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<P style="line-height: 14pt; margin-top: 6pt; margin-bottom: 0">
<b><font face="Arial" size="4">Between Monetary Polices</font></b></P>
<P style="line-height: 14pt; margin-top: 6pt; margin-bottom: 0">
<b>
<font color="#000000" face="Times New Roman">
<span style="text-decoration: none; "><font color="#000000" size="6">Where
are Markets Heading to?</font></span></font></b></P>
<P style="line-height: 14pt; margin-top: 6pt; margin-bottom: 0">
<FONT face=Arial style="font-size: 11pt">
<a href="http://www.idea.xaa.pl">http://www.idea.xaa.pl</a></FONT></P>
<P style="line-height: 14pt; margin-top: 12pt; margin-bottom: 0">
<span class="Apple-style-span" style="color: rgb(51, 51, 51); font-family: Georgia; font-size: 11pt; text-align: justify">
<span class="Apple-style-span" style="border-collapse: separate; font-style: normal; font-variant: normal; font-weight: normal; ">
At the time of stock exchange drops, the FED boss, Ben Bernanke, said to his
colleagues:</span></span></P>
<P style="line-height: 16pt; margin-top: 4pt; margin-bottom: 0">
<span class="Apple-style-span" style="color: rgb(51, 51, 51); font-size: 11pt; text-align: justify">
<span class="Apple-style-span" style="border-collapse: separate; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;">
<font face="Times New Roman">“</font></span></span><span class="Apple-style-span" style="color: rgb(51, 51, 51); text-align: justify"><font face="Times New Roman" style="font-size: 11pt"><span class="Apple-style-span" style="border-collapse: separate; font-style: italic; font-variant: normal; font-weight: normal;">Buy
everything, I shall give you so much money that you will be able to do so.
You can get as much as you want.<br>
Later, when assets get dearer, you will
make dozens of percents whilst you give back a mere few percent, at around
the nominal value. <br>
We shall declare this program as our joint success.</span></font></span><span class="Apple-style-span" style="border-collapse: separate; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal; orphans: 2; text-align: -webkit-auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; -webkit-text-decorations-in-effect: none; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; "><font face="Times New Roman" style="font-size: 11pt"><span class="Apple-style-span" style="color: rgb(51, 51, 51); line-height: 21px; text-align: justify">”</span></font><span class="Apple-style-span" style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 11pt; line-height: 21px; text-align: justify">
</span></span></P>
<P style="line-height: 15pt; margin-top: 3pt; margin-bottom: 0">
<span lang="EN-US" style="font-size: 11.0pt; font-family: Georgia; color: #333333">
In this way the pockets of Ben Bernanke’s colleagues were filled up
risk-free and more rapidly than during the previous boom.</span></P>
<p style="line-height: 15pt; margin-top: 6pt; margin-bottom: 0">
<font face="Georgia" color="#333333"><span class="Apple-style-span">
<span style="font-size: 11pt">Instead of allocating assets by market forces,
where the discounted shares and equities would be acquired by those
investors, who know how to multiply money, creating added value in the
process, they ended up with individuals who had caused the crises in the
first place and who were indeed creative, but within the area of creative
accounting.</span></span></font></p>
<p style="line-height: 15pt; margin-top: 6pt; margin-bottom: 0">
<span style="letter-spacing: 0pt">
<font face="Georgia" color="#333333"><span class="Apple-style-span">
<span style="font-size: 11pt">The creation of junk money (for privileged
bankers) is, in the literal sense of the word, equivalent to stealing from
creditors and people/parties that have savings. </span></span></font></span></p>
<p style="line-height: 15pt; margin-top: 1pt; margin-bottom: 0">
<span class="Apple-style-span"><font face="Georgia" color="#333333">
<span style="font-size: 11pt; ">The printing money policy is not only dishonest, but is also harmful to
market mechanisms. It transpires that the crises had benefited mostly those
who provoked it, since at a time when money was king they were awarded
shopping money to take over discounted assets. The recipe provided by Ben
Bernanke to Americans is dishonest and wrecks business relations. It was not
effective performance, but getting into privileged circles guaranteed the
highest and fastest-growing profits. Since we have a notion of just and fair
value, perhaps one should introduce the notion of “unfair profits”, which
manifested themselves
in billions of dollars being handed over to selected bankers, so they could
buy themselves depreciated assets. </span></font></span></p>
<p style="line-height: 14pt; margin-top: 6pt; margin-bottom: 0"><b>
<FONT face="Times New Roman" size="6">
<br>
Poland on Its Way to Greece</FONT></b></p>
<P style="line-height: 14pt; margin-top: 6pt; margin-bottom: 0">
<FONT face=Arial style="font-size: 11pt">
<a href="http://www.idea.xaa.pl">http://www.idea.xaa.pl</a></FONT></P>
<P style="line-height: 14pt; margin-top: 12pt; margin-bottom: 0">
<span class="Apple-style-span" style="color: rgb(51, 51, 51); font-family: Georgia; font-size: 11pt; text-align: justify">
The transfers from the Union made it possible for the Polish government to
minimize effects of the crisis of 2008-2010. They also caused a complete
lack of any public finance reforms in Poland. The increase in the Polish
debt in the last 3 years from 529 billion Polish zloty in the end of 2007 to
778 billion zloty (195 billion euro) in the end of 2010 is a reflection of
policy crash of the Polish government.</span></P>
<P style="line-height: 15pt; margin-top: 6pt; margin-bottom: 0">
<span class="Apple-style-span">
<font face="Georgia" style="font-size: 11pt" color="#333333">The Polish
deficit was one of the highest in Europe in 2010, it was higher than in
Iceland and just a bit lower than the deficit of Greece. Apart from it,
Poland is one of the EU member states with the highest budget deficits (higher
than 6 percent in 2010), which increased their deficit between 2009 and
2010. While in 2010 Greece decreased its deficit from more than 15 percent
in 2009 to about 8 percent of GDP, Poland increased its deficit from 7.1
percent to almost 8 percent of GDP. </font></span></P>
<P style="line-height: 15pt; margin-top: 6pt; margin-bottom: 0">
<span class="Apple-style-span"><span style="letter-spacing: normal">
<font face="Georgia" style="font-size: 11pt" color="#333333">It is obvious
that budget expenditures influence the GDP, however it is a short-term
dependency, in the long term the results are just the opposite, the means
that have been spent by the state would have been much better allocated by
the market, although they would not translate so fast in the demand effect.
For the ineffective increase in the GDP in the last three years, Poland will
pay all the costs concern the debt increased by 250 billion PLN.</font></span></span></P></DIV></BODY></HTML>