US Announces Plans To Withdraw From 144-Year-Old Postal Treaty (thehill.com)
JoeyRox writes: The Trump Administration announced today that it's intending to withdraw from the Universal Postal Union, an international postage rate system overseen by the United Nations. "The decision was borne out of frustration with discounts imposed by the Universal Postal Union (UPU) that allow China and some other nations to ship products into the U.S. at cheaper rates than American companies receive to ship domestically," reports The Hill. "The administration argues the system undercuts U.S. manufacturers and allows China to flood the market with cheap goods." The U.S. is hoping to renegotiate the rates, known as terminal dues, but was frustrated with opposition from other nations in the UPU. According to the report, "The withdrawal would not take effect for one year, allowing the U.S. some time to broker a new deal."
"The 144-year-old UPU sets fees that postal services charge to deliver mail and packages from foreign carriers," reports The Hill. "For decades, developing nations have been allowed to pay lower rates than wealthier nations. China has fallen under the developing nation category, a designation the U.S. says it no longer deserves because of its booming economy." The Trump administration wants to move to a system of "self-declared rates" that would allow the U.S. Postal Service to set its own prices for shipping international packages of all sizes. As it stands, the P.O. is only allowed to use self-declared rates on packages exceeding 4.4 pounds.
"The 144-year-old UPU sets fees that postal services charge to deliver mail and packages from foreign carriers," reports The Hill. "For decades, developing nations have been allowed to pay lower rates than wealthier nations. China has fallen under the developing nation category, a designation the U.S. says it no longer deserves because of its booming economy." The Trump administration wants to move to a system of "self-declared rates" that would allow the U.S. Postal Service to set its own prices for shipping international packages of all sizes. As it stands, the P.O. is only allowed to use self-declared rates on packages exceeding 4.4 pounds.
Then how will we get our cheap junk?
Let's just declare China the winner, and end the race to the bottom once and for all.
Hooray! Chinese are the bottom! The lowest on the planet!
Enjoy your stamped plastic trophy with the misspelled plaque
Blind squirrel, acorn.. you all know the retort.
Joking aside, this system has been abused extensively and is really in need of an overhaul.
I used to live in China and used the postal service to ship a lot of my personal stuff back home when we moved back to the US. It was ridiculously cheap to move that way. I couldn't believe how cheap it was. Each box was just shy of the 25kg limit and right on the maximum allowed dimensions. Each one shipped from South China to Alabama for about $20. I couldn't even mail them to another city in Alabama for that price, but here they were circling half the globe.
It was really dumb that China could send a $1 item to us but to return it would cost some absurd amount like $30. Now shipping will be fair. Sad thing is no more cheapo depot items flooding in from China. Say goodbye to Aliexpress and Ebay!
Yes Negotiations are long and complex, they take take a long time. At the end of the day there are often some smaller changes where no one is happy.
The Trump administration goes threw this process as well. However during the process he kills what is going on currently, thus putting everyone in pain until the process which would had happened would complete anyways.
When an agreement is made, business connections and contracts are lost. Making going further much more complex. While the inital threat causes a hording instinct, thus inflating short term numbers.
Trump is winning sprints, in a marathon run.
If something is so important that you feel the need to post it on the internet... It probably isn't that important.
I not sure if I agree with the negotiation tactic, but I can see why we need to renegotiate.
The Planet Money podcast did a good story relating to this topic on August 1st, 2018. The episode was titled "The Postal Illuminati".
Great One to catch onto this. When he started complaining that Amazon.com was bankrupting the PO, I wondered why he wasn't complaining about the free delivery of goods from China. He's probably pissed off because he found out he could be shipping his neckties from the factories in China for free instead of packing them onto ships and paying whatever duties and delivery costs might be.
Well, if that's the case, why does everything I order from Bangood ship from China. At least that's what the tracking number says.
China has fallen under the developing nation category, a designation the U.S. says it no longer deserves because of its booming economy.
That seems ... reasonable?
I charge my customers, you charge your customers and we just kinda deliver packages that cross over? Not the best analogy because most traffic goes to a different carrier on the internet, but I have found the discussion around this vs NN entertaining (and I just like trolling a little bit)
Plenty of reasons to dislike America. This is not one of them... we're just not shipping domestically for negative prices
The Winning Train has no brakes!
