Home » Posts tagged 'central banks'

Tag Archives: central banks

Olduvai
Click on image to purchase

Olduvai III: Catacylsm
Click on image to purchase

Post categories

Olduvai
Click on image to purchase

Olduvai II: Exodus
Click on image to purchase

Olduvai
Click on image to purchase

Olduvai II: Exodus
Click on image to purchase

Olduvai
Click on image to purchase

Olduvai II: Exodus
Click on image to purchase

Olduvai
Click on image to purchase

Olduvai II: Exodus
Click on image to purchase

Olduvai
Click on image to purchase

Olduvai II: Exodus
Click on image to purchase

Olduvai III: Cataclysm
Click on image to purchase

Central Banking Is Central Planning

Central Banking Is Central Planning

At a time when the appeal of and demands for a new “democratic” socialism seem to have caught the imagination of many among the young and are reflected in the promises of a good number of political candidates running for high office, there is one already-existing socialist institution in America with few opponents: the Federal Reserve System.

The fact is, central banking is a form of central planning. The Federal Reserve has a legal monopoly over the monetary system of the United States. It plans the quantity of money in circulation and its availability for lending purposes; and it sets a target for the annual rate of price inflation (currently around 2 percent), while also intentionally influencing interest rates, affecting investment spending, and supporting full employment. Almost all discussions and debates concerning the Federal Reserve revolve around how it should undertake its monetary central planning: which policy tools should be used, what target goals should be aimed for, and who should be in charge of directing America’s central bank.

Federal Reserve Independence in the Trump Era

A complementary issue that has received renewed attention concerns the question of how much “independence” the Federal Reserve and other central banks should have to determine and implement monetary and interest rate policy. This has recently come to the fore due to comments made by President Donald Trump concerning Federal Reserve interest rate policy and the individuals he has recently proposed for positions on the Federal Reserve Board of Governors.

Several times over the last year, President Trump has expressed irritation and frustration with increases in market rates of interest under the Federal Reserve Board leadership of Jerome Powell, who Trump nominated for Fed chairman and who has held that position since February 2018. 

 …click on the above link to read the rest of the article…

Contrarian Alert: “Is Inflation Dead?” Makes The Cover Of Businessweek

Contrarian Alert: “Is Inflation Dead?” Makes The Cover Of Businessweek

In the financial world, those who subscribe to the contrarian school of thought (including myself) keep an eye out for certain cues or indications that a trend has become overcrowded and is nearing its end. Some examples of these contrarian indicators are investor sentiment indexes, fear gauges such as the CBOE Volatility Index or VIX, the construction of record-breaking skyscrapers, and also the topics that are chosen for finance and business magazine covers. The last example is called the Magazine Cover Indicator and the logic behind it is that, by the time a trend has gained enough momentum or attention to justify its own cover story, it is about to become passé. In an infamous example, Businessweek published the cover story “The Death Of Equities” on August 13, 1979, right before the secular bull market began. 

Bloomberg Businessweek’s latest cover story is called “Is Inflation Dead?,” which should make contrarians question whether the actual risk is higher inflation (or hidden inflation, as I will explain).

Here are the first few paragraphs from this piece – 

If economics were literature, the story of what happened to inflation would be a gripping whodunit. Did inflation perish of natural causes—a weak economy, for instance? Was it killed by central banks, with high interest rates the murder weapon? Or is it not dead at all but just lurking, soon to return with a vengeance?

Like any good murder mystery, this one has a twist. What if the apparent defeat of inflation blew back on the central bankers themselves by making them appear expendable? Far from being lauded for a job well done, they’re under populist attack.

 …click on the above link to read the rest of the article…

Slowing Growth the Problem, Asset Appreciation the Solution?

Slowing Growth the Problem, Asset Appreciation the Solution?

The Problem:
The Fed and major central banks believe they are fighting a deflationary spiral battling ongoing misses to their inflation targets.  But in truth their misguided policies are contributing to a depopulation spiral.  They are forcing low interest rates that only exacerbate overcapacity for a consumer base among whom growth is fast decelerating.  The cheap money is causing rapid asset appreciation absent like wage growth.  Asset holders (primarily older and wealthy) are reaping the rewards while those with little or no assets (young, poor, those of childbearing ages) are paying higher rents, insurance, medical care, schooling, etc. etc.  This inequitable inflationary pressure is pushing birth rates to all time lows and cutting off present and future demand…and this is met with even more of the medicine that made the patient sick in the first place.

