Joseph R. John
To jrjassoc@earthlink.net
May 19 at 3:04 PM
The Republicans in the House and Senate have resurrected Fast Track Authority to give Obama the ability to bypass the checks and balances of congress. In order to pass it, they are trying to say that President Ronald Reagan would approve the UNCONSTITUTIONAL TPA Bill. They are “lying outright” to their fellow Congressmen–please read the below listed article that details what President Ronald Reagan did and based upon what we know of his conservative philosophy, what he would do today.—President Reagan cared about protecting American jobs for hard working men and women.
This TPA Bill will destroy the US Borders forever, and will open the flood gates to millions of Illegal Aliens from Mexico, from 11 Asian countries, and eventually will allow millions more Illegal Aliens to enter the United States thru the UN Resettlement Program (which is preventing Christian refugees from entering the US). Those refugees have been stealthily resettled by Obama in 195 cities across the nation for the last 6 years. To allow the flood gate to open to let foreign alien workers to enter the US, a time when 104 million Americans are unemployed is a crime against middle and low income Americans seeking employment.
I encourage you to take action to prevent the Republican leaders in the House and Senate from working with Pelosi and Reed to pass this Unconstitutional TPA Bill that will allow Obama to force the United States to abide by all UN Treaties. Rhinos go to the other side of the aisle to get votes to p[ass measures, and frustrate the will of their rank and file members. That is what Boehner has done in the past to fund and support Obama’s unconstitutional violation of Federal Immigration Laws—and he is doing it again to ram the Unconstitutional TPA Bill thru Congress.
The TPA Bill will eliminate the Constitutional requirement that 2/3rd of the US Senate must vote to approve and pass any international treaty with a foreign country. Obama is already violating the US Constitution and bypassing the US Senate, while he and Kerry negotiate a treaty with Iran, that was initiated by then Secretary of State Clinton. That Nuclear Weapons Treaty will allow Iran to develop and deploy nuclear weapons on their Intercontinental Ballistic Missiles. Those nuclear tipped missiles will become a threat and a dagger thrust poised to strike the heart of the United States’ homeland.
The TPA Bill will give up the US’ Sovereignty to the Marxists, Socialist, and Communists in control of the UN who have been working with Obama to eliminate the 2nd Amendment rights of all Americans by forcing the Congress to abide by the UN Small Arms Treaty, a treaty that the US Senate has already voted down because it violates the 2nd amendment to the US Constitution, to the disappointment of Obama, Clinton, and Kerry.
Obama is still determined to force the US to abide by the anti 2nd Amendment UN Small Arms Treaty with the support of the block of 70 elected Socialist, Marxists, and Communist members of Congress.
The below listed E-mail will tell you how to easily contact your Senator and Congressmen and demand that they not listen to the outright lies the leaders of the House and Senate are promulgating about what President Reagan would do in regard to the Unconstitutional TPA Bill—please read the below listed article by Charles Benninghoff, Esq..
I first worked for Governor Reagan in his first presidential race against President Gerald Ford that we lost at the Republican Convention in Kansas City, then worked for President Reagan on and off for the next 10 years (a total of 14 remarkable years), and I believe he would never let this Unconstitutional TPA Bill pass under any circumstance. For the Republican leaders in the Senate and House to take President Reagan’s good name in vain, to get Republican members of Congress to pass the Unconstitutional TPA Bill, is further proof that the Republican leaders in control of the House and Senate are once again discrediting themselves in the eyes of hundreds of millions Patriotic Americans who knew and supported President Reagan.
I encourage you to help us protect and defend the US Constitution and the 2nd Amendment that millions of Americans servicemen fought and died to protect. I encourage you to demand that your Congressional representatives vote against the “SECRET” TPA Bill that is thousands of pages long, that no member of Congress has sat down and read in its entirety, and is another thousand page bill that is being jammed down the collective throats of hard working Americans by the Republican and Democrat leaders in Congress.
The TPA Bill will have much worse consequences for our freedom and independence, than the Obamacare Law that Obama and Pelosi jammed down the collective throats of all Americans. If the TPA Bill passes, it will further continue to transform The Free Enterprise System, that over the past 238 years, created the most effective economic engine in the history of mankind, and we will be “CHANGED” into a Socialist/Welfare State.