It's sad that Trump was the one who is pushing this agenda. I have been saying since the 70s that this needs to stop.
So are you jealous that your country hasn't figured it out? Or is your country going to suffer because of this?
Here is the link. From the planet money podcast.
MALONE: Five dollars and 69 cents total, including shipping. And Jayme turns to his shipping guy and says, wait; how much would it cost us just to ship this same mug across the street?
SMALDONE: He told me it's going to cost us about 6.30 to ship this item across the street.
Are you really bent outta shape over that? Get a life.
I buy a lot of that "cheap junk" off of ebay, that comes directly from China. I've noticed that over the last year a lot of it no longer being sent using China mail (i.e. the official government mail that is part of the postal union and is at issue here). Most has moved to "private carriers" - who, from all the appearances, ship things in bulk to the US and then separate and ship packages internally as domestic first class mail.
Some of it started coming from Malaysia (likely based on their advantageous mailing rates, and the fact that they are not in the crosshairs of the current administration much).
My guess is, by the time this administration successfully stomps into the ground the existing legacy system, there will be a ready and nimble replacement not subject to the "old rules".
And so it goes with most of their undertakings - huffing and puffing and breaking all the china in the store, losing what little goodwill we may have had, to protect industrial interests that are past their prime. Auto, coal, what else?
Meanwhile, our only friends now may be in Saudi Arabia and we are so afraid to lose them, that we cannot call them out on an political murder. Even Israel is sucking up to Russia so hard you can hear it from across the ocean. Yes, the last paragraph is a rant, but the world is very small now, and mail is not the only thing that unites (or divides) it.
Because most of the stuff you order from China is actually only made there. So US citizens will have the choice to order for higher shipping fees or pay a lot more for exactly the same goods from an US vendor that imported them from China.
Most ACs are not even worth the keystrokes to insult them. Be generically insulted by this and ignored otherwise.
My daughter was born bent out of shape, you insensitive clod!
Spotted the NPC
Proof right here that the right is full of retards, I guess.
When you have nuclear weapons and space program you are no longer a developing nation.
My great-grandmother was born insensitive, you person of generic attributes!
4.4 lbs == 2kg
(for those people wondering why it wasn't a whole number -- it's a whole number is the rest of the world)
NO, the U.S. is NOT pulling out. We want to rework the pricing that makes it fair. For U.S. citizens to pay more to ship products within our country than the Chinese to ship to our doors is crazy these days. Why should it cost more for the U.S. citizen to ship to China, the #2 economy in the world and soon to be #1 than the other way around.
Only the blind man who closes his mind calls himself a victim.
A citation to confirm you claim would be nice, when I search I get this which is wildly different:
https://www.chinapostaltracking.com/qa/desire-to-ship-25kg-package-to-usa-12155/
Which says its 580 Yuan, or $83.
And it wouldn't be post since that is for small sizes, it would be EMS. Which would be 31.5 kg limit not 25.
My recollection is normal shipping (i.e. booking space in a shipping container was $125 per cubic metre or about $1000 for the whole short 33cbm container)
It does sound like it needs a re-negotiation but as well as China getting too good a deal out of it...
Does the US benefit from it too, if we withdraw how does that affect our ability to send items abroad
The Chinese get a good deal compared with domestic postal rates in the US. Maybe postal rates in the US are also too high
if the last mile is the costly part then maybe it's time to look for a cheap way to address that. For some items I would not mind waiting 30 days for them to cross the US and having to go pick them up from a downtown location if it meant that the shipping costs were really low
Nullius in verba
Proof right here that the right is full of retards, I guess.
Proof that the left doesn't care about retards! Um.
Came here to post this :) Here's the link:
https://www.npr.org/sections/m...
TL;DR version - Yes there is a postal "illuminati." The treaty states that, when sending things via international mail, the sending country handles the cost to get the package to the country being delivered to, and the country being delivered to covers the cost of delivery from the point of entry to the final destination. As you can imagine, sending something from China on an enormous container ship to a port in Los Angeles is relatively cheap, especially when most of the manufacturing and shipping is done near sea ports. Shipping that thing from Los Angeles to Miami is pretty expensive. The cost of the last part is covered by the US post office.
My Other Computer Is A Data General Nova III.