From a US perspective, there has essentially been no bottom up US population growth since 1950.  Chart below shows average annual US births per decade (including births from all sources, legal and illegal).  Lower boxes show current age of the population borne during each decade.  Births have essentially been flat for seven decades.

Average annual births per each generation and current age of each group, below.  Again, births by generation have been flat since the completion of WWII.

Below, annual births highlighting each generation.  From the early ’50’s to present, births have been remarkably flat, given the tripling of the total population.

15 to 64 year old population (red line) and year over year change (blue columns).  Average annual growth, per period below, has decelerated 50% but will decelerate nearly 80% over the next decade.  Average growth, per period:

  • 1970 – 2009, +1.93 million
  • 2010 – 2018, +0.98 million
  • 2019 – 2030, +0.36 million

 …click on the above link to read the rest of the article…

Slowing Growth the Problem, Asset Appreciation the Solution?

Slowing Growth the Problem, Asset Appreciation the Solution?

The Problem:
The Fed and major central banks believe they are fighting a deflationary spiral battling ongoing misses to their inflation targets.  But in truth their misguided policies are contributing to a depopulation spiral.  They are forcing low interest rates that only exacerbate overcapacity for a consumer base among whom growth is fast decelerating.  The cheap money is causing rapid asset appreciation absent like wage growth.  Asset holders (primarily older and wealthy) are reaping the rewards while those with little or no assets (young, poor, those of childbearing ages) are paying higher rents, insurance, medical care, schooling, etc. etc.  This inequitable inflationary pressure is pushing birth rates to all time lows and cutting off present and future demand…and this is met with even more of the medicine that made the patient sick in the first place.

From a US perspective, there has essentially been no bottom up US population growth since 1950.  Chart below shows average annual US births per decade (including births from all sources, legal and illegal).  Lower boxes show current age of the population borne during each decade.  Births have essentially been flat for seven decades.

Average annual births per each generation and current age of each group, below.  Again, births by generation have been flat since the completion of WWII.

Below, annual births highlighting each generation.  From the early ’50’s to present, births have been remarkably flat, given the tripling of the total population.

15 to 64 year old population (red line) and year over year change (blue columns).  Average annual growth, per period below, has decelerated 50% but will decelerate nearly 80% over the next decade.  Average growth, per period:

  • 1970 – 2009, +1.93 million
  • 2010 – 2018, +0.98 million
  • 2019 – 2030, +0.36 million

Through 2030, the working age population is estimated to grow by less than 4 million versus 19 million more 65+ year olds.  The result is that the US is currently at full employment with little further labor force growth available, detailed HERE and HERE.

 …click on the above link to read the rest of the article…

Lacy Hunt Blasts MMT and Speaks of Hyperinflation If Implemented

Lacy Hunt Blasts MMT and Speaks of Hyperinflation If Implemented

In the Hoisington First Quarter Review, Lacy Hunt blasts MMT as “self-perpetuating” inflation.

Please consider the Hoisington Investment Quarterly Outlook for the first quarter of 2019.

MMT Leads to Hyperinflation

Under existing statutes, Fed liabilities, which they can create without limits, are not permitted to be used to pay U.S. government expenditures. As such, the Fed’s liabilities are not legal tender. They can only purchase a limited class of assets, such as U.S. Treasury and federal agency securities, from the banks, who in turn hold the proceeds from this sale in a reserve account at one of the Federal Reserve banks. There is currently, however, a real live proposal to make the Fed’s liabilities legal tender so that the Fed can directly fund the expenditures of the federal government – this is MMT – and it would require a change in law, i.e. a rewrite of the Federal Reserve Act.

This is not a theoretical exercise. Harvard Professor Kenneth Rogoff, writing in ProjectSyndicate.org (March 4, 2019), states “A number of leading U.S. progressives, who may well be in power after the 2020 elections, advocate using the Fed’s balance sheet as a cash cow to fund expansive new social programs, especially in view of current low inflation and interest rates.” How would MMT be implemented and what would be the economic implications? The process would be something like this: The Treasury would issue zero maturity and zero interest rate liabilities to the Fed, who in turn, would increase the Treasury’s balances at the Federal Reserve Banks. The Treasury, in turn, could spend these deposits directly to pay for programs, personnel, etc. Thus, the Fed, which is part of the government, would be funding its parent with a worthless IOU.

