A higher spread in basis points between the two means a rising price for short-term credit and increasing stress on the global financial system. I wouldn't adjust the weight of each of the interbank offered rates by the size of their respective capital markets. I'd weight them equally on the premise that a single overnight loan or issue of a debt security may be packaged for offer in any of those rates' jurisdictions simultaneously.
That means the issue could be immediately subject to any or all of the IBORs without regard to each market's size. Capital markets are liquid and global. Investment banks have the ability to reach across them instantaneously with offers. I haven't worked out the kinks of this idea yet but it's worth a shot. The individual IBORs are subject to manipulation but so is everything else in our modern world.
It would be much more difficult, but not totally impossible, for a participating bank to manipulate or front run all of them. The advantage of my proposed method is that it removes credit risk from the impenetrable darkness of proprietary analytical methods or CDS data trapped in dark pools of liquidity. Using all of the IBORs together brings credit risk into the light of day, for those with eyes to see. Fed can't keep inflation away Spike in real rates can't be kept at bay Debt investors beware So much risk is out there Hard assets await their big day.
Labels: debtFederal Reservefixed incomehard assetsinflationlimerick. An acquaintance got me thinking about the fixed-income universe. I haven't thought about it much lately for good reason.
Fixed-income investments are wiped out in high-inflation economies and the Federal Reserve's implied policy of monetizing US sovereign debt dramatically increases the chances of high inflation. The fixed-income universe is much broader than sovereign debt. I ought to see if any income-generating instrument can survive high inflation. The Dividend Yield Hunter lists multiple categories of fixed-income instruments that go way beyond bonds.
I was not aware that exchange-traded debt existed in forms other than preferred stock not really debt, but acts like it and funds. I've never considered business development companies BDCs as fixed-income investments because they are unique ways to invest in undercapitalized small companies, sort of like VC firms but publicly traded. Dividend Yield Hunter lists BDCs as fixed-income, presumably because they must pay out their earnings like other pass-through entities.
BDCs are also searchable over at QuantumOnlineand that site also lists exotic things like income deposit securities. Fixed-income investing is a fine stabilizing element for a diversified portfolio in normal times when interest rates are at their long-term historical average and the national debt-to-GDP ratio is manageable. Americans are not living in normal times any longer.
Most fixed-income investments will see their principal destroyed when high inflation reduces the dollar's value to nothing. These are the types of fixed-income investments I have decided to avoid due to their vulnerability to inflation. US sovereign debt of any kind. The Fed is going to swallow these things whole when foreign central banks sell them in a panic. The QE needed to absorb the world's outstanding stash of Treasuries will have to be monstrously huge. Coupon debt of any kind.
This includes any corporate debt or municipal bonds that pay a fixed coupon based on the bond's face amount. That face amount will be worth less than nothing after hyperinflation ends. Say goodnight, internotes. I don't care how generous the cash flow from repaid loans looks right now.
BDCs are highly sensitive to short-term interest rates and real rates will skyrocket at the onset of high inflation. Their funding is unsecured, which means investors have little recourse to recover assets after bankruptcy. No thanks. Finally, their assets are loan portfolios. High inflation is a debtor's dream come true because it allows them to pay existing debts with future dollars that are worth less than current dollars.
Inflation will destroy BDC loan portfolios. These are the crucial differences between BDCs and other private equity vehicles. High yield debt. No way, ho-say. This was the first debt category to crack when the market turbulence of became the crisis of Junk bonds are always the first to be wiped out in any market downturn because their issuers have weak earnings or troubled business models.
These are the types of fixed-income investments I am open to considering, given the caveats mentioned. Their common denominator is their basis in a hard asset sector. I like pipeline MLPs as a play on hard asset servicing.
Oil and gas are energy hard assets whose demand will be price inelastic during high inflation. My concern is whether FERC regulations will prove to be so onerous during hyperinflation that they destroy the pricing power of MLPs and their pipeline operating companies. I cannot rule out regulatory risk with pipeline MLPs. I may have to wait until renewable MLPs are active. Royalty trusts. These are collections of orphaned oil and gas wells whose owners do not need to spend capex to upgrade them.
