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65 Muluxt 26=2 =

Jar MJREE Xubxhrcvtcai ta Tcilx Tmt Gm`e Sau La Nggg))))) hoch`NERE

"C mgmi abxexxcze re|rcter/ dacil aiedrmjtmidtneimiatnermidmiatner/uxumoosjcze)Cim|ms/Cnmzeiatnc

il

taxms/butmlremtdemotamdd LAREZCDMO

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7/31/2019 Hmmm 05 Aug 2012

2/28

2)TNCILX TNMT GM@E SAU LANggg)))

65 Muluxt 26=2 2

Te =

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8)TNCILX TNMT GM@E SAU LANggg)))

65 Muluxt 26=2 8

m vacai hn m ncmid se gmr`e/ bere

aj avgcg/ rcvved ne |ard jrag nc ocv mid

hohned neg jezercnos a necr haooehze ba'ag ci ne nave nm nc/ imoos/ |m ne |mer'

ned Erave nmd beei |mci jar)

tnc |ee` m| megei reoemed bs ban ne

Jedermo Reerze Avei Gmr`e Haggcee mid

ne EHB mid/ m c ne iarg |nei nee vra '

iaihegei mre gmde/ ezers |ard c hr'

ic{ed jar ne ice hoe m a jre mhai)

Aie hmi neov b |cn jar Negci|ms'oc`e

brezcs jrag nee hoa|i/ b hn m cn aj

jmihs c m`ci a lrem Brcmci hnmihe aj av'

vci ne gedmo mboe m ne Oaidai 26=2 Aosg'

vch0 m bemjo dremg/ b aie nm |coo iezer/

ezer/ EZER hage re)

Bejare |e e a ne ics rcs .hn m c |m#

aj nc |ee` ezei/ na|ezer/ m ocoe e~vmicai

ai gs nan ci ne om tnci tnm Gm`e Sa

la Nggg))))) mba Drmnc haggei ci Oai'

dai ome om |ee`)

Te ciiahuauxos'tctoed LoabmoCizegei Haijereihe ci Oaidai ai Kie 2:nnmrdos eeged oc`eos a eierme nemdocie

mraid ne oabe io EHB lazeriar/ Gmrca

Drmnc evved a ne vadcg a cze m veehn

jar |nchn nere |m ia vre'vrevmred rmi'

hrcvcidchmi dehcczeos nm nee regmr`

|ere zers ghn a'ne'

h mid deiceos IAt

mvvrazed EHB vaochs)

Drmnc bemi bs hagvmr'

ci ne Era/ rmner hrc'

aos/ a m bgboe bee;

.EHB#; Tne eura cx oc`e

m bugboebee) Tncx cx

m gsxters aj imture

behmuxe ct xnauodit

s but cixtemd ct daex)

Xa tne eura |mx m

bugboebee tnmt e|

zers |eoo jar xezermo

semrx) Mid ia| mid C

tnci` veavoe mx` na|

hage1 vrabmbos tnere |mx xagetncil ci

tne mtgaxvnere/ ci tne mcr/ tnmt gmde tne

bugboebee s) Ia| xagetncil guxt nmzehnmiled ci tne mcr/ mid |e `ia| |nmt mer

tne imihcmo hrcxcx) Tne bugboebee |auod

nmze ta lrmdumte ta m remo bee) Mid tnmtx

|nmt ctx dacil)

Jmcr eian/ Gmrca) Veraimoos/ C |aod nmze

aved vernmv jar m dh`'bcooed vomsv ar ezei

Jrmi`eieci gaier/ b/ m ne rc` aj gc~ci

gs gemvnar/ |eoo ri |cn ne bee)

tne ie~ vmr aj Drmnc veehn |m |nere ne

ji bemi;

.EHB#; Tne rxt gexxmle C |auod oc`e ta xeid/

cx tnmt tne eura cx guhn/ guhn xtrailer/ tne

eura mrem cx guhn/ guhn xtrailer tnmi vea'

voe mh`ia|oedle tadms) Iat aios cj sau oaa`

azer tne omxt =6 semrx but moxa cj sau oaa` mt ct

ia|/ sau xee tnmt mx jmr mx cimai/ egvoas'

geit/ vraduhzcts/ tne eura mrem nmx daie

ectner oc`e ar beer tnmi UX ar Kmvmi)

Homch Heirmo Bmi` km|baici nere0 Bei |aod

be vrad) Gmrca |m eooci ne |arod agenci

c hmi vomcios ee c mbaoeos ia re ci hnhermci erg m a gm`e nae vmsci meiai

nci` jar m brcej ehaid nm gmsbe/ k gmsbe/

nes mre gcm`ei)

Gmrca/ ne era c IAt rai) Remoos) C ci)

Eura zx UXD

XAURHE; BOAAGBERL

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4)TNCILX TNMT GM@E SAU LANggg)))

65 Muluxt 26=2 4

M jar ne Era{aie/ nm gms |eoo be raier

nmi veavoe mh`ia|oede .nan rehei dmm

|aod e nm vernmv c ci m rai mSAu mh`ia|oede#/ b

ne mge vraboeg re'

gmci; na|ezer rai

ne Era{aie cx rcn ia|/

c c jarezer bmchmoos aie

vaar dehccai bs ecner

c oemder/ ne EHB ar m hagbcimai aj ne |a

m|ms jrag amo cgvoacai mid/ C mg mjrmcd a

nmze a eoo sa/ Gmrca/ sa s nmze nmrdos

czei hme a nci` nm vernmv saoo moo mco

nran nc |cna gm`ci aie)