 …click on the above link to read the rest of the article…

China’s Debt Bomb Is Back: Beijing Injects Most Ever Credit For Month Of March

China’s Debt Bomb Is Back: Beijing Injects Most Ever Credit For Month Of March

One month ago, we asked if that was it for China’s “Shanghai Accord 2.0”? Turns out the answer was a resounding “no.

As we noted at the time, one month after the PBOC injected a gargantuan 4.64 trillion yuan ($685 billion) into the economy – more than the GDP of Saudi Arabia – in the month of January in the country’s broadest credit measure, the All-System Financing Aggregate a credit injection that was so massive it even prompted the fury of China’s prime minister Li Keqiang who lashed out at the central bank for its unprecedented debt generosity in a time when China was still pretending to be on a deleveraging path, in February the PBOC again surprised China-watchers, this time to the downside, when the Chinese central bank reported that aggregate financing increased by a paltry 703 billion yuan, roughly half the expected 1.3 trillion, the lowest print in the revised series history.

However, to assuage fears that China was turning off the credit taps just one month after the release of weak February TSF, PBOC governor Yi commented in his press conference during the NPC that (although February TSF data was weak) the data should be viewed in light of strong January data. He also noted that even combined Jan-Feb data could be distorted by the Chinese New Year, and one needed to wait for March data.

Well, we got just that overnight (as reported previously) and it was a monster: just after 4am ET, the S&P futures surged above 2,900 when the PBOC reported that in March, new yuan loans jumped by 1.69 trillion, far above 1.25 trillion estimate, while total social financing in March soared higher 2.86t yuan, the highest March increase on record; smashing the 1.85 trillion yuan estimate, and more than four times the February 703BN yuan increase.

 …click on the above link to read the rest of the article…

Combustion

Combustion

This is all going to end badly, even some ardent bulls will freely admit this, the question is the how, when and the where. Frankly it’s a tragedy that’s unfolding and discerning eyes can see it. Since the December lows markets have taken the scripted route higher salivating at the prospect of dovish central bankers once again levitating asset prices higher. A Pavlovian response learned over the past 10 years. Record buybacks keep flushing through markets and cheap money days are here again as yields have dropped markedly since their peak last fall.

But investors may sooner or later learn the hard way that this sudden capitulation by central bankers is not a positive sign, but rather a sign of desperation.

Fact is central banks are hopelessly trapped:

10 years after the financial crisis is there any conceivable scenario under which central banks will ever normalize balance sheets to pre-crisis levels?
Anyone?

View image on Twitter

Implications:
1. The Fed stopping here is an admission of failure
2. Full normalization would crash global equities
3. Central banks are trapped & are forced to remain accommodative
4. Central bank policy is still in crisis mode
5. It’s all a propped up shell game

The capitulation is as complete as it is global and 10 years after the financial crisis there is not a single central bank that has an exit plan. As today’s Fed minutes again highlighted: No rate hikes in 2019 while the tech sector is making a new all time human history high this week. What an absurdity. A slowing economy ignored by markets as cheap money once again dominates everything.

So great is the fear of falling markets and a slowing economy that the grand central bank experiment has ended in utter failure. But at least the Fed tried for a little bit before capitulating. The enormity of the central bank failure is perhaps best encapsulated by the state of the ECB under Mario Draghi:

 …click on the above link to read the rest of the article…

Basel 3: A Revolution That Once Again No One Noticed

Basel 3: A Revolution That Once Again No One Noticed

By Aleksandr Khaldey
Translated by Ollie Richardson and Angelina Siard
cross posted with https://www.stalkerzone.org/basel-3-a-revolution-that-once-again-no-one-noticed/
source: http://www.iarex.ru/articles/65626.html

Real revolutions are taking place not on squares, but in the quiet of offices, and that’s why nobody noticed the world revolution that took place on March 29th 2019. Only a small wave passed across the periphery of the information field, and the momentum faded away because the situation was described in terms unclear to the masses.

No “Freedom, equality, brotherhood”, “Motherland or death”, or “Power to Councils, peace to the people, bread to the hungry, factories to the worker, and land to the farmers” – none of these masterpieces of world populism were used. And that’s why what happened was understood in Russia by only a few people. And they made such comments that the masses either did not fully listen to them or did not read up to the end. Or they did listen to the end, but didn’t understand anything.