They pass their earnings through to trust holders as the wells' reserves run down. These are the trickiest to consider. Some residential REITs will fair poorly during hyperinflation if their holdings are concentrated in urban areas that are hostages to rent control ordinances.
Those will not retain their pricing power during hyperinflation. I feel like restating my enmity for actively managed funds of any kind, including fixed-income.
Bond mutual funds are no longer needed now that index funds and ETFs exist. Active management of fixed income portfolios is for institutional investors and corporations who must immunize their portfolios against interest rate moves or match durations to liabilities.
They have specific goals in liability-driven investing. The larger investing world doesn't need to constantly fine-tune a fixed-income portfolio. I must also reiterate my disdain for the superficial analysis some fixed-income investors use to evaluate the attractiveness of securities. I've heard some investors claim that MLPs and REITs trading for less than book value are bargains, but if those same entities have low ROEs then there's a reason they trade at such discounts.
The market is discounting their ability to generate cash flow because a low ROE indicates they use capital inefficiently.
They may be paying too much for debt because of past negative credit events or committing capital to operating payouts like lawsuit settlements or regulatory fines instead of facilities maintenance or improvements. Finally, it's worth noting that rising volatility hurts the valuations of fixed-income investments. The VIX is currently trading below its historical average of about Any rise in the VIX hurts fixed-income securities, with or without hyperinflation.
I'm staying the heck away from fixed-income investments. I'll keep The Hostage - Almah - Unfold (CD eye on only those few types that generate cash flow from hard assets like commodities or real estate. Mediocre mind Invest by following herd Ride that trend down hard. Labels: haikuinvesting. Temporary Autonomous Zones of Freespace and Meetup. San Francisco's SoMa yields unexpected life lessons for those of us who pay attention. I had time before a meeting tonight to wander around Mission Street and I walked into the front door of Freespace.
It's a Hack for Change experiment to see what creative types will do with a few months' worth of unstructured communal effort. Civic hacking is the kind of vibe that could only thrive in a big city, and could only be born in a place like San Francisco. Come to think of it, there is no place like San Francisco.
The tour guide Album) my brief sojourn into civic hacking was as unstructured as his work space. The dude showed me around various free-form art and recreation spaces where not much was getting done except by one lonesome painter with his oils. The space outside was more productive, with a functioning garden and some shipping containers redesigned into classrooms. Civic hacking has the potential to birth brand new ways of living and working, but IMHO the Freespace version looks too unstructured to be an effective laboratory.
Contrast this with hackathons where highly competent programmers and engineers design functioning software prototypes that fill market needs.
Hacking a system works best when qualified pros focus effort on a working product. Maybe I caught Freespace on a night when the leadership team was out to dinner.
Let's see what projects they can complete before their lease runs out. Freespace filled the white space in my calendar before my formal commitment of the evening. I went across the street to Soma Grand for a Meetup on fixed-income investing. The contrast in settings could not have been more stark. Where Freespace was disorderly, Soma Grand was regimented.
Freespace mixed work and leisure areas freely; Soma Grand clearly delineated its boundaries. The Meetup ran much like a Freespace arrangement. The old hands ironed out rules and briefed the newcomers like me. The resident expert regaled us with facts and principles for fixed-income investing. Attendees were free to choose the tools they needed to solve problems.
The whole point was to find more effective ways of organizing capital for investment. The similarities between civic hacking and financial hacking are there for anyone who chooses to see them. Meetups and Freespace occupy temporary autonomous zones TAZs where normal social hierarchies are suspended just long enough for experiments to test hypotheses. Anarchism may have inspired the TAZ philosophy but that doesn't invalidate its application to solving real problems.
Even the White House and Forbes recognize the value of civic hacking that makes social institutions more effective in addressing people's needs. In the spirit of a true TAZ, hackathons always end, Meetup groups evolve or disband, and hackerspaces like Freespace relocate to other digs. If the innovations they spawn work in the larger super-connected world outside then the TAZs fulfilled their missions.