Not pulled out but sabotaged. Any letter from China is levied with a a fee of approximately $10USD, no matter the value. Even if the value is specified as zero and the value only is a few cents. The reasoning is that you always have to pay sales tax no matter how small the value and I guess a sheet of paper DOES have a value...
The 10USD is the administrative cost of handing your letter.
Some are a bit more sophisticated, but the result is the same.
I'm not a fan of trump, but, I will say that he is finally addressing the inequalities of the China/American relationship. Neither W nor O had the balls to do what they said they would do. And while EU has addressed it somewhat, even lately, they were allowing to walk on them. Hopefully, China's staus will move to mostly developed ( which we used to call 2nd world ), and the world can return to a normal fair economy.
I prefer the "u" in honour as it seems to be missing these days.
His smartest kid is the one you never see, Tiffany. That's why she's smart. Though to be fair, Ivanka is smart, she just gets pulled into dumb things because she's daddy's favorite. Hence you see a microscope being placed over pretty much everything she does. The boys though, they're morons. All of them, but we'll give Barron the benefit of the doubt since Melania seems to be a dumb trophy wife, and might actually be the smart one who realizes his family is full of morons, and avoid falling into that trap. That tells us that the moron gene is hereditary in males at least. However if you look at who the kids all married, well that tells you a LOT about the family. Don Jr, divorced his fashion model trophy wife this year. Ivanka, married to real estate developer Jared Kushner (the guy was probably picked by Don because Don Jr is a moron.) Eric married a "journalist" of a tabloid show.
The issue with Donald Trump in general is that he believes he's smart and clever, when he clearly isn't. He may be able to survive on populism, but he's likely to die quickly once he's out of office because I'm sure all those he threw under the bus to get into office will want their pound of flesh. We all know how the Russians deal with traitors.
I expect there are many things that hamstring the Post Office that the public doesn't know about.
I don't think it's unfair or cynical to point out that it is run in the best tradition of Government operation. When your Board of Directors consists of 486 politicians, the outcome is predictable.
When Fascism comes to America, it will call itself Anti-Fascism, and tell you to give up your guns.
I agree, fellow intelligent human.
I use USPS first class international shipping to other countries since it it much cheaper than other shipping rates and falls under UPU pricing. If they renegotiate pricing on imports then obviously export pricing will also change. The big issue is having each country negotiate their own rates make it likely you'll lose consistency and stability in internationally shipping prices. It also seems possible that some new contracts won't get negotiated and this shipping option will just stop existing with certain countries.
If prices are too low I'd much rather them go up and not change the whole formula to this less stable model.
Good! China has too many "poor developing nation" breaks. Level the playing field for a change. Yeah, the UN (useless nations) will probably flood the airwaves with videos of the poor parts of China, but won't show you the ghost cities. Cities the corrupt communist government wasted money on building, then, abandoned them. Monuments to the stupidity of the communist regime. If China were forced to play on a level playing field, other than their self imposed slave labor of around 1.5 billion people, you'd see more manufacturers leaving China.
Trumpy dumpy will now break the international postal system because he doesn't understand it... In effect he will cause more damage to US companies than to anyone else, including China, in doing this. Since US will be the only country who stands outside, everyone else will now be able to charge whatever they want to accept delivering packages for US companies... But hey, Trump and the Trumpists are going to... uhm... blow their horns... And declare it as much a victory as the steal deal that is now costing hundreds of thousands of jobs in the US and may ultimately cause Ford to go under... Long live Da Drumpf
I was born without genes, you ugly bag of mostly water.
RTFS, maybe even RTFA. There's not a chance of getting the UN to apply pressure to China. The only options are to unilaterally withdraw or to straight up nuke the treaty. Trump made the saner choice.
So I go hunting for how much it costs to send from Australia to/from China and to my amazement I need to be a member of the UPU to get the fee breakdown....Does anyone have a link to a place where I can get info on some basic Qs like this?
And yes I am Aussie, but we appear to have the same postage issues here...
Proof right here that the right is full of retards, I guess.
Proof that the left doesn't care about retards! Um.
Children, please!
Wanna buy a shirt?
https://www.redbubble.com/people/stealthfinger/shop?asc=u
My nephew was born fully dehydrated, please watch your mouth!
Problem is, maybe a fraction of the stuff on the giant container ship is going to go to Miami, or all of Florida for that matter. So you'd have to load a ship with *just* stuff going to Florida, which kind of defeats the purpose of the giant container ship.