But they should’ve, because the world changed so cardinally that it is indeed time for Nathan Rothschild, having crumpled a hat in his hand, to climb onto an armoured Rolls-Royce [a joke referencing what Lenin did – ed], and to shout from on top of it to all the Universe: “Comrades! The world revolution, the need for which revolutionaries spoke about for a long time, came true!” [paraphrasing what Lenin said – ed] And he would be completely right. It’s just that the results of the revolution will be implemented slowly, and that’s why they are imperceptible for the population. But the effects, nevertheless, will be soon seen by absolutely everyone, up to the last cook who even doesn’t seek to learn to govern the state soon.

 …click on the above link to read the rest of the article…

Can Expansionary Fiscal and Monetary Policies Counter Recessions?

CAN EXPANSIONARY FISCAL AND MONETARY POLICIES COUNTER RECESSIONS?

When signs of economic weakness emerge, most economics experts are quick to embrace the ideas of John Maynard Keynes.

For most economists the Keynesian remedy is always viewed with positive benefits- if in doubt just push more money and boost government spending to resolve any possible economic crisis.

In this way of thinking, economic activity is presented in terms of the circular flow of money. Spending by one individual becomes a part of the earnings of another individual, and spending by another individual becomes a part of the first individual’s earnings.

So if for some reason people have become less confident about the future and have decided to reduce their spending this is going to weaken the circular flow of money. Once an individual spends less, this worsens the situation of some other individual, who in turn also cuts their spending.

Following this logic, in order to prevent a recession from getting out of hand, the government and the central bank should step in and lift government outlays and monetary pumping, thereby filling the shortfall in the private sector spending.

Once the circular monetary flow is re-established, things should go back to normal and sound economic growth is re-established, so it is held.

Can government really grow an economy?

The whole idea that the government can grow an economy originates from the Keynesian multiplier. On this way of thinking an increase in government outlays gives rise to the economy’s output by a multiple of the initial government increase.

An example will illustrate how initial spending by the government raises the overall output by a multiple of this spending. Let us assume that out of an additional dollar received individuals spend $0.9 and save $0.1. Also, let us assume that consumers have increased their expenditure by $100million. Individuals now have more money to spend because of an increase in government outlays.

 …click on the above link to read the rest of the article…

Nevertheless, he persisted

Nevertheless, he persisted

Today, the Nikkei Asian Review reports that Nomura Holdings, Inc. (8604 on the Tokyo Stock Exchange) expects to close over 30 of its 156 domestic retail branches, “previously considered a sacred cow by the group.” In addition, Nomura will eliminate roughly half of its 11 administrative departments and “revisit its policy of maintaining hubs in Japan, the U.S. and Europe.” That comes after the investment bank reported a ¥101.2 billion ($911 million) loss for the nine months ended Dec. 31, its worst such showing since 2008. 

Nomura’s misadventures are no outlier. In early March, Mizuho Financial Group, Inc. was forced to take a ¥680 billion write down that included ¥150 billion worth of losses related to its portfolio of overseas bonds (Almost Daily Grant’sMarch 7). More broadly, the Tokyo Stock Exchange Bank Index has seen its return on equity decline in each of the last five years, to 5.33% in 2018 from 9.77% in 2013. The index trades at a paltry 0.47 times book value, worse than even the EURO Stoxx Bank Index’s similarly-depressed 0.62 price-to-book ratio and far below the 1.18 times book valuation commanded by the U.S. KBW Bank Index. 

Of course, much like Europe, Japan’s macro-economic backdrop features negative interest rates and aggressive central bank asset purchases. The BoJ has accumulated ¥557 trillion in assets, equivalent to 101% of 2018 nominal GDP (that compares to about 39% in Europe and 19% in the U.S.), as policymakers continue to up the ante in their quest to achieve a 2% measured rate of inflation.  

With its gargantuan portfolio, the BoJ wields substantial control of the country’s capital markets. As noted by the Financial Times on Sunday, the central bank now holds close to 80% of outstanding ETF assets, equating to approximately 5% of Japan’s total market capitalization, while data from Bloomberg pegs the BoJ ownership of the Japanese Government Bond Market at 43%.  