Joseph R. John, USNA ‘62
Capt USN(Ret)/Former FBI/Reagan Administration Alumnus
Fax: (619) 220-0109
Then I heard the voice of the Lord, saying, “Whom shall I send, and who will go for Us?” Then I said, “Here am I. Send me!”
-Isaiah 6:8
From: jury.activehosted.com@s130.acemserv.com [mailto:jury.activehosted.com@s130.acemserv.com] On Behalf Of Pray For US
Sent: Tuesday, May 19, 2015 7:57 AM
To: jrjassoc@earthlink.net
Subject: Reagan vs. Obama
Desperate RINOs Claim Reagan Was Just Like Obama
05/19/2015
Dear Fellow Patriot,
Liberal Republicans (RINOs) in Congress are trying to claim that Ronald Reagan used Trade Promotion Authority, also known as fast-track trade powers, and therefore they must now renew Trade Promotion Authority for Obama immediately.
Liberals Republicans just love to invoke Ronald Reagan’s name while hoping that you will not pay any attention to the historical record.
This argument being pushed by Rep. Paul Ryan (R-WI) and House Speaker John Boehner shows just how DESPERATE the RINOs are to pass fast-track powers for Obama.
The RINOs may have the votes to pass fast-track for Obama in the House, if they win this argument, and that is why they are promoting it right now.
Send FaxGrams to keep the pressure on House Republicans right now to deny fast-track powers from Obama!
Did Ronald Reagan use Trade Promotion Authority or fast-track powers?
ANSWER: Yes.
Did America lose millions of jobs under crippling trade deficits because of Ronald Reagan’s trade deals as we have seen under the Bushes, Clinton and Obama?
ANSWER: No.
Ronald Reagan was hated by the so-called “free-traders” because he always protected American jobs FIRST in trade agreements — which we know Obama will not do.
As an example, Japan tried to flood the American market with cheap cars in the 1980s. Reagan immediately stepped in and imposed import controls on Japan and he is credited with single-handedly saving the American auto industry.
Without Reagan’s actions, Ford and Chrysler would have gone belly-up at the time and hundreds of thousands of Americans would have lost good-paying jobs.
President Reagan protected American workers through dozens of trade agreements and at the end of his time in office, the free-traders at the Cato Institute wrote, “From the standpoint of free trade, we have seen only a few bright days in the last eight years.”
America has been losing jobs through trade agreements ever since Reagan left office:
The Bush-Clinton North American Free Trade Agreement (NAFTA) cost America 700,000 jobs.
The Obama Korea-US trade Agreement (KORUS) passed in 2012 cost America 65,000 jobs.
Opening communist China up to trade with the US cost America 2.1 million manufacturing jobs between 2001 and 2011. The jobs of American workers are now being done by communist workers who are paid about $2,500 per year!
Ronald Reagan did not tolerate Americans losing their jobs because of trade agreements and that is the true conservative position! It is absolutely hypocritical of the RINOs to invoke Ronald Reagan’s name in their efforts to grant Obama fast-track trade powers.
Tell the Republicans in Congress to deny fast-track powers to Obama! Tell the House to vote NO on fast-track for Obama!
We are opposed to Obama’s trade deals and fast-track powers because these deals deliver the exact opposite of what they promise.
Deuteronomy 15:6 states, “For the Lord your God blesses you, as He promised you; and you shall lend unto many nations, but you shall not borrow; and you shall reign over many nations, but they shall not reign over you.”
Obama’s trade deals will put America further into debt to foreign countries and will allow those countries to reign over us by suspending congressional oversight.
Stop Obama from gaining fast-track powers! Tell Congress that Obama is NOT Ronald Reagan!
In 1892, Republican Senator William McKinley who would one day become President said, “Free trade results in giving our money, our manufactures, and our markets to other nations.”
This was the conservative position on trade until Ronald Reagan left office. Reagan protected our currency, our manufacturing jobs and our markets, something that no president has done since and certainly not Obama!
What has changed since Reagan left office? Multinational corporations are now permitted to give American congressional members untold billions of dollars each year, in essence bribing these elected officials to see things their way. And, “their way” does NOT include any concern about what happens to American workers, only what will realize for these international corporate giants the greatest profits!
Send your FaxGrams to deny Obama fast-track powers today!
