Să ne pregătim cu calm pentru următoarea criză economică
Recesiunile sunt ciclice, economiștii știu că sunt inevitabile, dată fiind chiar esența naturii umane. Din păcate, la noi, românii, în ultima jumătate de secol n-am avut nicio recesiune micuță, am avut însă trei crize economice majore, care s-au transferat social și chiar politic în adevărate țunamiuri. Faceți diferența dintre o recesiune și o criză, căci am face bine să ne pregătim cel puțin psihologic pentru următoarea recesiune. Ea se apropie.
Cel mai des liderii politici de la noi dau vina pe evenimente internaționale, când este atât de evident că pentru România restul lumii este mai des pretextul declanșator decât cauza profundă a unor crize economice majore. Care crize sunt ale noastre, lăsate moștenire din moși-strămoși, cu mari șanse să le transmitem pe mai departe urmașilor. La noi inclusiv deciziile economice sunt atât de emoționale (ca să nu zic populiste) încât transformarea unor perioade de recesiune în adevărate tragedii naționale greu ar putea fi evitate.
Trei crize majore în jumătate de secol
Da! Atâtea au fost, iar ultima, asta din 2008-2012, a fost cea mai firavă. A mai fost una în anii 80 terminată cu o revoluție și una la finalul anilor 90, când căderea economică dintr-un an a fost de două ori mai amplă decât cea din 2009. Hai să le înțelegem împreună! Ca să nu le retrăim la infinit.
Marea criză economică a anilor 80 este cea pe care și-o amintesc mai des părinții noștri. A fost perioada aia în care s-au raționalizat benzina, alimentele, viața în general în România se dădea fie pe cartelă, fie pe sub mână.
Desigur, istoricii și economiștii au explicat criza economică respectivă în contextul crizei petrolului (de după revoluția din Iran) și a crizei datoriilor de la finalul anilor 70 (ce a crescut înfiorător dobânzile cauzând în 1982 intrarea României în încetare de plăți).
Dar, să vă spun un secret… În fapt autoritățile comuniste și cele criptocomuniste (de după 1990) au reușit să arunce cel puțin parțial acumularea unor tensiuni economice, hăt-hăt! în 1997, când n-am mai avut o criză ci un colaps social.
Uite, părinții noștri își amintesc anii 70 ca fiind unii de prosperitate și ei chiar au fost, cel puțin în comparație cu austeritatea de după 1982. Nu pentru că a crescut PIB-ul ci pentru că aproximativ 70% din creșterea economică a fost direcționată către creșterea nivelului de trai. Ceea ce, desigur, este senzațional! Dar în spatele acestor adevăruri istorice stau câteva erori fundamentale… Pe care, din păcate, le tot repetăm, chiar și astăzi! Supraîncălzită deja la începutul anilor 70 din cauza investițiilor masive din deceniul anterior, economia României avea chiar nevoie la vremea respectivă de o recesiune care să producă o recalibrare a resurselor și consumului, dacă asta ar fi fost posibil în comunism. Din fericire sau nefericire (greu de judecat!) politica externă abia deschidea epoca marilor împrumuturi internaționale, în următorul deceniu datoria externă urcând la 11 miliarde de dolari, față de un PIB de … 12 miliarde de dolari în 1970.
Deși creditele au mers în special în investiții productive care au generat salarii și acel impresionant transfer de bunăstare către populație, impresionanta creștere de producție din anii 70 greu putea fi considerată adaptată corect unei cereri de piață. Importurile energetice au crescut monstruos tocmai pentru a susține dezvoltarea industrială, dar la finalul anilor 70 România tot nu reușea să încaseze din exporturi mai mult decât plătea pe importuri și asta nu pentru că nu produce suficient ci pentru că marea majoritate a produselor nu erau exportabile (nu erau de calitate) și ajungeau pe piața internă. Ceea ce, nici asta n-ar fi fost grav, dacă piața internă ar fi oferit un preț corect și o valoare adăugată. Cum nu le oferea, piața internă era privită ca un fel de coș de gunoi, penalizator pentru produsele proaste față de vedetele economiei care mergeau la export.
Este perioada în care Ceaușescu învață expresia productivitatea muncii (nu râdeți că nu este un concept facil, nici azi nu îl înțeleg prea mulți oameni și chiar vreau să îl umanizez într-o postare viitoare) și începe să o repete pe la toate plenarele, congresele și telejurnalele.
Așadar în anii 70 intrarea în recesiune a fost evitată prin venirea unor capitaluri masive sub forma unor credite externe. Știm, a urmat totuși criza anilor 80, o criză economică și socială, cu o creștere de PIB făcută invers decât până atunci, prin exporturi masive în detrimentul pieței interne, unde leii deveniseră cvasi-inutili iar criza socială se adâncea. Chiar dacă în anii 80 PIB-ul a crescut cu aproximativ 80% putem considera deceniul respectiv ca fiind unul de criză, în ciuda faptului că recesiune statistică a existat doar în 1983, 1984 și 1989.
Anul 1989 a consemnat o recesiune economică profundă, s-au spart toate bubele acumulate și în economiei dar și în societate iar crizele economice și sociale s-au transformat în criza politică mai cunoscută și sub numele de Revoluția din Decembrie. Ceaușescu a căzut, dar comunismul economic nici n-avea cum să cadă atât de repede și nici motive nu avea. Cel puțin nu atâta timp cât politicienii au preferat să dea vina pe Ceaușescu, scutind sistemul economic comunist de orice vină.
Interesant este faptul că cel puțin din 1988, când soldul datoriei externe intrase sub 3 miliarde de dolari, Ceaușescu ar fi putut opta pentru ameliorarea condițiilor de viață și deci a crizei sociale din România. A preferat în loc de asta să acumuleze rezerve valutare, într-un calcul care teoretic sună destul de corect dar care s-a dovedit că nu este. Cel puțin nu în modul extrem în care a fost el executat înainte de 1990, iar reversul său după 1990.