It may not have occurred to anyone but me that Soma Grand probably could not exist without something like Freespace occurring in the distant past. Dissatisfaction with the status quo spurs innovation. Complex HVAC systems, steel-reinforced concrete, and LEED certification all sprang from the minds of human innovators who looked at shabby living arrangements and vowed to do better.
Some stoners at Freespace may be dreaming up the next big thing right now over a bag of nacho chips. Hopefully they'll finish their prototype before they have to vacate the premises. Labels: hackerspacesSan Francisco. The awesome, mind-blowing action of last week's solar and semiconductor conventions left me with little material for sarcasm. The only comic relief was some inebriated dude in an alien jump suit doing somersaults and almost smashing into a solar panel.
This is why I need headline news to deliver sarcasm. China's GDP growth is toast. Their falsified official statistics have caught up to them and their national leadership can no longer deny that they will have trouble reconciling the accounting for their internal debts.
That crashing sound you hear is a giant panda bear tearing through the bamboo shoots that undergird all of the empty real estate built in China's ghost cities. Global business confidence is down the tubes. Executives who pull the levers that make things are probably better judges of market reality than their lying sales reps or illiterate delivery drivers. The folks at the bottom of the corporate food chain will be the last to know.
This is business as usual. Real cuts in advertising budgets and IT spending will confirm this sentiment, so I'll watch for those numbers to appear. Egypt's oil-rich neighbors gave it an economic lifeline.
The Sunni autocracies don't want the Muslim Brotherhood spreading its nonsense in their backyards. The aid is enough to reduce the prices of basic food staples. Exploding food prices caused the Arab Spring in the first place. The major oil producers had enough money to buy off their restive citizens or put them down with force. The minor oil producers - Syria and Egypt - have had more instability.
Oil money made the difference for those regimes that survived. I've got a business meeting down in San Jose tomorrow so I can't afford to overdo it on the sarcasm tonight.
Labels: ChinaeconomyMiddle Eastsarcasm. I had a whole bunch of fun at this combined show in and I couldn't wait to go again. Engineers and other nerd types probably went all gaga at the acres of gadgetry on display. I'm a lapsed nerd who never got far enough into tech to make it a career, so I stick to the business-oriented panels and workshops at these types of events. I only got the free expo pass but that's good enough for my needs. The technical panels that required paid tickets were for industry practitioners.
I missed the opening day Intersolar welcome addresses from Gov. Man, that was some juicy turkey they carved up with my free drink. I was impressed that the keynoter polled the audience and updated his poll result slide in real time as people were voting via texts. I guess if anyone could pull that off, it would be a bunch of tech executives. It was interesting to learn that the mobile market is driving increases in silicon consumption now that the PC market is flattening.
I attended Mobile Commerce World a couple of weeks ago. Album) think the semiconductor industry will be pleased to know that the entire retail sector is about to make multi-year investments in WiFi, smart sensors, POS terminals, and other things that will inundate every store with silicon.
I also sense that smartphone makers will be challenged by the power consumption requirements that are key to smartphones' data management ability and screen resolution. These folks must know that MIT's Technology Review posited a connection between Moore's Law and Koomey's Law for the amount of electric power that can power devicessubject to the limits of battery chemistry.
The keynoter also noted that semiconductor manufacturing capacity gets strained when a new demand node for semiconductors i. The number of high-volume semiconductor manufacturers in the world is very small, and I presume they forecast demand fairly accurately. The keynoter made an interesting point about how the longer life cycle time of more advanced technology drives the complexity and cost of semiconductor products, with risk increasing and product life cycles compressing faster than ever.
I think the solution to this trap lies in the application of less complex technology that scales out in any increment, small or large, mass or custom. I'm referring specifically to the open-source standard known as Arduinosomething I discovered when I visited Maker Faire There are product functions where complexity adds diminishing marginal returns past some point and Arduino is ideally suited to fill gaps between simple products and hugely complex systems.
The keynoter's final points about the complexity of the ecosystem supporting foundry labs actually reinforces my own point. Open-source DIY solutions will fill demand for semiconductor products that cannot be profitably made in complex foundries.