Then, please tell others about this campaign by sending them this link:
https://PrayFor.US/150518_35264_p4us_pp_Stop_TPA_in_House/
Finally, call your Representative in the House at 202-224-3121 and let them know that you are opposed to Trade Promotion Authority for Obama.
Sincerely,
Charles Benninghoff Signature Image for Email
Charles Benninghoff, Founder
Pray For US
2360 Corporate Circle, Suite 400
Henderson, Nevada 89074-7722
Personal Cell: 949-510-1100
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War on Currency and your savings, by Daren Fonda (Barron’s reporter)
[With stablecoin, my position on blockchains has changed. The following is why everyone with more than $600 in savings should be subscribing to both The Wall Street Journal and to Barron’s. Bill]
Barron’s
TopicsMagazineDataAdvisorPenta100 Years
William
Inside the Coming War Over Digital Currencies—and What It Means for Your Money
By
Daren Fonda
Updated September 18, 2021 / Original September 17, 2021
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The war over money is heating up: For the first time in more than a century, the dollar’s supremacy is being challenged. The rise of cryptocurrencies and “stablecoins” has spurred a rethinking of what a currency is, who regulates it, and what it means when it’s no longer controlled by a national government. The dollar itself may be getting an overhaul, transformed into a digital currency that can travel instantly around the world, holding up against Bitcoin or any other token.
The old battle lines between national currencies are being redrawn by an onslaught of crypto insurgents. These privately issued currencies are fragmenting monetary systems, banking, and payments. The landscape calls to mind the “wildcat” money era of the mid-1800s, when a scrum of banks supplied their own notes—prompting the Federal Reserve to establish a national currency. Commerce doesn’t run as efficiently without a “no questions asked” currency, and governments risk losing control over fiscal and monetary policies if multiple currencies vie for economic activity.
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What kind of upheaval will the new currencies wreak? No one knows. And there are plenty of legitimate use-cases for cryptos and applications built on top of blockchain networks. But the technology is so disruptive that it’s triggering calls for a cascade of new regulations, and it’s spurring governments around the world to think about digitizing their currencies, at least partly to remain relevant and maintain control over their economic interests. The Fed itself is expected to weigh in with its own report in coming days.
“The advent of digital currencies may allow people and businesses to get around banks,” says Thomas Hoenig, a former president of the Federal Reserve Bank of Kansas City. “If cryptos become a substitute for the dollar, they could create a separate money environment that would make monetary policies more difficult to implement.”
Cryptos are now worth $2.1 trillion, doubling in value this year alone. Bitcoin, worth nearly $900 billion, recently became legal tender in El Salvador—a controversial monetary shift in the country, but one that may pave a path for other developing nations. Capital is flooding into companies that are building everything from trading platforms to exchanges for trading new digital assets like non-fungible tokens, or NFTs. Investors are also trading tokens on decentralized exchanges like Uniswap, and they’re earning high yields by “staking” their tokens to network operators.
RELATED MARKET DATA
Currencies
Cryptos and other tokens aren’t (yet) close to denting the $19.4 trillion U.S. money supply or the 50% of international trade that’s invoiced in dollars. One measure of the dollar’s hegemony—its share of central bank reserves—has been declining for 25 years, but at 60% it remains three times that of its closest rival, the euro. Vast markets of global commodities are priced in the dollar. Trillions of dollars in sovereign and commercial debt are pegged to the “risk free” rate of Treasuries.
But challenges to the dollar posed by blockchain technologies aren’t so easy to dismiss.
Cryptos, stablecoins and NFTs are becoming the native tokens of gaming and e-commerce platforms. Virtual-reality platforms are being designed to incorporate NFTs or other private currencies. As economic activity shifts to these walled gardens, banks and government-backed money could wind up on the outskirts.
The Trillion Dollar ClubCryptocurrencies have surged in value, led by Bitcoin and EthereumMarket Value of CryptosSource: CoinMarketCap
billionOct. 2019Sept.05001000150020002500$3000
Challenging the Incumbents
Big money is at stake, especially for banks and other companies that effectively charge “rents” for moving dollars around. North American banks, card networks, and nonbank “fintechs” earn huge sums for payment and credit-card services—$500 billion a year, according to data from consultancy McKinsey. That amounts to an estimated 2% toll on U.S. gross domestic product—much of it in credit card fees.