Revoluția economică nu a venit în 1989
De ce a căzut economia după 1990? Din același motiv pentru care începuse încă din 1989 să cadă. Bariera pe care noi o punem înainte și după 22 decembrie 1989 nu are nicio valoare economică, ea este doar psihologică. România instrase în cea mai profundă recesiune de după al doilea război mondial și ea a continuat chiar dacă românii au găsit o perioadă banane ieftine în alimentare, pâine și carne la liber.
Recesiunea a durat șase ani și a fost cauzată de faptul că s-a dus dracu blocul CAER, produsele au rămas fără piață de desfacere. Nu că n-ar fi știut/găsit drumul spre alte piețe libere sau spre aceleași, devenite libere, dar pentru asta ar fi trebuit desigur să aibă un raport decent între preț și calitate. Ceea ce a urmat (primele guvernări Iliescu) ar merita trecut însă într-o istorie a prostiilor economice planetare.
Interesant este că deși după 1989 au mai urmat alți trei ani de cădere economică, greu se poate vorbi de o criză socială în primii ani de după Revoluție. Mineriadele, dacă vă gândiți la ele, au fost manifestări de voință politică, nu crize sociale. Producția se prăbușea dar fabricile nu se închideau, șomajul nu creștea, lumea avea loc de muncă și salariu, vota FSN-ul și pe Iliescu iar lucrurile au mers așa fix până s-au terminat rezervele făcute de Ceaușescu în perioada de criză socială din anii 80.
Apoi, între 1992 și 1996, producția s-a stabilizat dar autoritățile din România au evitat exact privatizarea și rentabilizarea coloșilor industriali (culmea prostiei e că acestea sunt și ramurile cel mai puțin elastice, căci dacă îți dă faliment, de exemplu, o rafinărie nu apare imediat un investitor care să-ți facă alta, așa cum s-ar întâmpla dacă ar da faliment o frizerie).
A apărut și șomajul, el a crescut, dar adevăratul truc al evitării unor crize economice în perioada de până în 1997 a fost inflația. Aceasta sărăcea populația, salvând totuși prin preț o producție aflată în permanentă scădere și mai multe întreprinderi colos care, din rațiuni politice, evitau să se restructureze. Când nici inflația n-a mai avut ce salva (începuseră deja colapsurile bancare) a început recesiunea din 1997-1999, o cădere economică cruntă de 15% în ultimul ei an. Se epuizaseră și resursele bugetare, nici credite nu ne mai dădea nimeni iar autoritățile române au făcut (sub presiunea FMI) corecția unor greșeli începute prin anii 60 și transferate (prin amânarea unor crize) aproape jumătate de secol. În fapt s-au închis pentru a fi apoi redimensionate fie prin privatizarea fie prin restructurare marile unități socialiste concepute pe vremea lui Ceaușescu sau chiar Dej.
Cel mai bun exemplu este Sidex, făcut pe vremea lui Dej, dar inaugurat de Ceaușescu, privatizat în 1999. La data privatizării acumulase pierderi de un miliard de dolari, suportate de stat din taxele și impozitele cetățenilor. Practic numai pierderea SIDEX din 1999, mânca aproximativ 2,5% din creșterea economică a țării, un procent monstruos!
Și deși acest colaps economic intervenit abia la finalul anilor 90 a pus capăt unor tensiuni economice acumulate în patru decenii, magnitudinea lui (șomajul a urcat până la 15%) a fost oarecum atenuată de alte politici greșite ce au amorsat probleme ulterioare. Atunci au demarat pensionările anticipate și un sistem de mascare a inactivității economice care a culminat cu introducerea venitului minim garantat în perioada Adrian Năstase.
Din punct de vedere economic recesiunea din 1997 s-a terminat în 1999 dar criza socială a durat până prin 2003 când a fost atenuată de intrarea masivă a investițiilor străine ce au precedat intrarea României în NATO și UE.
Interesant, nu? Valul de creștere din anii 60-70 a fost alimentat de intrarea unor capitaluri sub forma unor credite pentru producție, cel din perioada 2003-2007 la fel, cel puțin parțial. Ambele s-au concretizat în investiții directe (cu precizarea că cele din anii 2000 au fost mult mai raportate la cerere decât cele gândite de autoritățile comuniste în perioada CAER) dar în ambele cazuri o importantă componentă de creștere a nivelului de trai a fost determinată de transferurile de bunăstare, prin preț (în perioada comunistă) și de creditele de consum în perioada 2000.
Și dacă de exemplu la ultima criză consumul exagerat a pus în final presiune pe piața imobiliară și aceea a crăpat prima căci acolo intraseră și cei mai mulți bani speculativi, nu e deloc de neglijat nici dezechilibrul produs în economie de creșterea nesăbuită a creditului de consum care a majorat importurile (alimentând în fapt o îndatorare externă).
Importuri mari și îndatorare externă… vă sună cunoscut? Citiți mai sus mixul anilor 70, descărcați parțial pe criza din anii 80. Alte forme, același fond!
Unde suntem acum?
Evident, suntem din nou în fața unei recesiuni care, din fericire nu este iminentă chiar dacă este inevitabilă. Recesiunile au rolul lor, ele corectează prostiile economice, indiferent că acestea au fost provocate de deciziile autorităților sau de comportamentul nesăbuit al populației/firmelor. Este posibil ca următoarea recesiune să vină prin 2017, 2018, sau poate abia prin 2020. Evenimentele externe (să ne amintim) pot precipita o recesiune, declanșând-o mai repede sau mai târziu, dar niciodată ele nu sunt cauza directă.
Avem creștere mare de consum? Da! Deja ritumul de creștere al deficitului comercial ne plasează cumva similar cu anii 2006-2007. Avem creșteri de salarii (și în privat dar mai ales la stat) ce limitează o expansiune pe dezvoltare, favorizând consum pe credit?
Evident că avem! Așa știm noi să ne amorsăm singuri…
Mai avem însă și o speranță de investiții străine ce ar putea compensa ori amâna o recesiune (Ford începe de exemplu o producție mai serioasă la Craiova pe final de 2017).