Also, due to laws protecting US shipping companies, you can't pull into a port from a foreign country, unload some of your cargo, then sail to another US port. All your cargo has to be transferred to a US-owned ship, at which point you might as well throw it on a train or truck and send it on it's way to it's final destination.
My Other Computer Is A Data General Nova III.
I've been working to set up a small business. Some of the components I need would have been coming from China as we don't manufacture them here in the US of A. This increase in shipping costs will put me out of business before I can get started.
No, I cannot increase the price of my product to compensate to the increased shipping costs.
His punishment of China killed me.
In Belgium I used to get packages all the time that ended up costing me money.
The same thing happens in Canada and elsewhere. This is the reason why only the US is seeing this problem. Most other countries have a value limit on what can be shipped without taxes (import duties, VAT/sales tax etc.) being charged. While the taxes themselves might not be particularly high the agent costs to collect and process that parcel through customs are often significantly higher.
The problem is that for a long time the US used to be the cheapest place to produce goods and so they had no need to worry about charging duties and taxes on imported goods. However, the world has changed and this is no longer the case. If they applied a low-value limit for tax-free retail shipping the problem would solve itself without the need to lose all the political capital that this treaty withdrawal will cause.
I think that's one of the biggest problems with Trump. Even when he is right about a problem he always seems to pick the most damaging and disruptive method to address it.
It seems like a reasonable thing to do.
A while ago, I decided to clean up some clutter by selling all my extra chargers, cables, and whatnot. But I had to cancel that, since it turned out that I had to pay more for postage than what they sell the same thing for from China. Yes, even if I were to sell the used stuff at $0, a new one from China was cheaper than the USPS package price.
This is not sustainable, and US might bet a fair deal if one year period is used correctly.
Probably, but there's no incentive for China to do so, if we are going to eat the cost of postage. The underlying problem is the pricing structure is broken. The Post Office is, essentially, subsidizing shipping stuff from other countries. When you have a massive trade deficit with most other countries, it's a problem.
You can sort-of fix it by making a bunch of deals on where cargo needs to be shipped, or you can fix it by charging what it actually costs to ship something. The latter is what Trump is (hopefully) trying to do, and really what makes the most sense.
My Other Computer Is A Data General Nova III.
My cat's brother has no mouth you cunt.
Triggered much, snowflake?
My mouth was born with my foot in it, you jerk!
We /. types benefit greatly by being able to buy arduino clones and electronic stuff like that on eBay and getting it at an affordable cost. Most of us will just stop playing with that kind of thing when the cost goes through the roof if its even available at any cost. This will have a lot of unintended consequences.
During the debate, the president said he was going to add 28 million more jobs. I was confused, because we didn't have 28 million people out of work (unless the unemployment figures are rigged). Add on top of that a rejection of immigrants so it will take generations to expand the labor force. Now I read in the news that there are substantially more job openings than applicants.
Who is going to make our stuff if we can't make it here or import it at a reasonable cost? Mythical robots and AI?
Greed is the root of all evil.
If it doesn't have the word "TRUMP" on the front and make the Trump family a monetary profit, our executive branch places exactly zero value on it. I'll be genuinely surprised if we're still in NATO 6 years from now. Note that I said 6, not 2. Yes, I suspect that he will get re-elected - our voters are that angry (and dumb). I suspect he won't manage more. Even our current congress isn't so brain damaged as to remove term limits.
Hey, maybe that's a way to get some action on climate change. Let's figure out how to Trump-brand the CO2 reduction efforts. We can assign his family a 1-penny kickback per ton of megaton of CO2 reduction. The US government and the conservative movement will fall in behind it so fast you'd think they did it yesterday.
About 5 weeks later, it showed up in a bubble-wrap envelope that would have cost me $0.65 to buy at the local big-box office/mail supply store.
That's definitely not fair. Considering that mailing something like that across town would have cost $2 with the USPS, There's no way it would cost $0 from China.
Thanks for being a member of Share Blue, your $2 check is in the mail.
There is nothing President Criminal will touch that will not turn to shit.
Remember kids, if you're not paying for the service, YOU ARE THE PRODUCT THAT IS BEING SOLD.
Glad you cancelled your trip. Seeing what real liberty is compared to the socialist state you live in would probably depress you too much.