Many banks and financial companies, including Visa (ticker: V) and JPMorgan Chase (JPM), are working to integrate cryptos and stablecoins, aiming to capture fees on brokerage, custodial, and payment services. But they face technologies that threaten their revenues—and, perhaps more important, access to data.
Solana, for instance, is a relative newcomer in crypto. Developed by a former software engineer at Qualcomm, the network claims to handle 65,000 transactions per second at a cost of $0.00025 per transaction, making it far faster and cheaper than bigger rivals like Ethereum. It’s taking off for stablecoins and NFTs—new digital playthings for art, video, and music. Solana’s blockchain network is also attracting high-frequency trading firms that see it as a platform for ultrafast data feeds and trading applications for cryptos, stocks, and other securities.
BTIG analyst Mark Palmer calls Solana the “biggest blockchain breakout of 2021,” noting that it’s powering a much-anticipated “metaverse” game called Star Atlas that uses NFTs for in-game assets. “The speed that Solana’s architecture facilitates is a literal game-changer in the NFT gaming world,” he wrote in a recent report. The network crashed this past week as usage surged, pulling its token down. But its fall may also reflect some profit-taking after a 9,166% rally this year, pushing the token from $1.50 to $139, giving it a $41 billion market value.
The Battle for a Digital Dollar
One of the biggest financial-policy battles that’s shaping up in Washington is over digitizing the dollar—turning it into a token that may be issued directly to consumers by the central bank. A much-anticipated report is expected soon from the Fed, outlining its perspective on a central-bank digital currency, or CBDC. Other countries, led by China, have already launched CBDCs in pilot programs, putting pressure on the Fed to develop a rival.
A digital dollar could take many forms. The basic idea is that the central bank would issue a new digital instrument for transactions and deposits, alongside physical cash or entries on a bank ledger (essentially deposits). Payments could settle in real time, proponents argue, and fees could fall sharply since the Fed doesn’t have a profit incentive. That could be a huge win for the 6% of the population that’s “unbanked” and pays steep fees for check-cashing. People sending money overseas could also pay much lower fees for “remittances,” cutting out middlemen like Western Union (WU) and MoneyGram.
International pressure is building as China and other countries take the lead in CBDCs. “The time has passed for central banks to get going,” said Benoît Coeuré, head of innovation at the Bank for International Settlements, in a speech in September. “We should roll up our sleeves and accelerate our work on the nitty-gritty of CBDC design.”
Fed officials seem split on the idea, however, let alone the specifics. Governor Lael Brainard, who may be in line for Chairman Jerome Powell’s job next year, has indicated support for a CBDC. But governor Christopher Waller is a skeptic, describing a digital dollar as a “solution in search of a problem.” As he sees it, commercial banks and the Fed are already developing real-time settlement; stablecoins may put pressure on banking fees, he argues, and most of the unbanked don’t even want accounts, according to surveys. “The government should compete with the private sector only to address market failures…and I don’t think that CBDCs are the case for making an exception,” he said in a speech last month.
Politicians, not Fed officials, are likely to have the final word. A bill backed by Sen. Sherrod Brown (D., Ohio) envisions the Fed offering “digital dollar wallets.” Commercial banks would maintain the wallets, entitling owners to a share of the bank’s reserves held at the Fed. For consumers without access to branches, he sees the Postal Service turning into a digital-dollar bank.
None of this appeals to bankers, of course, who worry that the Fed could siphon away their deposits and undermine lending. “The drawbacks appear to be more pronounced than the benefits, at least in the U.S.,” says Rob Morgan, a senior vice president with the American Bankers Association.
JPMorgan is calling for “minimally invasive CBDCs,” according to a recent report by Joshua Younger, head of U.S. fixed-income strategy. CBDC deposits that are limited to $2,500 would mitigate the potential for the Fed to “cannibalize” deposits, he argues. He also says that U.S. banks are already “partially nationalized,” with 15% of their assets held as Fed reserves and Treasury securities, levels that may increase if the Fed got into commercial banking.
Taming the Crypto Wild West
Regulators aren’t sitting idly as digital currencies plant roots. Federal and state agencies are working on rules to keep tabs on the industry. Gary Gensler, the new chairman of the Securities and Exchange Commission, laid out an expansive agenda to regulate crypto tokens, trading, and lending platforms in a Senate hearing this past week. “Large parts of the field of crypto are sitting astride of—not operating within—regulatory frameworks,” he said. Automated exchanges could be in for more scrutiny, along with lending platforms like BlockFi, where investors can earn high yields on crypto deposits.