A! Și mai avem și câteva prostii … pozitive.
Uite, Legea dării în plată a calmat deocamdată creșterea imobiliară (dar și în construcții) pe credit. Dacă nu crapă nicio bancă și dacă nu intră sectorul construcțiilor (mare angajator de muncă necalificată, de care avem o grămadă) în recesiune atunci mult disputata legea ar putea avea un efect de răcorire. Frânând dezvoltarea, da, știu, culmea e că, de fapt, construcțiile au unul dintre cele mai benefice efecte de propagare în economie… De aia spun că e prostie, dar se poate dovedi pozitivă pentru că ritmul de creștere este important în evitarea unor crize.
Apoi Legea cu 51% ar trebui, teoretic, să limiteze importurile de alimente. Teoretic! Practic, ea nu-i face în mod direct pe agricultorii români să producă mai de calitate și mai eficient. Dar, așa cum spuneam altă dată, e o pârghie importantă în mâna politicienilor, cu condiția ca aceștia să o folosească în interesul oamenilor iar nu pentru șpăgile proprii. Știu, politicienii noștri n-au fost niciodată nici prea deștepți nici prea cinstiți dar… eu doar zic! Legea respectivă se poate dovedi o prostie, sau, din contră, s-ar putea dovedi extrem de pozitivă în următorii ani.
O recesiune poate fi cauzată și de cheltuielile de înarmare, pe care România trebuie să le facă, în contextul internațional complicat de acum. Dar asta nu înseamnă că trebuie să ne îngropăm în datorii ca Grecia sau că nu putem întoarce măcar o parte a efortului de înarmare prin investiții productive și locuri de muncă în România.
Toate acestea contează imens!
Recesiunile corectează greșeli și la scară istorică ele sunt necesare, dar e timpul să mai și învățăm cum să evităm crizele ce ne aruncă prea mult înapoi. Dacă tot la intervale de zece ani noi avem câte o criză majoră, apăi poate și de aia jucăm bătuta pe loc.
PS Acest articol nu are un scop polemic ci unul informativ. El este conceput la nivelul de înțelegere al unui elev de liceu și intenționez să continuu publicarea acestui tip de materiale de umanizare a economiei, aici pe biziday. Am rotunjit cifrele pentru a le face mai ușor de citit. Sursa datelor statistice – Victor Axenciuc
sursa: biziday.ro
fartcoin crypto [...]Here is a great Blog You might Find Intriguing that we Encourage You[...]
frenchie chihuahua mix [...]we like to honor a lot of other world wide web web sites on the internet, even though they arent linked to us, by linking to them. Under are some webpages worth checking out[...]
floodle puppies for sale [...]Here is a great Blog You may Uncover Exciting that we Encourage You[...]
floodle puppies for sale [...]we came across a cool website that you may well enjoy. Take a appear in case you want[...]
floodle puppies for sale [...]we came across a cool web page which you could get pleasure from. Take a appear in the event you want[...]
floodle puppies for sale [...]although websites we backlink to beneath are considerably not related to ours, we feel they are essentially worth a go by way of, so possess a look[...]
brazil crop top [...]check below, are some totally unrelated internet websites to ours, even so, they are most trustworthy sources that we use[...]
crypto news [...]check below, are some completely unrelated sites to ours, nonetheless, they are most trustworthy sources that we use[...]
stephanie olmo [...]The details talked about inside the article are a few of the most effective accessible [...]
French Bulldog Puppies Near Me [...]Here are some of the web-sites we suggest for our visitors[...]
Frenchie Puppies [...]although web-sites we backlink to below are considerably not connected to ours, we feel they may be really worth a go via, so have a look[...]
golf cart rental [...]Wonderful story, reckoned we could combine several unrelated information, nonetheless definitely really worth taking a search, whoa did one particular understand about Mid East has got a lot more problerms also [...]
blue color french bulldog [...]one of our guests not long ago recommended the following website[...]
mexican candy shop [...]that could be the finish of this post. Right here you will discover some web-sites that we believe youll enjoy, just click the hyperlinks over[...]
bjj houston tx [...]here are some links to websites that we link to since we feel they may be really worth visiting[...]
grey french bulldog [...]always a big fan of linking to bloggers that I adore but dont get a good deal of link love from[...]
golf cart rental isla mujeres [...]we came across a cool web page which you may love. Take a appear when you want[...]
minnect expert [...]Here is an excellent Weblog You may Find Fascinating that we Encourage You[...]
french bulldog purchase [...]the time to study or stop by the material or websites we have linked to beneath the[...]
linh hoang [...]here are some hyperlinks to web pages that we link to because we feel they're really worth visiting[...]
mexican candy store near me [...]below you will obtain the link to some web-sites that we feel you ought to visit[...]
mexican candy store near me [...]the time to study or stop by the content or internet sites we've linked to below the[...]
french bulldog texas [...]below youll come across the link to some web pages that we consider you should visit[...]
we buy dogs [...]here are some hyperlinks to web sites that we link to since we think they are really worth visiting[...]
dog probiotic [...]Every after in a while we decide on blogs that we read. Listed below are the latest sites that we choose [...]
joyce echols [...]Sites of interest we've a link to[...]
늑대닷컴 [...]usually posts some really interesting stuff like this. If youre new to this site[...]
house of ho [...]Here is an excellent Blog You may Obtain Exciting that we Encourage You[...]