While we may be temporarily saddled with Trump right now, the USA is still better than whatever crap hole you come from.
Also, the USA is the leading net migration country in the world. (How does yours compare?) If it's so full of "filth" then why do so many people want to get in.
I'll help you with the answer: because it's the USA---the best nation in the world.
https://about.usps.com/news/na...
HONG KONG — The U.S. Postal Service has initiated a new service with Hongkong Post that is structured to foster growth in e-commerce. The new ePacket service expands the array of options offered to e-commerce merchants in Hong Kong seeking to reach consumer markets in the United States. The ePacket shipping solution features tracking and Delivery Confirmation in the Postal Service network for lightweight goods and merchandise ordered by consumers in the United States from merchants in Hong Kong.
---
This agreement is not likely to change. The Post Office makes a lot of money on this deal because people tend to buy a lot of stuff in bulk and then ship pieces of it domestically. Or they buy lots of parts, build something and then sell that domestically. Amazon.com is filled with people reselling stuff from AliExpress
If the price were to go up substantially it would hurt the USPS.
Work Safe Porn
But whats 50 Billion in lost dollars right? MORAN.
Always ready to suck a rich man's cock for all that TRICKLE DOWN all over your face arent yah??
China can ship their stuff here for 99 cents while the same thing costs me 10 bucks to ship across my own country. Ridiculous
The Universal Postal Union predates the United Nations by many decades. The UPU was only "put under" the UN after the UN's creation, probably to make the UN seem more important than it really is.
The UPU should probably be pulled back out of the UN, so when the UN is done away with the UPU can keep going. At least the UPU does something of use; perhaps not well, but it does do it.
Muh freedums! Yeh Amercia!
MAGA
eBay will fight this tooth & nail. eBay makes a gang of money off of Final Sale Fees & Final Shipping Fees on cheap Chinese ePacket shipped items.
Greatest nation the world has ever scene. Fact!
Apparently you did not understand the point, which is that by making it cheaper to ship stuff from China to a customer in St Louis than shipping the same stuff trom San Diego to St Louis we have encouraged manufacturers to move to China.
When you point out that changing this nutty postal deal will mean Americans pay more for cheap junk shipped from China (apparently as a form of criticism), you are apparently missing two points: First, that it will add to the encouragement to move some manufacturing back to the US, and second, that the alternative of doing nothing simply continues the destructive policy of coddling and incentivising the outsourcers of manufacturing. That cheap import crap is ultimately a strategic threat to the US that rots American manufacturing capacity and there is no good at the end of that path.
Your wallet is going to start feeling the hurt from tarrifs. Americans buying things pay tarrifs. Foreigners don't.
If your scheme was to further damage the country by importing even more garbage from China, then your business model was bad. A mom&pop country store in Nebraska that sells the occasional jar of strawberry jam was better for the country and the owners were more competent.
It's a sign that something has been allowed to get pretty rotten that there is ANY component that we do not manufacture in the USA. I personally doubt that the component you needed is only made in China - I suspect that you are operating the same way many others are: you were probably planning to undercut some American competitor by using a cheap Chinese component in place of an American competitor who uses an American component. I have seen many companies do that over the past 3 decades in the computer business. In the mid '80s all PCs were made in the USA with American parts and then some vendors started substituting parts from Taiwan to undercut their competitors. Over time, all US manufacturers either shut down or joined-in and now the PCs are all built with Asian-manufactured parts (and most of the vendors who were battling back-and-forth on prices using more and more imported parts are themselves out of business).
Try a better business model that has an actual future rather than one that is doomed to fail because it's based on temporarily cheating the system using loopholes that you are not in control of and that others can equally jump through.
just because Trump does it, something you see as good and necessary is suddenly bad?
That says a lot right there.
Something is either objectively good or objectively bad no matter who does it. If your perception of it changes because somebody you do not like does it, then perhaps some introspection is in order. Trump is exposing an awful lot of mental instability in the people who hate him.
Remember Obama? Remember how his tan suit sent the Fox News zombies into a tizzy? Remember how the right wing chattering classes went nuts, accusing him of going on an Apology Tour?
This isn't about what Big Giant Orange Head "might" achieve, it's about what he does not achieve, and how he alienates everyone in the process. BGOH does not have a nuclear deal with the North Koreans, but you will never hear that from Glenn Beck. And that's just one tiny little sample.