Clean Power Research has found that even after large drops in PV panel costs, soft costs are not decreasing. Lawrence Berkeley National Laboratory's Electricity Markets and Policy Group has studied the impact of soft costs such as city-level permitting costs.
DOE's SunShot program has found that costs decline as the number of installed systems increases, but that decline is probably due to economies of scale in hardware rather than any soft cost improvements. DOE is also backing the Solar Roadmap of local soft cost reduction methods. The Solar Foundation has countedjobs in the solar sectorproviding justification for politicians who need "job creator" cover for solar-friendly policies.
The Interstate Renewable Energy Council has developed Model Interconnection Procedures that encourage utilities to standardize their rules for installing solar power connections.
The SolarTech presenter mentioned that long timelines for "permission to operate" PTO mean that money committed to a purchasing power agreement PPA sits on a rooftop without generating energy. I did some digging on PTO and found that some jurisdictions require a revised PTO application if the system configuration is changed.
An owner who wants to add panels needs a new application?! Let's add wasted time to the soft cost of installation. Third party ownership TPOnot PTO folks is changing the finance game by allowing investors to finance new solar systems independent of the properties where the systems reside.
TPO isn't the only innovation in solar finance. NREL's project finance team pushes a host of finance initiatives in credit enhancement and securitization. My final note on the SolarTech keynote is that their Solar 3. The renewable energy sector needs to piggyback on the utility sector's smart grid movement if it wants to see standardization.
Smart grid adoption will drive harmonization of data transfer protocols that are crucial to energy metering. Connectivity standards will follow naturally. Renewable developers need a seat at the table when utilities make their push for smart grid adoption with municipalities. I can't find a link to the presentation he used so you'll just have to live with my recap. Different parts of the silicon market are at different maturity stages. I'm imagining executives at the silicon product makers plotting their BCG growth-share matrices with "mobile devices" in the Star box.
Innovation is hard in mature markets and a bi-modal corporate culture that splits creativity into a separate part of its structure is best able to handle the challenge. Brad introduced the concept of a "design CEO" running an intrapreneurial research lab inside a big company, but IMHO startups will recognize it as an adaptation of the "scientific and technical founder" who developed the tech and then steps away from enterprise management.
Brad mentioned the tendency of VC money to travel in packs for economic reasons. I don't know whether he meant they crowd into the same hot startups at once or just follow the same trends. My new pet theory is that VCs chase similar deals because they also chase the same institutional pools as clients, and those institutions are themselves susceptible to falling for the same hot trends touted in popular media.
Too much money chasing a trendy but immature idea does not reduce risk, and Brad found that the best time to invest is during a sector's downturn to leverage a long gestation period for new tech. He also contradicted something I had previously heard about VCs. Maybe it comes down to the reputation of some VC firms. Some may like to bet on the jockey but fire him when the horse outgrows him, while others keep the match together. Now I understand why startups with hot prospects are advised to "pick their VC" just as carefully as the VC picks them.
Those VCs that offer just the right "Goldilocks" combination of reputational capital and minimally dilutive investment must exist somewhere over the rainbow past Sand Hill Road. They think any potential slowdown in Moore's Law may be complicated by the semiconductor supply chain's inability to adapt and innovate. Bottlenecks are opportunities to innovate; IMHO this cries out for startups who can carve out a disruptive niche.
VCs stick to their standard metrics of market size and amount of capital needed when they evaluate startups, but they also like a mix of strategic and financial investors who can collaborate to reduce risk. I might as well introduce my own definitions here. Strategic VCs according to the strategic VCs on this panel tend to put more restrictions on the startup's outside partners to keep their tech away from competitors.
I didn't stick around for all of the startups in the Pitch Zone because I'm not professionally qualified to evaluate their prospects. I'm a finance guy, not an engineer. Wednesday morning had me in the Business Continuity Planning seminar after a wonderful breakfast at the San Francisco Marriott Marquis. I gotta tell ya, the Marriott Marquis has some really awesome breakfast sausages.