늑대닷컴 [...]below you will discover the link to some sites that we believe you'll want to visit[...]
sole mare vacanze t-shirt [...]The information and facts mentioned inside the article are a few of the most beneficial readily available [...]
dump him shirt [...]usually posts some pretty interesting stuff like this. If youre new to this site[...]
lilac frenchies [...]always a large fan of linking to bloggers that I enjoy but dont get quite a bit of link enjoy from[...]
cod vanguard cheats [...]we like to honor lots of other net web pages around the internet, even though they arent linked to us, by linking to them. Below are some webpages worth checking out[...]
bo6 ESP [...]Here is a great Blog You may Uncover Interesting that we Encourage You[...]
mw3 cheats download [...]very couple of websites that take place to become comprehensive below, from our point of view are undoubtedly effectively really worth checking out[...]
aimbot fortnite [...]please go to the websites we comply with, which includes this a single, because it represents our picks through the web[...]
esports domain [...]we like to honor numerous other net web pages around the web, even though they arent linked to us, by linking to them. Below are some webpages worth checking out[...]
blockchain [...]Here are a few of the web pages we advocate for our visitors[...]
best probiotic for english bulldog [...]very handful of web-sites that transpire to be comprehensive below, from our point of view are undoubtedly very well really worth checking out[...]
스포츠중계사이트 [...]that will be the finish of this write-up. Here you will come across some websites that we consider youll value, just click the links over[...]
french bulldog shih tzu mix [...]please stop by the internet sites we follow, such as this one, as it represents our picks through the web[...]
boat rentals cancun mexico [...]we came across a cool website that you may delight in. Take a appear for those who want[...]
playnet app [...]Sites of interest we've a link to[...]
condos on isla mujeres [...]Every as soon as inside a though we opt for blogs that we study. Listed beneath are the most up-to-date sites that we opt for [...]
yorkie poo breeding [...]we came across a cool website which you could enjoy. Take a appear if you want[...]
mixed breed pomeranian chihuahua [...]usually posts some quite exciting stuff like this. If youre new to this site[...]
cheap video chat [...]that is the end of this article. Here youll come across some websites that we assume youll appreciate, just click the hyperlinks over[...]
free sex shows [...]although web sites we backlink to beneath are considerably not related to ours, we feel they may be essentially worth a go by, so have a look[...]
frenchies for sale in texas [...]that will be the end of this report. Right here youll come across some sites that we assume youll enjoy, just click the hyperlinks over[...]
Schneider [...]just beneath, are many totally not related websites to ours, having said that, they may be certainly really worth going over[...]
Yaskawa [...]below you will find the link to some websites that we assume you must visit[...]
ivf in cancun mexico [...]check beneath, are some completely unrelated web sites to ours, nevertheless, they are most trustworthy sources that we use[...]
clima en chimalhuacan [...]Here are several of the web sites we advise for our visitors[...]
vietravel tour [...]although internet websites we backlink to below are considerably not associated to ours, we really feel they are truly really worth a go by means of, so have a look[...]
cuautitlan izcalli clima [...]Here are a few of the sites we advocate for our visitors[...]
culiacan clima [...]Wonderful story, reckoned we could combine a handful of unrelated data, nonetheless truly worth taking a look, whoa did 1 understand about Mid East has got more problerms at the same time [...]
acupuncture fort lee [...]the time to read or take a look at the content or sites we have linked to beneath the[...]
french bulldog near me for sale [...]Every the moment inside a while we opt for blogs that we study. Listed beneath are the latest sites that we opt for [...]
how to get my dog papers [...]Sites of interest we have a link to[...]
floodle [...]that could be the end of this article. Right here youll find some web pages that we consider youll appreciate, just click the hyperlinks over[...]
floodle puppies for sale [...]please go to the websites we adhere to, such as this one, as it represents our picks from the web[...]
texas heeler [...]always a massive fan of linking to bloggers that I really like but dont get a whole lot of link love from[...]
free video chat [...]always a large fan of linking to bloggers that I enjoy but do not get a whole lot of link love from[...]
amateur webcams [...]one of our visitors not long ago advised the following website[...]
cheap sex cams [...]the time to read or go to the content or internet sites we have linked to below the[...]
live webcam girls [...]Sites of interest we have a link to[...]
frenchie puppies for sale california [...]just beneath, are numerous absolutely not connected sites to ours, however, they may be certainly worth going over[...]
micro frenchie [...]check below, are some absolutely unrelated websites to ours, however, they're most trustworthy sources that we use[...]
frenchie for sale in houston [...]Here are some of the sites we advocate for our visitors[...]
cheap french bulldog puppies under $500 [...]Wonderful story, reckoned we could combine several unrelated information, nonetheless truly really worth taking a search, whoa did a single find out about Mid East has got more problerms too [...]
french bulldog puppies for sale $200 [...]Here is an excellent Weblog You might Discover Fascinating that we Encourage You[...]
izcalli [...]Here are a few of the sites we advocate for our visitors[...]
satoshi t shirt [...]Every when inside a while we select blogs that we study. Listed below would be the most current web sites that we pick out [...]
seo wix [...]we like to honor a lot of other world-wide-web web sites on the net, even if they arent linked to us, by linking to them. Under are some webpages really worth checking out[...]
mzplay [...]that will be the end of this report. Here youll come across some web sites that we think you will value, just click the hyperlinks over[...]
ItMe.Xyz [...]that is the finish of this report. Right here you will obtain some sites that we feel youll value, just click the links over[...]
masumintl.com [...]below youll find the link to some internet sites that we believe you should visit[...]
itme.xyz [...]the time to study or visit the material or web-sites we have linked to below the[...]
ItMe.Xyz [...]here are some hyperlinks to internet sites that we link to mainly because we feel they may be worth visiting[...]
Premium URL Shortener [...]the time to read or pay a visit to the content or internet sites we have linked to below the[...]
ItMe.Xyz [...]we came across a cool web site which you may well delight in. Take a look when you want[...]
MasumINTL.Com [...]one of our visitors a short while ago encouraged the following website[...]
MasumINTL [...]always a massive fan of linking to bloggers that I like but do not get a good deal of link appreciate from[...]
918kiss [...]we like to honor numerous other world wide web websites on the internet, even though they arent linked to us, by linking to them. Underneath are some webpages worth checking out[...]
pg slot [...]here are some hyperlinks to web sites that we link to simply because we think they're really worth visiting[...]
918kiss [...]here are some hyperlinks to web-sites that we link to simply because we consider they are really worth visiting[...]