Here is a case that calls for an adjustment in the UPU. Situation normal, no biggie.
Instead BGOH holds a rambling news conference, talks about 18 things, waxes glowingly on his (2 year old) electoral victory, praises some dictator, then goes on a bizarre rampage about the UPU, saying it is "so unfair" and threating to "tear it up".
Not that he actually did this, but would anyone be surprised if he did? Nope. This is SNAFU for the Trump administration.
Seriously all you got is Dick jokes?
Buy American. Support your unions and other fellow Americans. Or don't you care about your union Buddies?
IsTrumpdetected = true
Initiate.outrage
Variable set (postal rates)
Run...
Compiling results...
output = "ORANGE MAN BAD. CHINA POSTAGE GOOD"
Restart (IsTrumpDetected)
Scanning input...
Alcohol, Tobacco and Firearms should be the name of a store, not a government agency.
Problem is, America barely makes anything worth buying.
These people only care about themselves and looking like they are enlightened. This requires throwing everyone else under the bus and walking on their corpses.
Politicians have been selling out the American people for decades. They trade billions for millions for themselves. Itâ(TM)s how stolen goods are sold. At the fraction of the cost on the black market.
In these cases - it is factual, in writing , unfair trade deals, visa workers, and other ways billions exit out country which do not help our economy.
Enough is enough. Learn to read. Go read these deals. Itâ(TM)s written in plain English. Or is that racist now?
Unions should be outlawed.
Buying from your own country out of patriotism and nothing more has never benefitted the country as a whole in the history of man kind!
How is that for a statement? We have plenty of examples through history where countries only tried to buy local and all that happened was people ended up with crap and very little of it for their hard earned money.
Sanctimonious little shit. Must say, it's a lot better being condescended to by lefties, they tend to be more self aware. I'm jealous that you actually have the naivete to think that this is for your benefit.
Support your community or support a commie bastard. If you support the commie bastard someday he'll come for your freedoms.
Since september 2018, Brazil post office (Correios) charge for all overseas shipments a R$ 15 fee (~US$ 4). At first I was mad with that, but, with some reasoning, I can only agree. Don't want my taxes to subsidy china companies, our post office has a large deficit, and has drooped quality in services, with was historical pretty good. All this coincidental related to a increase in internet commerce. Can't really say about causation, though.
Yeah we need to keep buying useless novelty crap made by children. âoeAmerican Madeâ hurts poor hardworking children.
We Await Silent Tristero's Empire
Now only if "American" corporations actually manufactured anything here. Even large durable goods which were the backbone of American industry are made in Mexico due to NAFTA.
So all this trade war bullshit does is raise prices for Americans, offsetting any gains from the tariffs and increased postage rates and then some, just so some populist asshat who doesn't listen to advisors and experts can score cheap points with the largely ignorant public with oversimplified talking points and applause lines that mean nothing.
Note that it's fine that the public is largely ignorant on global economics and foreign trade treaties - that's why we have experts and the US Department of State.
As it turns out, details and nuance matter in the long term, and this president is far too happy to trade the long term for the short term self enrichment. I guess that's what we get when we elect someone who "will run the country like a business" - we get a government more concerned with the next quarterly numbers and not the next 20 years.
Slashdot still doesnâ(TM)t support Unicode after it was added to the HTML standard in 1997.
Why is he wrong? Oh, you can't argue with the logic so you'll just reach into the ad hominem bag.
Go away.
Slashdot still doesnâ(TM)t support Unicode after it was added to the HTML standard in 1997.
This wouldn't just target China - pretty much every nation in the world is part of this treaty.
Some countries might not take kindly to the USA pulling out, and they might even refuse to send or receive mail to the USA entirely.
Most countries have a flat rate international fee to send mail. Now it's going to have to become $0.45 to send a letter to any country in the world, except USA, which will cost $1.15
Proof right here that the right is full of retards, I guess.
Proof that the left doesn't care about retards! Um.
Proof that there are retards on both sides
Just another day in Paradise
The US is the second largest exporting nation (by value) on Earth. $1.55 T in exports last year.
You are an idiot.
You think lefties are more self aware? They change genders at whim. They don't know who they are from day to day.
You are an idiot.
But whats 50 Billion in lost dollars right? MORAN.
It's spelled MORON, you moron