsed to a 3 month market low upon Buhari's announcement that he is running for a second term. That is how little faith the business community has in his policies. It was a vote of no confidence. No one is shirking off Jonathan's lapses but they are a poor excuse for Buhari's failures. I will share this same reply with all those who replied me. |
Re: Angola Overtakes Nigeria As Owner Of Most Battered Oil Currency by grandstar(m): 6:03pm On Apr 12, 2018 |
Charles478: Please read what I earlier wrote below:You first need to understand that I am apolitical. I don't even vote. So I am speaking from a strictly independent point of view. I can as well provide such views about the Ghanaian or Argentine economies. However, in 2015, if I was told which of the 2 candidates I would have preferred between Jonathan and Buhari, Buhari would have been my No.1 choice hands down. So, my criticism should be seen in a rather constructive light rather than petty bias. Why do I blame Buhari for the recession, for the collapse of the economy and for even the present dire state? Let me use an illustration Imagine everyday, you had a N1,000,000 with you and you went to the black market to buy $10,000. What will the exchange rate be? Most likely N100 to $1.00. And it has been like this for a long time. One day, you go to the market with your usual 1m and want to buy your $10,000. However, the traders say there is not much dollars available and all you can get is $7,000. If you choose to buy the $7,000, will they sell it to you at the same rate of N100 to $1 or will they ask for a mark up? I am sure you will say they will of course demand a higher price for the $7,000. The price will not remain the same. Well, Buhari said it must remain the same. By fire by force, it must remain the same.He said he does not believe in the depreciation or devaluation of the currency. who gives a damn what you believe? Market forces will reign supreme. Upon assumption of power, the continual depreciation of the Naira which you acknowledged was occuring during the last months of the Jonathan administration due to the declining dollar inflow into the country due to the rapidly collapsing oil price was put to a halt. Buhari hijacked forex policy from the semi-autonomous CBN and fixed the Naira at 197 to $1. Since nature says the Naira should continuously continue to lose value due to declining dollar inflow, it was a recipe for disaster. Before long, the CBN could no longer satisfy the demand for forex. Businessmen turned to the thinly traded black market and the Naira value started crashing against the dollar. The overvalued official exchange rate discouraged forex inflow and chased away foreign investors. To understand why, imagine your uncle sent you $100 through WU and your bank offered you 19,700 at the official rate. Meanwhile, the black market rate is N300. Will you be willing to exchange? Will you want to bring your dollars in? If you at $100 can not afford to make losses on your money, is it someone with a $100m? The artificial scarcity of forex caused by his ineptitude deprived companies of much needed foreign exchange and before long they started collapsing, their collapse devastating other businesses as well, triggering a severe recession. Lamido Sanusi was relentless in condemning Buhari's exchange rate policies. He was seething. Other economist refused to keep quiet. Soludo and Utomi condemned his statist policies. The condemnation of Buhari isn't personal but strictly business. The depreciation of the Naira during the last months of Jonathan admin was in order. Dollar inflow was dropping very fast. Buhari should have let the market do its work but he interfered ignorantly, his cure was worse than the disease itself. If you owned a $1b company and you wanted someone to head it, will you simply choose someone who is 100% honest but has never run a N1M company before? Do you think this will be wise? The stock market collapsed to a 3 month market low upon Buhari's announcement that he is running for a second term. That is how little faith the business community has in his policies. It was a vote of no confidence. No one is shirking off Jonathan's lapses but they are a poor excuse for Buhari's failures. I will share this same reply with all those who replied me. |
Re: Angola Overtakes Nigeria As Owner Of Most Battered Oil Currency by grandstar(m): 6:06pm On Apr 12, 2018 |