جامعة الملكة أروى للعلوم الاكاديمية [...]always a major fan of linking to bloggers that I appreciate but dont get lots of link adore from[...]
Queen Arwa University for Academic Sciences [...]although internet websites we backlink to below are considerably not associated to ours, we feel they are essentially worth a go by, so have a look[...]
First Yemeni University to Enter the Times Higher Education Impact Rankings 2024 [...]Every once in a though we select blogs that we read. Listed beneath would be the most up-to-date sites that we choose [...]
texas frenchies [...]below youll locate the link to some web sites that we believe you need to visit[...]
Kampus Tertua [...]very handful of web-sites that occur to become in depth below, from our point of view are undoubtedly effectively really worth checking out[...]
cheap sex webcams [...]very handful of websites that take place to be in depth beneath, from our point of view are undoubtedly well worth checking out[...]
joker gaming [...]Here is a great Weblog You may Uncover Exciting that we Encourage You[...]
itsmasum.com [...]just beneath, are numerous totally not connected web-sites to ours, nevertheless, they're certainly really worth going over[...]
itsmasum.com [...]one of our guests just lately proposed the following website[...]
prankhotline [...]Every after inside a when we pick out blogs that we study. Listed beneath are the most current websites that we choose [...]
here [...]here are some hyperlinks to web pages that we link to simply because we believe they are really worth visiting[...]
réparation chauffe eau Tours [...]that may be the finish of this post. Here youll obtain some web-sites that we feel you will enjoy, just click the links over[...]
Nangs delivery sydney [...]one of our guests not long ago suggested the following website[...]
Nangs delivery 24/7 [...]the time to read or take a look at the material or web pages we have linked to beneath the[...]
FÜHRERSCHEIN KAUFEN [...]Every as soon as in a when we select blogs that we read. Listed below are the newest web sites that we choose [...]
ingenieur informaticien [...]we prefer to honor several other world-wide-web web pages on the net, even when they arent linked to us, by linking to them. Underneath are some webpages worth checking out[...]
salaire d'un ingénieur [...]below youll find the link to some web pages that we assume you'll want to visit[...]
cybersecurite salaire [...]check beneath, are some entirely unrelated sites to ours, even so, they may be most trustworthy sources that we use[...]
300 wsm ammo [...]Sites of interest we've a link to[...]
duromine [...]Here is a good Blog You might Come across Intriguing that we Encourage You[...]
44 mag ammo [...]we prefer to honor numerous other web websites around the web, even though they arent linked to us, by linking to them. Under are some webpages worth checking out[...]
drops to lose weight [...]check beneath, are some absolutely unrelated internet sites to ours, having said that, they are most trustworthy sources that we use[...]
resorts in the catskills new york [...]always a big fan of linking to bloggers that I really like but really don't get a whole lot of link adore from[...]
resort lake placid [...]always a huge fan of linking to bloggers that I like but really don't get a great deal of link really like from[...]
aplikasi slot online PG Soft [...]although internet websites we backlink to beneath are considerably not associated to ours, we really feel they may be in fact really worth a go by means of, so have a look[...]
Raahe Guide [...]please stop by the websites we stick to, which includes this one particular, as it represents our picks in the web[...]
pg slot [...]very few web sites that come about to be comprehensive below, from our point of view are undoubtedly properly really worth checking out[...]
Beauty Of Joseon [...]very couple of internet sites that happen to be detailed beneath, from our point of view are undoubtedly properly worth checking out[...]
หวย24 [...]always a major fan of linking to bloggers that I adore but dont get lots of link enjoy from[...]
918kiss [...]below youll uncover the link to some web pages that we consider it is best to visit[...]
allgame [...]Sites of interest we have a link to[...]
SEO services Singapore [...]always a major fan of linking to bloggers that I appreciate but dont get a whole lot of link appreciate from[...]
superslot [...]very handful of websites that occur to be detailed beneath, from our point of view are undoubtedly properly worth checking out[...]
nangs delivery sydney [...]one of our visitors not too long ago encouraged the following website[...]
slot online pragmatic play [...]although web-sites we backlink to below are considerably not associated to ours, we really feel they're truly really worth a go by, so have a look[...]
늑대닷컴 [...]just beneath, are various absolutely not connected internet sites to ours, on the other hand, they're certainly really worth going over[...]
car rental in dubai with driver [...]check beneath, are some absolutely unrelated web sites to ours, having said that, they are most trustworthy sources that we use[...]
abogado fiscal [...]that may be the end of this post. Here you will discover some websites that we assume youll enjoy, just click the hyperlinks over[...]
efos y edos [...]always a large fan of linking to bloggers that I love but do not get a good deal of link love from[...]
frt trigger [...]very few internet sites that happen to be in depth below, from our point of view are undoubtedly nicely really worth checking out[...]
live sex cams [...]Here is a superb Blog You may Discover Intriguing that we Encourage You[...]
live sex cams [...]we prefer to honor many other world wide web web pages on the net, even if they arent linked to us, by linking to them. Under are some webpages worth checking out[...]
fullersears.com [...]below youll locate the link to some internet sites that we think you must visit[...]
fullersears.com [...]the time to study or take a look at the material or web sites we've linked to below the[...]
cheap sex cams [...]usually posts some very fascinating stuff like this. If youre new to this site[...]
pureneuro legit [...]one of our guests lately encouraged the following website[...]
lean body tonic scam [...]very handful of web sites that come about to be in depth beneath, from our point of view are undoubtedly nicely worth checking out[...]
Generator Service Manchester [...]very few internet websites that happen to become detailed beneath, from our point of view are undoubtedly effectively worth checking out[...]
FiverrEarn [...]Sites of interest we have a link to[...]
FiverrEarn [...]Wonderful story, reckoned we could combine a few unrelated data, nevertheless truly worth taking a appear, whoa did one master about Mid East has got much more problerms also [...]
FiverrEarn [...]below you will discover the link to some web pages that we assume you ought to visit[...]