Anyway, the BCP folks touched on the triple bottom line that I've heard about lately. IMHO the BCP function is an excellent candidate for a continual improvement process because the supply chain and environmental factors that affect it are dynamic. Well, it just so happens that Alfidi Capital has a handy-dandy continual improvement process diagram that any C-suite can use for anything.
Okay, let's continue with the BCP workshop. The pandemic and disease folks cited recent case studies to note travel restrictions, supply chain disruptions, and protocols for entering buildings that businesses will face. They mentioned that little things such as handwashing and critical surface cleaning have high ROIs. The environment, health, and safety EHS speaker advocated using a risk matrix to track those materials subject to increased regulation or outright bans.
Small businesses that outsource their supply chains can benefit from subscription services and trade associations to stay informed on what becomes prohibited. The point is to make the supply chain robust by having a replacement strategy if some materials are unavailable. The BCP critical materials speakers reinforced what I've been hearing at resource conferences about declining material grade discoveries worldwide; they further noted that exploration spending to offset resource depletion is well above historical averages.
Semiconductor material inputs are to small to bother primary producers; they need specialty firms for processing and quality control. Recycling finished products is a more cost-effective method of metals extraction than mining. It all makes me think back to my interview with the Gold Report in when I made a prediction about China's rare earth export policy that was proven correct in I am a genius, but my readers already knew that.
I'll run down the good stuff in a checklist. This BCP panel wasn't done until we talked through some final hints. One attendee said DHS has a federal regulation requiring self-identified The Hostage - Almah - Unfold (CD facilities" to have an anti-terrorist plan. This stuff was extremely important and more people should have attended. It was so important that I even learned a bunch of new acronyms. I headed back to Intersolar for the Joint Forces for Solar speakers and panels. The PV energy market update was informative but the market for renewable energy certificates needs to be a lot larger if solar is going to grow.
Take heed, solar installers. If you want to boost your business, you need to connect to those two industry associations along with Joint Forces for Solar, and you need to review DOE's listing of REC products in your state. My lead Asthma and Lillian had thyroid issues both needed medication. For months. Please searched for Lily than my let but found oh clues as to where they went or what happened to them. Neighbours saw a yellow card on the street the day the girls disappeared, but they never even suspected this could be knolls and Alice.
Curtis dodged deem it a few months down the road God knows, would steal a tape or quarter from victims home. He would use it to record confessions of all of his murders from those tapes. The police finally learn the fate of the Andersson sisters. Here's how those were counted it. He encountered the girls on a road where he didn't tended to abandon outskirts car. This wouldn't have been suspicious activity at the girls had been strangers, but they weren't knows, Mother Bonnie was friends with Lillian in my let's mother Elizabeth Knolls feared that the girls would tell their parents that they had seen him with the yellow car and that their parents would tell the authorities, essentially, he must have seen them.
He strangled them both and dump their bodies and a swamp. Only decades later, after Jack Anderson died with his wife Elizabeth Purchase, a tombstone for the girls and give them a grave all his life Jack Anders I refuse to believe his daughters were murdered for all.
He knew knows exaggerated these two murders, as he had many others Jack, hoped that since police never found their bodies, his daughters could still be alive. He held onto that hope for the rest of his life. Now it's out here is the gnoles tried to ditch the yellow, dodging Jacksonville, but then, after he killed the Andreasen sisters.
He continued to drive a car for another month right while he initially viewed it as a risk. Maybe that risk was now part of the fun for him as well he knows, matches the profile of a thrill killer, joy, outsmarting, police. He lay. He kept detailed records of his killings and his quote successes as you referred to them, and he tore out newspaper clippings, unrecorded diaries, driving around in a car that would likely implicate himself in a growing number of murders.
That's the kind of thrill he wanted. He didn't even travel very far defined as next victim on August second lighting. Seventy four he found Marjorie how in Atlantic Beach Florida town on the east side of Jacksonville one of House neighbours told police that on the day how died a sick we're tall man with a light brown hair, knocked on her own door. Looking for someone named Betty Johnson but then Where did know anyone named Betty chances and it doesn't seem that how did either it was probably just a fake name knows used to get people to open the door and let their guard down its entry.