Congress sees plenty of opportunity to raise revenue by taxing crypto. Democrats in the House have included “digital assets” in their $3.5 trillion reconciliation bill, including a provision that would subject cryptos to “wash sale” rules, which prevent investors from claiming a tax loss if they buy the same security within 30 days (before or after) of the sale. That measure alone could raise an estimated $16 billion over a decade.
Still, it won’t be easy for regulators to tax or police the entire industry. Crypto brokerages outside the U.S. handle much of the trading volume. Exchanges like Uniswap use protocols and “smart contracts” to process transactions, operating independently of any centralized entity like a bank or brokerage firm. “The underlying protocol is operating on its own, and users can still trade the assets, irrespective of the SEC,” says Anthony Georgiades, a crypto investor with Innovating Capital. “It’s sufficiently decentralized so that even if they try to delist the assets, they couldn’t.”
Tokenizing the WorldThe number of cryptos has jumped almost140% in the past two years.Source: CoinMarketCapNote: In Oct. 2020 CoinMarketCap removedinactive cryptocurrencies from the totals.
2020’21200030004000500060007000
Washington still can’t agree on whether to classify cryptos as a currency, security, or commodity. The Internal Revenue Service calls cryptos “property,” while the Commodity Futures Trading Commission has oversight over the crypto futures market, and a patchwork of agencies oversee the banks and exchanges.
A few states aren’t waiting around for more federal rules. BlockFi is in trouble with regulators in New Jersey and Texas, states where it could soon be illegal for residents to open an account with the company. BlockFi CEO Zac Prince says uniform federal banking rules are needed. “It’s gonna come down to federal regulators…creating a path for this type of activity to happen,” he said at a conference this past week.
Stablecoins pose perhaps the biggest regulatory conundrum. The tokens have a fixed value of $1, typically pegged to the dollar. More than $110 billion are in circulation, primarily in Tether and USD Coin. Investors use the coins as dollar substitutes to transact on exchanges; they’re also gaining traction for international payments and peer-to-peer, or P2P, transactions.
A game-changing “stablecoin” may be coming from Diem, a consortium of 26 companies, originally conceived by Facebook (FB). Diem is trying to launch a “regulatory friendly” version, says Christian Catalini, chief economist of the Diem Association. Its underlying network, backed by companies including Uber Technologies (UBER), Coinbase Global (COIN), and Spotify Technology (SPOT), will levy fees expected to be less than 0.10% per transaction, far below what banks and card networks now charge.
Diem could be a blockbuster. The token could quickly gain traction for things like Uber fares, Gucci bags on Farfetch (FTCH), or subscriptions on Spotify—cutting out payment middlemen with lower transaction fees. The network is also designed for P2P transactions, including remittances, and the underlying blockchain technology could move programmable digital assets in the future. The Diem coin itself, however, might be short-lived if a digital dollar launches. “We’ve committed to phasing out the token when there is a digital dollar,” Catalini says.
Diem has pledged to hold high-quality assets as reserves for its coins, backed at least one-to-one by cash or Treasuries. It might not have much choice: Regulators are starting to view stablecoins as a source of financial instability, and they may be close to issuing new rules on capital and reserve requirements for issuers.
The concern is that coin issuers aren’t backing their tokens with 100% cash reserves, using proxies like commercial paper, bank “repo” agreements, and other securities. That might be fine in normal market conditions, but it could be destabilizing in a crisis. Money-market funds have experienced runs that spilled over into other areas, prompting the Fed to stabilize the market, most recently in March 2020. “It’s a central problem that the Fed worries about from a stability point,” says Morgan Ricks, a law professor at Vanderbilt University and former Treasury official.
Tether, the largest stablecoin, has run into legal trouble over its reserves, agreeing last February to more disclosure in a deal with the New York attorney general. But its reserve composition remains opaque. Tether, backed by the Bitfinex exchange, holds only 3.9% of the coin’s reserves in cash and 2.9% in T-bills, according to its latest disclosure, with 65% in commercial paper. Tether says its tokens are “always 100% backed by our reserves.”