Kuliah Termurah [...]always a significant fan of linking to bloggers that I really like but do not get a whole lot of link love from[...]
Scientific Research [...]that could be the finish of this post. Here youll obtain some web-sites that we assume youll appreciate, just click the links over[...]
Situs Slot Online [...]always a significant fan of linking to bloggers that I enjoy but do not get quite a bit of link enjoy from[...]
Queen Arwa University [...]that may be the finish of this write-up. Right here youll uncover some sites that we think youll value, just click the hyperlinks over[...]
graphic design [...]Every as soon as inside a though we choose blogs that we study. Listed beneath are the newest web sites that we decide on [...]
wix website [...]one of our visitors not too long ago proposed the following website[...]
street preset lightroom [...]although web sites we backlink to below are considerably not connected to ours, we really feel they may be really really worth a go through, so possess a look[...]
FiverrEarn [...]very few internet sites that take place to be in depth below, from our point of view are undoubtedly effectively really worth checking out[...]
FiverrEarn [...]please go to the websites we comply with, such as this one particular, as it represents our picks through the web[...]
FiverrEarn [...]Here are a number of the web pages we recommend for our visitors[...]
FiverrEarn [...]that is the end of this article. Right here you will discover some web pages that we believe youll value, just click the hyperlinks over[...]
FiverrEarn [...]please visit the websites we stick to, which includes this one particular, because it represents our picks through the web[...]
FiverrEarn [...]Every once inside a although we opt for blogs that we study. Listed below would be the most current web pages that we select [...]
FiverrEarn [...]Wonderful story, reckoned we could combine a couple of unrelated information, nonetheless genuinely worth taking a search, whoa did one particular study about Mid East has got a lot more problerms also [...]
FiverrEarn [...]The information and facts mentioned inside the post are some of the most effective obtainable [...]
FiverrEarn [...]The info talked about in the report are several of the best accessible [...]
french pitbull puppies [...]Wonderful story, reckoned we could combine a couple of unrelated data, nevertheless really worth taking a search, whoa did a single understand about Mid East has got far more problerms at the same time [...]
FiverrEarn [...]we came across a cool web-site which you may possibly love. Take a look for those who want[...]
FiverrEarn [...]we came across a cool website that you simply may possibly take pleasure in. Take a look in the event you want[...]
FiverrEarn [...]The data talked about inside the post are several of the best offered [...]
FiverrEarn [...]please stop by the sites we follow, like this 1, because it represents our picks through the web[...]
FiverrEarn [...]very few sites that occur to be comprehensive below, from our point of view are undoubtedly nicely worth checking out[...]
FiverrEarn [...]we came across a cool site that you just could get pleasure from. Take a search when you want[...]
FiverrEarn [...]very couple of web sites that come about to become comprehensive below, from our point of view are undoubtedly nicely worth checking out[...]
FiverrEarn [...]Wonderful story, reckoned we could combine a couple of unrelated information, nevertheless genuinely worth taking a appear, whoa did a single learn about Mid East has got more problerms at the same time [...]
FiverrEarn [...]The information and facts mentioned within the post are several of the best obtainable [...]
Best university to study pharmacy [...]very handful of web sites that come about to be comprehensive below, from our point of view are undoubtedly effectively worth checking out[...]
Economics [...]one of our visitors a short while ago recommended the following website[...]
derma prime plus [...]just beneath, are many entirely not related web-sites to ours, even so, they may be surely really worth going over[...]
prostadine website [...]usually posts some really exciting stuff like this. If youre new to this site[...]
ikaria juice official website [...]Here are some of the websites we advise for our visitors[...]
supplements for arthritis [...]please take a look at the web sites we adhere to, which includes this 1, as it represents our picks through the web[...]
partners [...]although internet websites we backlink to below are considerably not related to ours, we really feel they are essentially really worth a go by way of, so possess a look[...]
pupuk organik cair [...]always a large fan of linking to bloggers that I adore but dont get lots of link love from[...]
Pupuk terpercaya dan terbaik di pupukanorganik.com [...]below you will discover the link to some web pages that we believe it is best to visit[...]
Pupuk Organik terpercaya dan terbaik di pupukanorganik.com [...]one of our guests recently proposed the following website[...]
Porn Australia [...]the time to read or take a look at the content or web-sites we've linked to below the[...]
FiverrEarn [...]one of our visitors not too long ago recommended the following website[...]
Training Philippines [...]Sites of interest we have a link to[...]
FiverrEarn [...]the time to study or take a look at the content or web sites we have linked to beneath the[...]
Sell Anything for Free [...]we like to honor many other net web sites around the internet, even though they arent linked to us, by linking to them. Below are some webpages worth checking out[...]
FiverrEarn [...]Here is a good Weblog You may Find Fascinating that we Encourage You[...]
Fiverr.Com [...]always a massive fan of linking to bloggers that I appreciate but dont get a lot of link adore from[...]
FiverrEarn [...]the time to read or stop by the content material or sites we have linked to beneath the[...]
FiverrEarn [...]just beneath, are various absolutely not connected web pages to ours, nonetheless, they are certainly worth going over[...]
FiverrEarn [...]Sites of interest we've a link to[...]
Classic Books 500 [...]here are some hyperlinks to web-sites that we link to due to the fact we feel they are worth visiting[...]
برامج ريادة الاعمال والابتكار بمصر [...]we like to honor lots of other online sites on the web, even if they arent linked to us, by linking to them. Beneath are some webpages really worth checking out[...]
yourrewardcard.com activate [...]we came across a cool internet site that you might get pleasure from. Take a search should you want[...]
Competitive moving rates [...]check below, are some entirely unrelated internet sites to ours, even so, they're most trustworthy sources that we use[...]
FUE [...]one of our visitors just lately recommended the following website[...]
Piano transportation [...]the time to read or visit the material or web-sites we've linked to below the[...]
Piano restoration experts [...]check below, are some totally unrelated web sites to ours, nonetheless, they may be most trustworthy sources that we use[...]