In the neighbour reported light brown hair because knows actually had distinct red hair. Maybe we can check that up to his hair, looking a different color and certain light or blame.
On the back, a red demon, the detail on the Dodge Demon, the same cardinals had stolen from Alice Curtis at some point knows came back to the neighbourhood and potentially tried the same thing on how he strangled her with the nylon stocking well was killed in a variety of styles.
This proved his most common method strangling specific these strangling a woman with her own stockings. So what does that tell us about him? Well, strangulation can be a crime of opportunity. You don't any other tools to kill someone other than your bare hands, but if a person kill someone with their stockings or other underwear were clothing, that's probably a little more deranged on top of thrill being knolls, also fits the profile for a lust killer.
The term lust killer can cover a wide array of types of murder. In an article four cycle. On a failure to find something more specific.
These killers, partaken rape, bottle and genital mutilation, necrophilia, cannibalism, even blood drinking, whilst I'm a killer will enact any of these horrors to destroy evidence. Most of these killers have extreme violent fantasies, often killing their victims during sex.
For the more sadistic the sexual ized violence is a tool for the murders to gain further control over their victims and also to degrade them. This desire to degrade is where strangling a victim with their stockings or underwear comes in, but it doesn't always fulfiller violent fantasies, which is why they repeat the same behaviour over and over and over did knows partaken.
The more horrifying acts of IRAN afford a failure. Yes, he did will come to that for too long. So back to Marjorie House Apartment. I listeners might remember that Jackie night was an Ex wife of knolls. He maintained contact with their. Their divorce and he drop in on her their children, often as he traversed the country, murdering people, he bring them gifts, but hesitated to talk about his life and job joked about being a robber and dragged about petty thefts, check it and take him to seriously, though she must have known given knolls past that these jokes contained elements of truth.
In those tapes, he claimed that, after killing Marjorie how on August second, he picked up a hitchhiker name: Almah raped and strangled her and left her body in the Woods police couldn't find any records of a missing woman named Almah, though so they regarded this victim with scepticism that might sound foolhardy but remit. He could have made this one up. Those provided disturbing details about the murder, though, after killing Marjorie how an Atlantic Beach knolls move northwest toward Warner, Robins, Georgia, a small town Firstly, four hours from Jacksonville a day earlier on August, first, nineteen, seventy four, a thirteen year old hitchhiker named I'm a gene sanders left her home in Warner Besides, I'm, a gene should have spent the day babysitting her little sister.
But friends came by to pick up my machine. I machine tools. So her parents stopped alerting authorities, but this time she didn't come home, so eventually they called the police. I machine was declared missing, so I'm a gene, let her home on August.
First knolls left Atlantic Beach on August. Second, and not long after a specific date isn't known, knows, picked up the hitchhiker he thought was named. Almah yes knows claimed that he raped and strangled her leaving her body hidden in the woods at some point in the near future.
He came back to that location in the woods and found animals have ravaged I'm a genes. Courts knolls took her jawbone, which had detached from her body and buried it near by. This is a bit hunt right. Vanessa, look for a number of reasons. Knolls liked risk knolls also frequently took mementoes from his victims like Alice Courtesies, Dodge Demon and Marjorie House you ve.
It could be that in the absence of having any other reminder of I'm a gene sanders, he visited the crime scene. Do we call if you went back to any other locations of his murders? How were home invasions and though he did pick up the Andersson sisters on the side of the road that was to help cover up the Alice Curtis murder?
So what would change that? He picked up a hitchhiker at random what he could have done it for the thrill, though hitchhikers are also common victims of lust.
He'd have a better shot at notoriety. What about taking the job or do you think he wanted to keep that as a momentum? Will some killers, like Jeffrey Dahmer, would collect their victims body, What's?
This too was a means to relieve their crimes, but knolls didn do this he kept items not pieces of human anatomy. Maybe, when he saw I'm a genes body eaten by animals, it gave him some sense of remorse for once was trying to hide evidence if so did a bad job. He left the rest of her skull and body above ground in nineteen.