The Treasury Department recently convened a task force to develop a framework for regulating stablecoins. Some leading economists say it’s overdue. “Policy makers may view stablecoins as an up-and-coming financial innovation that does not pose any systemic risk,” wrote Yale University economist Gary Gorton in a recent paper co-authored with a Fed attorney, Jeffery Zhang. “That would be a mistake because this is precisely when policy makers need to act.”
The Dollar Won’t Go Away
The dollar won’t go down easily. It has deflected multiple threats since President Richard Nixon ended its peg to gold in 1971, turning it into a free-floating “fiat” currency. A bout of inflation in the 1970s, the rise of the Japanese yen in the 1980s, and the euro’s ascent in the early 2000s all failed to knock it down.
A common marketing case for Bitcoin, the largest crypto, is that it’s “digital gold” with a fixed supply of 21 million tokens; by design, it can’t be increased, unlike fiat currencies that may be depreciated by governments for political or economic gains. Central banks have embarked on a money-printing spree—the Fed’s balance sheet has ballooned to $8.3 trillion from $1 trillion in 2008. Crypto backers argue that the dollar’s purchasing power will diminish due to inflationary forces tolerated by central banks, while cryptos will hold more of their value.
Taking a CutBanks and payment companies reap trillions of dollars for moving money aroundGlobal Payments RevenueSource: McKinsey
trillionEstimateAsia-PacificNorth AmericaEMEALatin America20102014201820192020E0.00.51.01.52.0$2.5
Yet for all the carping about currency “debasement,” or an erosion of purchasing power in the dollar, the economics are far more complex. Inflation hasn’t proved deeply problematic in North America since the early 1980s. Before the pandemic, it was so low that policy makers worried about deflation. Rising labor costs and global supply-chain disruptions pose near-term inflationary threats, but their persistence isn’t assured. The forces that have kept a lid on inflation—including aging populations in developed economies and productivity gains from technology—aren’t going away.
History is also on the dollar’s side in the sense that governments have never allowed rival currencies to usurp their authority. Technologies make the job tougher but not insurmountable, and the greater the success of currencies like Bitcoin, the more governments may try to kill it.
What It Means for Investors
What’s the impact for investors in crypto-infrastructure stocks and currencies? For now, not much. Crypto stocks and prices for digital currencies have climbed for months, despite tighter regulatory scrutiny. Capital is flooding into the industry as use-cases for cryptos, stablecoins, and decentralized-finance, or DeFi, networks expand. New rules will take months or years to be written and implemented by regulatory agencies. A digital dollar could become a partisan battle that gets bogged down in Congress.
Clarity from regulators may be welcomed, since they could open the floodgates to investment products and services, expanding the market with advisors and institutional fund managers that oversee trillions of dollars in global assets. Banks also want a level playing field to cut down on “regulatory arbitrage” that may now give pure-play crypto companies an advantage.
The crypto industry, for its part, is also becoming a lobbying force. The industry exerted its influence in August as lawmakers added tax-reporting requirements on crypto companies to the Senate infrastructure bill. The lobbying blitz failed, but the battle isn’t over—it will probably shift to regulatory agencies.
As for the dollar, the very currencies that are nipping at its heels could help preserve it. Cryptos and other tokens haven’t been tested in a crisis when investors dump anything with a whiff of risk. The diciest currencies fall the hardest during panics, and cryptos could follow precedent. “If there is a crisis, all these parallel currencies will take flight into the sovereign,” predicts Hoenig. Digital or not, the dollar will live to fight another day.
Write to Daren Fonda at daren.fonda@barrons.com
[Explains why gold, silver, and copper haven’t risen as they should. With stablecoins not being supported by trimetalicism or necessary fungible commodities, but by debt and tradable assets, the implication is a currency bubble that may lead to a bust, as all bubbles do, and market downturn, as these assets are sold to redeem stablecoins, but the attack on liberty and freedom, as shown by the Harris/Biden cabal’s pushing the IRS to have complete access to all bank accounts over $600 w/o the restrictions of the Vth Amendment or Probable Cause will lead to a Chinese style of global tyranny. Consider, we will all live in the world of Terese Xu of Beijing (WSJ Weekend 9/18-19-2021 p A8). And, of those who died incarcerated in their apartments in Wuhan to prevent the spread of the PLA-Fauci COVID bio-weapon.
Justplainbill]