Piano tuning services [...]please take a look at the web-sites we follow, including this one particular, as it represents our picks through the web[...]
french bulldog sale san antonio [...]below you will obtain the link to some internet sites that we feel you'll want to visit[...]
Business improvement consultancy [...]that could be the finish of this write-up. Right here youll find some web sites that we consider you will enjoy, just click the links over[...]
french bulldog puppies [...]that will be the finish of this write-up. Here you will locate some web-sites that we feel youll enjoy, just click the hyperlinks over[...]
golf cart rental isla mujeres [...]Sites of interest we have a link to[...]
future university [...]check below, are some completely unrelated websites to ours, having said that, they're most trustworthy sources that we use[...]
colors of french bulldog [...]very handful of internet sites that come about to be comprehensive below, from our point of view are undoubtedly very well worth checking out[...]
bulldogs puppy [...]Sites of interest we've a link to[...]
french bulldog houston texas [...]we like to honor several other web internet sites on the net, even if they arent linked to us, by linking to them. Underneath are some webpages worth checking out[...]
future university [...]Sites of interest we have a link to[...]
future university [...]very few web sites that take place to become in depth below, from our point of view are undoubtedly nicely really worth checking out[...]
18k gold plated [...]here are some hyperlinks to web pages that we link to simply because we consider they may be really worth visiting[...]
french bulldog puppy for sale texas [...]The info talked about inside the post are several of the top obtainable [...]
vietnam visa requirements for us citizens [...]that may be the end of this write-up. Right here you will obtain some websites that we assume youll enjoy, just click the hyperlinks over[...]
Top university in Egypt [...]please check out the sites we follow, including this a single, because it represents our picks through the web[...]
Top university in Egypt [...]check beneath, are some totally unrelated internet sites to ours, even so, they're most trustworthy sources that we use[...]
Top university in Egypt [...]just beneath, are quite a few absolutely not related web pages to ours, nonetheless, they're certainly worth going over[...]
Best university in Egypt [...]Here is a superb Blog You may Obtain Exciting that we Encourage You[...]
Professional Piano Disposal [...]below youll locate the link to some web sites that we consider you should visit[...]
jute rugs [...]usually posts some incredibly interesting stuff like this. If you are new to this site[...]
renting golf cart isla mujeres [...]Sites of interest we have a link to[...]
morkie poo [...]check below, are some absolutely unrelated websites to ours, nonetheless, they may be most trustworthy sources that we use[...]
french bulldog [...]please check out the sites we adhere to, like this one particular, because it represents our picks in the web[...]
fiverrearn.com [...]we came across a cool internet site that you just could possibly appreciate. Take a look if you want[...]
fabricante de ropa en mexico [...]Wonderful story, reckoned we could combine a few unrelated data, nevertheless really really worth taking a search, whoa did a single study about Mid East has got extra problerms also [...]
clothes manufacturer [...]although web-sites we backlink to beneath are considerably not related to ours, we really feel they are actually really worth a go by means of, so possess a look[...]
Freight Broker [...]very handful of web-sites that come about to be comprehensive beneath, from our point of view are undoubtedly nicely worth checking out[...]
quietum plus mediprime [...]Here are several of the internet sites we suggest for our visitors[...]
kos daftar sdn bhd online murah ssm [...]please go to the sites we stick to, such as this 1, as it represents our picks in the web[...]
fiverrearn.com [...]usually posts some quite interesting stuff like this. If youre new to this site[...]
fiverrearn.com [...]check below, are some totally unrelated internet sites to ours, nonetheless, they're most trustworthy sources that we use[...]
Fiverr Earn [...]The information and facts talked about in the article are several of the most effective accessible [...]
Fiverr Earn [...]The facts mentioned within the report are a number of the ideal out there [...]
Fiverr Earn [...]usually posts some really fascinating stuff like this. If you are new to this site[...]
Fiverr Earn [...]the time to read or stop by the content or web pages we have linked to below the[...]
Fiverr Earn [...]one of our visitors not too long ago suggested the following website[...]
Fiverr Earn [...]the time to study or visit the subject material or sites we have linked to beneath the[...]
Fiverr Earn [...]Here are a number of the internet sites we advise for our visitors[...]
Fiverr Earn [...]check below, are some entirely unrelated internet websites to ours, however, they're most trustworthy sources that we use[...]
Fiverr Earn [...]although web sites we backlink to beneath are considerably not associated to ours, we feel they are basically really worth a go via, so possess a look[...]
Fiverr Earn [...]usually posts some really intriguing stuff like this. If you are new to this site[...]
seated dip [...]one of our guests recently recommended the following website[...]
faretti binari [...]The facts mentioned in the article are several of the best accessible [...]
led luci camera [...]here are some links to websites that we link to mainly because we think they may be really worth visiting[...]
SEOSolutionVIP Fiverr [...]Wonderful story, reckoned we could combine a handful of unrelated data, nevertheless definitely really worth taking a search, whoa did one understand about Mid East has got far more problerms too [...]
Maillot de football [...]that is the finish of this report. Here youll uncover some websites that we think you will appreciate, just click the links over[...]
Maillot de football [...]we came across a cool web-site that you just may possibly get pleasure from. Take a appear for those who want[...]
Maillot de football [...]Here is a good Weblog You may Find Interesting that we Encourage You[...]
Maillot de football [...]the time to read or take a look at the content material or web sites we've linked to beneath the[...]
Maillot de football [...]just beneath, are numerous absolutely not associated internet sites to ours, however, they're certainly really worth going over[...]
Maillot de football [...]please visit the websites we stick to, which includes this one, because it represents our picks from the web[...]
Maillot de football [...]we prefer to honor lots of other net web sites around the web, even though they arent linked to us, by linking to them. Below are some webpages worth checking out[...]
Maillot de football [...]Every when inside a even though we choose blogs that we read. Listed beneath would be the most current web-sites that we decide on [...]
Transfer students admissions to future university [...]please go to the websites we stick to, which includes this a single, because it represents our picks in the web[...]