 …click on the above link to read the rest of the article…

Utopian Vision

Utopian Vision

There is nothing that a human mind can’t conceive. It can shoot for the stars or dive in the ocean which twinkles in the shadows of stars and ascend back with sparkling mind bearing uncanny ambition only to float contended.  

Today, we live in fear of losing wealth, we worry what economic consequences would do to our cash, we look through a microscope and scrutinize every word, every policy, every regulation or find something to put above ‘every’ and list out the glaring negatives with a slight trace of approval. If only one could notice the lens of the microscope, would then one could tell reel and real apart. 

Such is the case of negative interest rates. It is dealt differently by different flock of loaded individuals, generally in ways which would not only prevent losses but essentially gain cash. This flock stands on one side of the transaction contemplating means to win regardless of the loss that still deliberating other doomed flock endures. Well, this is how the world works. It is a Bernoulli trial. But there exists a splash of humble wit folks floating beneath the starry sky delighted by the victory of each one and beaten down none. 

Theory? Without thinking too much, negative rates indicate that the economy is unable to generate sufficient income to service its debt. Almost always, all roads leads us back to debt sustainability levels. In order for an economic system to reduce debt, it requires growth or inflation or currency devaluation. For an economic system to exercise one of the two (growth not included), capital transfer is to be facilitated. This capital movement in negative rates environment is from the savers to the borrowers. Your invested value, the money you gave to borrowers would have a value lower than the face value. Barbaric! Savers should be the winners not the borrowers!

 …click on the above link to read the rest of the article…

The Japanification of the World

The Japanification of the World

Zombification / Japanification is not success; it is only the last desperate defense of a failing, brittle status quo by doing more of what’s failed.

A recent theme in the financial media is the Japanification of Europe.Japanification refers to a set of economic and financial conditions that have come to characterize Japan’s economy over the past 28 years: persistent stagnation and deflation, a low-growth and low-inflation economy, very loose monetary policy, a central bank that is actively monetizing debt, i.e. creating currency out of thin air to buy government debt and a government which funds “bridges to nowhere” and other stimulus spending to keep the economy from crashing into outright contraction.

The parallels with Europe are obvious, but they don’t stop there: the entire world is veering into a zombified financial, economic, social and political status quo that is the core of Japanification.

While most commentators focus on the economic characteristics of Japanification, social and political stagnation are equally consequential. If we only measure economic/financial stagnation, it appears as if Japan and Europe are holding their own, i.e.maintaining the status quo via near-zero growth and near-zero interest rates.

But if we measure social and political decay, the erosion is undeniable. Here’s one example. Few Americans have access to or watch Japanese TV, so they are unaware of the emergence of the homeless as a permanent feature of urban Japan. The central state propaganda media is focused on encouraging tourism, a rare bright spot in Japan’s moribund economy, and so you won’t find much media coverage of homelessness or other systemic signs of social breakdown.

If you watch Japanese detective / police procedural dramas, however, you’ll find constant references to homeless people and homeless encampments: detectives seek witnesses to a crime in the nearby homeless encampment; a homeless man living in an abandoned warehouse is found murdered, etc.

 …click on the above link to read the rest of the article…

BIS General Manager Outlines Vision for Central Bank Digital Currencies

BIS General Manager Outlines Vision for Central Bank Digital Currencies

The behaviour of central bankers is rarely (if ever) given sustained coverage in the national press. Outside of prominent economic channels, developments from within institutions such as the International Monetary Fund and the Bank for International Settlements are seldom remarked upon. Instead, attention is restricted to the latest round of political theatrics which serve to disguise the actions and intentions of globalist planners.

As the furore of Brexit gained in intensity last month, BIS General Manager Agustin Carstens gave a speech at the Central Bank of Ireland 2019 Whitaker Lecture. Under the heading, ‘The future of money and payments‘, Carstens mapped out what has been a long standing vision of globalists – namely, to acquire full spectrum control of the international financial system through the gradual abolition of what Bank of England governor Mark Carney has called ‘tangible assets‘ i.e. physical money.

The ‘future of money‘ narrative is one that both the BIS and the IMF have been actively promoting since the advent of Brexit and Donald Trump’s presidency. Here are some links to speeches made by both Christine Lagarde and Agustin Carstens:

Central Banking and Fintech—A Brave New World?

Winds of Change: The Case for New Digital Currency

Money and payment systems in the digital age

Money in the digital age: what role for central banks?