Seventy six. I am, Jeanne Sanders. Skeleton was found at that point almost unrecognizable, as human remains intact. I machines, mother and sister submitted dna samples to a database for unsolved crimes. A match came back and police finally figured out who the Almah in Paul Knolls tapes was, after thirty seven years, I'm a gene Sanders.
Billy returned to her family and her mother and sister laid her remains to rest after killing armor. Was dropped in and Jackie Night and her family crashing with them for the next three weeks. Let me also explain why he went back to I'm a gene centres body. He sate around the location of the murder longer than he did with his other victims Three weeks is a long time to spend with your ex night hinted.
That knows overstate as well. On August, twenty third knolls on the road again pass through Marcella Georgia, that's where he met Cathy Soup, Pierce twenty you're old mother. He strangled her in her home with the telephone court in front of her three years. Son, whom knolls left alive, secures a strange development, nor had already killed two young girls because they could have identified him this time he left a young boy who saw him commit his crime unharmed. Why would he do.
This wasn't the only time he spared a boy. He do it again at the end of his murder road trip, you might remember Sue from the last episode. That knows got along well with nights. Kids, as we have said, Nora, killed across all demographics except young male children. If he really was abused at the floor to school for boys, maybe he felt that he couldn't abuse another child like himself interesting analysis knows where pierce his body in her bathroom took her cash and then drove north and kept driving.
Two weeks later, on September, third, a man named William Bates disappeared after getting drew. With the Red headed man in Lima, Ohio. Almost seven hundred miles from you sell a Georgia police, not a yellow, Dodge Demon near the bar Alice Curtis is, of course, I'm thinks giving day.
Nineteen seventy four a hunter farm basis, naked body in the Woods knolls had bound and gagged Bates, with electrical tape before strangling there has been speculation that Bates was naked because he knew had sex or intended to.
As we said last time, it's unknown how knolls identified sexually, though reports claim knolls had relationships with men in prison and Bates, wasn't the only male victim who knows may have had sex with north took Bates Red, shabby empower and his credit cards. He drive the impel us dealing different license plates and swapping them out until he was apprehended over the next week.
Knolls drove southwest first to Montana than down through you talk and then into Nevada. He passed through. And when he got the opportunity he killed for it on September, twelfth Murray and lowest Johnson, a couple in their sixties from San Pedro, California, where vacationing and Eli knows tied them up. Each of them behind the left, ear and still their cash and credit cards there These were discovered for another week. This again the case where police had no leads until knolls confessed to the crime.
The same goes for knolls. Next victim he moved on to Texas Ensanguined. He encountered a motorcyclists Charlotte Hicks. Stopped on the side of the road and September. Empire 4. Silent Lucidity 5. Another Rainy Night Without You 6. Jet City Woman 7. Liquid Sky 8. Sacred Ground 9. Falling Down Hit The Black Breakdown The Lady Wore Black 3.
Warning 4. Walk In The Shadows 6. I Dream In Infrared 7. I Don't Believe In Love 8. Eyes Of A Stranger 9. Empire Silent Lucidity Chasing Blue Sky Someone Else? Falling Down 2. Sacred Ground 3. One Life 4. When Album) Rain Comes How Could I? Beside You 7. Breakdown 9.
Burning Man Wot Kinda Man Sign Of The Times 2. Cuckoo's Nest 3. Get A Life 4. The Voice Inside 5. Some People Fly 6. Saved 7. You 8. Hero 9. Miles Away Reach All I Want Damaged 4. Out Of Mind 5.
Bridge 6. The Killing Words Live I Remember Now Anarchy-X Revolution Calling Operation Mindcrime Speak Spreading The Disease The Mission Suite Sister Mary The Needle Lies Electric Requiem Breaking The Silence I Don't Believe In Love Waiting For 22 My Empty Room Eyes Of A Stranger The Mission Live Best I Can The Thin Line Jet City Woman Della Brown Another Rainy Night Empire Resistance Silent Lucidity Hand On Heart One And Only Anybody Listening Last Time In Paris Scarbborough Fair Spreading the Disease Breaking the Silence I Dont Believe in Love Waiting for 22 Damaged Out Of Mind Bridge
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