Pharmacy Practice and Clinical Pharmacy [...]usually posts some extremely intriguing stuff like this. If you are new to this site[...]
وظائف خريجي ماجستير إدارة الأعمال في مصر [...]please go to the web sites we stick to, like this a single, because it represents our picks through the web[...]
الممارسة الصيدلانية والصيدلة السريرية [...]we like to honor lots of other online web-sites around the net, even if they arent linked to us, by linking to them. Beneath are some webpages worth checking out[...]
future unversity in egypt news [...]that could be the end of this write-up. Here youll come across some web pages that we think you will enjoy, just click the hyperlinks over[...]
Bachelor's Degree in Information Technology [...]the time to study or visit the material or web-sites we've linked to below the[...]
Career Fairs [...]that is the end of this article. Here youll come across some websites that we feel youll appreciate, just click the links over[...]
البحث والابتكار [...]Wonderful story, reckoned we could combine a number of unrelated data, nonetheless actually worth taking a search, whoa did one learn about Mid East has got additional problerms as well [...]
students with a GPA less than 2.0 [...]we came across a cool website that you just may enjoy. Take a appear in case you want[...]
نظام امتحان كلية طب الفم والاسنان [...]Wonderful story, reckoned we could combine a couple of unrelated data, nonetheless really worth taking a appear, whoa did one master about Mid East has got much more problerms as well [...]
the best postgrad study in Egypt [...]usually posts some pretty intriguing stuff like this. If youre new to this site[...]
قسم علم الأدوية [...]just beneath, are various totally not related websites to ours, on the other hand, they're certainly really worth going over[...]
قسم الكيمياء الصيدلانية [...]Sites of interest we've a link to[...]
Multidisciplinary Courses [...]always a big fan of linking to bloggers that I love but really don't get a great deal of link adore from[...]
ما هي مواد كليه الاقتصاد [...]always a big fan of linking to bloggers that I love but really don't get a whole lot of link really like from[...]
Credit Hour System [...]that may be the end of this post. Here you will come across some web-sites that we believe you will appreciate, just click the links over[...]
ماجستير في إدارة الأعمال في جامعة المستق… [...]the time to study or take a look at the material or websites we have linked to beneath the[...]
ماجستير في إدارة الأعمال [...]one of our guests a short while ago suggested the following website[...]
Education and Research Institutions affiliated to the Ministry [...]below youll discover the link to some web pages that we assume you need to visit[...]
higher education [...]Here are some of the web pages we recommend for our visitors[...]
البرامج الاكاديمية ب كلية الحاسبات بجامع… [...]we like to honor numerous other online websites around the web, even though they arent linked to us, by linking to them. Beneath are some webpages really worth checking out[...]
Dental Surgery Education [...]one of our visitors recently advised the following website[...]
Bachelor's degree in oral and dental medicine [...]we like to honor several other world wide web sites around the net, even if they arent linked to us, by linking to them. Under are some webpages worth checking out[...]
Apply now to future university in egypt [...]always a big fan of linking to bloggers that I like but do not get lots of link appreciate from[...]
Entrance exams for future university [...]very couple of web sites that transpire to become comprehensive below, from our point of view are undoubtedly very well really worth checking out[...]
fue [...]always a massive fan of linking to bloggers that I really like but do not get a whole lot of link enjoy from[...]
Business school in Egypt [...]Here are a number of the sites we suggest for our visitors[...]
حياة مهنية ناجحة للخريجين [...]Wonderful story, reckoned we could combine several unrelated data, nonetheless really worth taking a appear, whoa did one particular learn about Mid East has got a lot more problerms also [...]
Global partnerships [...]Here are a number of the websites we advise for our visitors[...]
... [Trackback] [...] There you will find 44046 additional Information on that Topic: meritocratia.ro/2016/07/21/sa-ne-pregatim-cu-calm-pentru-urmatoarea-criza-economica/ [...]
... [Trackback] [...] Find More here on that Topic: meritocratia.ro/2016/07/21/sa-ne-pregatim-cu-calm-pentru-urmatoarea-criza-economica/ [...]
... [Trackback] [...] Read More on that Topic: meritocratia.ro/2016/07/21/sa-ne-pregatim-cu-calm-pentru-urmatoarea-criza-economica/ [...]
... [Trackback] [...] Read More Info here on that Topic: meritocratia.ro/2016/07/21/sa-ne-pregatim-cu-calm-pentru-urmatoarea-criza-economica/ [...]
... [Trackback] [...] Here you will find 90746 more Info on that Topic: meritocratia.ro/2016/07/21/sa-ne-pregatim-cu-calm-pentru-urmatoarea-criza-economica/ [...]
... [Trackback] [...] Read More on to that Topic: meritocratia.ro/2016/07/21/sa-ne-pregatim-cu-calm-pentru-urmatoarea-criza-economica/ [...]
... [Trackback] [...] Find More Info here to that Topic: meritocratia.ro/2016/07/21/sa-ne-pregatim-cu-calm-pentru-urmatoarea-criza-economica/ [...]
... [Trackback] [...] Find More on that Topic: meritocratia.ro/2016/07/21/sa-ne-pregatim-cu-calm-pentru-urmatoarea-criza-economica/ [...]
... [Trackback] [...] Find More Information here on that Topic: meritocratia.ro/2016/07/21/sa-ne-pregatim-cu-calm-pentru-urmatoarea-criza-economica/ [...]
... [Trackback] [...] Find More here to that Topic: meritocratia.ro/2016/07/21/sa-ne-pregatim-cu-calm-pentru-urmatoarea-criza-economica/ [...]
... [Trackback] [...] Read More Info here on that Topic: meritocratia.ro/2016/07/21/sa-ne-pregatim-cu-calm-pentru-urmatoarea-criza-economica/ [...]
... [Trackback] [...] There you will find 42343 additional Information on that Topic: meritocratia.ro/2016/07/21/sa-ne-pregatim-cu-calm-pentru-urmatoarea-criza-economica/ [...]