Central to the vision for a fully digitised global economy is the intent to reform national payment systems. The UK uses the Real-time gross settlement (RTGS) system, which the majority of payments in Britain are facilitated through. The Bank of England’s Victoria Cleland has emphasised on numerous occasions that the ‘fundamental renewal‘ of the system is being carried out through choice rather than necessity. This would indicate that RTGS works fine in its current manifestation, but the BOE (along with the European Central Bank) have been tasked with assuming more control over their respective payment systems.

 …click on the above link to read the rest of the article…

Central Banks have created the single most dangerous environment possible…

Central Banks have created the single most dangerous environment possible…

Central Banks have created the single most dangerous environment possible…

That is the environment in which the economy is weakening, but investors are pouring into risk assets based on hopes that Central Banks will engage in more stimulus.

This is precisely what happened in the late ‘90s as well as in late 2007-early 2008.

Will the outcome be different this time?

In the near-term, traders will gun the market to new all-time highs. We’re too close for them not to. And until institutions start selling in droves again, we’re in a “trader’s games” market.

This means north of 3,000 on the S&P 500.

This doesn’t make sense… but markets never make sense during bubbles.

The bigger issue is what comes after that breakout to new all-time highs.

And THAT is where you need to be worried.

————————————————-

This Might Be the Best Options Trading System on the Planet

Since 2015, this trading system has produced average annual gains of 41%

I’m not talking about a 41% gain on a single trade… I’m talking gains of 41% per year on the ENTIRE portfolio.

Just yesterday we locked in a 20% gain on a trade we held for only two days.

With this kind of track record, we’re closing the doors to new subscribers soon.

There are currently fewer than 3 slots left for potential subscribers.

To lock in one of the last slots…

Click Here Now!

————————————————-

The bond market typically predicts disaster long before stocks “get it.” We saw this in 2008 where bond yields rolled over to new lows while stocks continued to rally… right up until the CRASH…

…And they are doing it now too.

So enjoy the rally while it lasts, but don’t be fooled. What’s coming won’t be pretty. And if you’re interested in profiting from it, the time to prepare is now.

 …click on the above link to read the rest of the article…

The Massive Increase Of Central Bank Paper Assets Warns Of Financial Danger Ahead

The Massive Increase Of Central Bank Paper Assets Warns Of Financial Danger Ahead

By purchasing increasingly worthless paper assets, we can thank the central banks for propping up the global economy for the past decade.  Since the 2008 financial crisis, the top central bank’s have acquired $13 trillion worth of assets on their balance sheets.  While the central banks label these balance sheet items as “Assets,” they are nothing more than glorified Paper IOU’s.

And these trillions of dollars worth of paper IOU’s can only get their value from the burning of energy… a critical factor overlooked by mainstream financial analysts.  Without growing global oil production, most of these “supposed” assets would see their values plummet.  Unfortunately, the world is heading towards a collapse of global oil production due to the Falling EROI – Energy Returned On Investment and the Thermodynamics of oil depletion. 

Yes, the disintegration of the global oil industry is now speeding up.  Here are a few headlines that should provide some clues on how the situation is rapidly deteriorating:

Wall Street Loses Faith In Shale

Saudi Aramco’s Ghawar field produces 1.2mbpd less than expected

NEXT OIL DOMINO TO FALL? Mexico Becomes A Net Oil Importer

Fracked Shale Oil Wells Drying Up Faster than Predicted, Wall Street Journal Finds

THE BLOODBATH IN U.S. SHALE STOCKS CONTINUES: Worst Is Yet To Come

US Shale Companies Facing “Catastrophic Failure” over Ballooning Debt

EXXONMOBIL U.S. OIL & GAS FINANCIAL TRAIN-WRECK: Producing Shale Is Destroying Its Bottom Line

As you can see, most of the articles are on the U.S. Shale Industry.  We must remember, the majority of the increase in global oil production over the past decade (80+%) is due to ramping up of the U.S. shale oil and Canadian oil sands operations.  U.S. shale oil production has surged by more than 7 million barrels per day (mbd) since 2008:

 …click on the above link to read the rest of the article…

Olduvai IV: Courage
In progress...

Olduvai II: Exodus
Click on image to purchase

Olduvai
Click on image to purchase

Olduvai II: Exodus
Click on image to purchase

Olduvai III: Cataclysm
Click on image to purchase