GavelSlam: Thanks for your response. No one is saying the economy wasn't going down in Jonathan's last months but Buhari has used that as an excuse to dodge responsibility for his incompetence handling of the economy. Please read below: You first need to understand that I am apolitical. I don't even vote. So I am speaking from a strictly independent point of view. I can as well provide such views about the Ghanaian or Argentine economies. However, in 2015, if I was told which of the 2 candidates I would have preferred between Jonathan and Buhari, Buhari would have been my No.1 choice hands down. So, my criticism should be seen in a rather constructive light rather than petty bias. Why do I blame Buhari for the recession, for the collapse of the economy and for even the present dire state? Let me use an illustration Imagine everyday, you had a N1,000,000 with you and you went to the black market to buy $10,000. What will the exchange rate be? Most likely N100 to $1.00. And it has been like this for a long time. One day, you go to the market with your usual 1m and want to buy your $10,000. However, the traders say there is not much dollars available and all you can get is $7,000. If you choose to buy the $7,000, will they sell it to you at the same rate of N100 to $1 or will they ask for a mark up? I am sure you will say they will of course demand a higher price for the $7,000. The price will not remain the same. Well, Buhari said it must remain the same. By fire by force, it must remain the same.He said he does not believe in the depreciation or devaluation of the currency. who gives a damn what you believe? Market forces will reign supreme. Upon assumption of power, the continual depreciation of the Naira which you acknowledged was occuring during the last months of the Jonathan administration due to the declining dollar inflow into the country due to the rapidly collapsing oil price was put to a halt. Buhari hijacked forex policy from the semi-autonomous CBN and fixed the Naira at 197 to $1. Since nature says the Naira should continuously continue to lose value due to declining dollar inflow, it was a recipe for disaster. Before long, the CBN could no longer satisfy the demand for forex. Businessmen turned to the thinly traded black market and the Naira value started crashing against the dollar. The overvalued official exchange rate discouraged forex inflow and chased away foreign investors. To understand why, imagine your uncle sent you $100 through WU and your bank offered you 19,700 at the official rate. Meanwhile, the black market rate is N300. Will you be willing to exchange? Will you want to bring your dollars in? If you at $100 can not afford to make losses on your money, is it someone with a $100m? The artificial scarcity of forex caused by his ineptitude deprived companies of much needed foreign exchange and before long they started collapsing, their collapse devastating other businesses as well, triggering a severe recession. Lamido Sanusi was relentless in condemning Buhari's exchange rate policies. He was seething. Other economist refused to keep quiet. Soludo and Utomi condemned his statist policies. The condemnation of Buhari isn't personal but strictly business. The depreciation of the Naira during the last months of Jonathan admin was in order. Dollar inflow was dropping very fast. Buhari should have let the market do its work but he interfered ignorantly, his cure was worse than the disease itself. If you owned a $1b company and you wanted someone to head it, will you simply choose someone who is 100% honest but has never run a N1M company before? Do you think this will be wise? The stock market collapsed to a 3 month market low upon Buhari's announcement that he is running for a second term. That is how little faith the business community has in his policies. It was a vote of no confidence. No one is shirking off Jonathan's lapses but they are a poor excuse for Buhari's failures. I will share this same reply with all those who replied me. |
Re: Angola Overtakes Nigeria As Owner Of Most Battered Oil Currency by grandstar(m): 6:36pm On Apr 12, 2018 |
niyisky: No one doubts that Buhari met a dwindling economy and a dwindling oil fortune. But his cure turned out to be worse than the disease. Don't forget that OBJ inherited an economy looted shamelessly by his predecessors but he did not go about whinging and whining? Also, Russia's economy hasn't been well run by Putin. Instead of him making the economy more competitive, he uses economic spoils for populist gains. He wasn't worsened things by having sanctions placed on the country. In regards to Nigeria, please read below: You first need to understand that I am apolitical. I don't even vote. So I am speaking from a strictly independent point of view. I can as well provide such views about the Ghanaian or Argentine economies. However, in 2015, if I was told which of the 2 candidates I would have preferred between Jonathan and Buhari, Buhari would have been my No.1 choice hands down. So, my criticism should be seen in a rather constructive light rather than petty bias. Why do I blame Buhari for the recession, for the collapse of the economy and for even the present dire state? Let me use an illustration Imagine everyday, you had a N1,000,000 with you and you went to the black market to buy $10,000. What will the exchange rate be? Most likely N100 to $1.00. And it has been like this for a long time. One day, you go to the market with your usual 1m and want to buy your $10,000. However, the traders say there is not much dollars available and all you can get is $7,000. If you choose to buy the $7,000, will they sell it to you at the same rate of N100 to $1 or will they ask for a mark up? I am sure you will say they will of course demand a higher price for the $7,000. The price will not remain the same. Well, Buhari said it must remain the same. By fire by force, it must remain the same.He said he does not believe in the depreciation or devaluation of the currency. who gives a damn what you believe? Market forces will reign supreme. Upon assumption of power, the continual depreciation of the Naira which you acknowledged was occuring during the last months of the Jonathan administration due to the declining dollar inflow into the country due to the rapidly collapsing oil price was put to a halt. Buhari hijacked forex policy from the semi-autonomous CBN and fixed the Naira at 197 to $1. Since nature says the Naira should continuously continue to lose value due to declining dollar inflow, it was a recipe for disaster. Before long, the CBN could no longer satisfy the demand for forex. Businessmen turned to the thinly traded black market and the Naira value started crashing against the dollar. The overvalued official exchange rate discouraged forex inflow and chased away foreign investors. To understand why, imagine your uncle sent you $100 through WU and your bank offered you 19,700 at the official rate. Meanwhile, the black market rate is N300. Will you be willing to exchange? Will you want to bring your dollars in? If you at $100 can not afford to make losses on your money, is it someone with a $100m? The artificial scarcity of forex caused by his ineptitude deprived companies of much needed foreign exchange and before long they started collapsing, their collapse devastating other businesses as well, triggering a severe recession. Lamido Sanusi was relentless in condemning Buhari's exchange rate policies. He was seething. Other economist refused to keep quiet. Soludo and Utomi condemned his statist policies. The condemnation of Buhari isn't personal but strictly business. The depreciation of the Naira during the last months of Jonathan admin was in order. Dollar inflow was dropping very fast. Buhari should have let the market do its work but he interfered ignorantly, his cure was worse than the disease itself. If you owned a $1b company and you wanted someone to head it, will you simply choose someone who is 100% honest but has never run a N1M company before? Do you think this will be wise? The stock market collapsed to a 3 month market low upon Buhari's announcement that he is running for a second term. That is how little faith the business community has in his policies. It was a vote of no confidence. No one is shirking off Jonathan's lapses but they are a poor excuse for Buhari's failures. I will share this same reply with all those who replied me. 4 Likes 1 Share |
Re: Angola Overtakes Nigeria As Owner Of Most Battered Oil Currency by BetaThings: 8:19pm On Apr 12, 2018 |
grandstar: What is their oil revenue? What is their population/ 2 Likes |
Re: Angola Overtakes Nigeria As Owner Of Most Battered Oil Currency by grandstar(m): 9:07pm On Apr 12, 2018 |
BetaThings: Angola's population is about 20m if I'm correct and produces about 1.8m barrels of oil a day. You'd expect to be much more buoyant than Nigeria but the their economy was mismanaged and plundered for years. They simply lived off expensive oil prices and had no plan B for when oil prices would crash. Despite the preposterous waste, they only just overtook us in the extent of the collapse of their currency Buhari should hide his head in shame 1 Like |
Re: Angola Overtakes Nigeria As Owner Of Most Battered Oil Currency by dapsin999(m): 9:39pm On Apr 12, 2018 |
Nigeman: I jump am pass! Call it whatever, prayer/curse doesn’t move an economy forward, hard work and initiatives does and this Buhari lacks. |
Re: Angola Overtakes Nigeria As Owner Of Most Battered Oil Currency by ZeOptimist(m): 11:07pm On Apr 12, 2018 |
Hector09:What do you mean How can you tell me that If you're unsure how to comment just read reasonable comments. Stop all this pessimism jare. |
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