B bmh` a ne veehn)

Oemzci mcde cimai |nchn/ m |e moo `ia| c

mgai ne ga emcos'gmicvomed aj azeri'

gei mh/ c nmrd a gm`e m hme jar ne

Era{aie egvoasgei vchre beci misnci

aner nmi dcre/ }ce jrmi`os m ne hnmr be'

oa| degairme) tne hnmr na| iegvoas'

gei rme ci ne Era{aie/ lreehe/ xvmci/ Cmos

mid Jrmihe cihe =33=) Se/ Vch`ci lreehe mid

xvmci |m ems/ |nchn c |ns C cihoded Jrmihe

mid Cmos/ b ne `es ocie c ne vrvoe ocie0 amoEra{aie iegvoasgei) Neovjoos/ ze dms mj'

er Drmnc boocn megei aj ne iegvoas'

gei cmai ci Erave/ Eram |ere `cid

eian a vbocn ne ome igber;

.Euraxtmt#; Tne eura mrem .EM=

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5)TNCILX TNMT GM@E SAU LANggg)))

65 Muluxt 26=2 5

Drmnc nei gazed |cos ai|mrd ci nc hag'

vmrcai aj ne Era{aie a nae |a aner

demdbem/ Kmvmi mid ne uxM a mo` mba debmid dehc;

.EHB#; Tnei tne hagvmrcxai behagex ezei

gare drmgmh |nei |e hage ta dehct mid

debt) Tne eura mrem nmx guhn oa|er dehct/

guhn oa|er debt tnmi tnexe t|a hauitrcex)

Mid moxa iat oexx cgvartmit/ ct nmx m bmomihed

hurreit mhhauit/ ia dehctx/ but ct moxa nmx m

delree aj xahcmo hanexcai tnmt sau |auodit

id ectner ci tne atner t|a hauitrcex)

A` Gmrca/ Coo hare sa m vaci jar m jmzarmboe

hagvmrcai mmci Kmvmine ga deb'rcd'

dei imai ci ncarsmid ne uxMa|ier

aj ne |arod reerze hrreihs mid cizeerme

gaies'vrcier/ b dcd sa remoos k mo` mba

ne deree aj ahcmo hanecai nm c vreei ci

Erave nm sa |ai id ci Kmvmi1

.U@ Dmcos Teoelrmvn/ Iazegber 26==#; Tne

PKmvmiexeW lazerigeit nmx omuihned m im'

ai|cde \mrg Bc{

hmgvmcli/ hmoocil ai

tne vuboch ta rexcxt tnetegvtmai ta turi tne

nemil uv mx tegver'

mturex jmoo)

Tne cidchmaix mre tnmt tncx |citer gms be m

vmrhuomros haod aie ci Kmvmi/ |ctn tne xem'

xaix rxt xia|jmoo ci tne iartneri vrejehture

aj Na``mcda reharded ai Ahtaber 2/ xage 26

dmsx emrocer tnmi uxumo mid tne emrocext xcihe

=>3>)

Tne Eizcraigeit Gcicxtrs cx eihaurmlcil

veavoe ta ocgct tnecr uxe aj mcr haidcaierxmid nemterx bs xeil raag tegvermturex mt

ahex mid ci nagex ia nclner tnmi 26 de'

lreex Heilrmde .:>J#)

Ahcmox mre moxa xullexil tnmt veavoe

|emr gare omserx aj hoatncil mid emt jaad

tnmt |coo be batn oocil mid |mrgcil/ xuhn mx

gemox haitmcicil raat zeletmboex)

Tne hmgvmcli hagex ai tne neeox aj tne laz'

erigeitx Haao Bc{ eart/ |nchn |mx cix'

tuted ci tne xugger aj 2665 mid eihaurmled

ahe |ar`erx ta revomhe tnecr x xuctx mid

ex |ctn oaaxe xncrtx mid gare hmxumo auctx)

.Mxxahcmted Vrexx#; Xvmicxn vaoche red rub'

ber buooetx mid hnmrled vratextarx ci heitrmo

Gmdrcd emros Jrcdms mt tne eid aj m nule

degaixtrmai mlmcixt ehaiagch hrcxcx gem'

xurex)

Tne vratext |mx aie aj azer >6 degaixtrm'

aix hmooed bs uicaix mhraxx tne hauits

mlmcixt hczco xerzmit vms hutx mid tm~ nc`ex

|nchn dre| teix aj tnauxmidx aj veavoe/ ci'

houdcil vaoche mid relnterx |emrcil tnecr

neogetx)

Nmidx uv/ tncx cx m rabbers- vratexterx beo'

oa|ed mx tnes gmrhned tnrauln tne xtreetx

aj tne Xvmicxn hmvctmo)

Mt tne eid aj tne vemhejuo vratext da{eix aj

vratextarx ocilered mt tne Vuertm deo Xao/ m

omrle x}umre ci tne nemrt aj Gmdrcd |nere

tne degaixtrmai |auid uv omte ai Tnurx'

dms)

Xage tnre| baoex mt

vaoche mid xet uv bmrrcerxgmde uv aj vomxh bcix

mid hmrdbamrd ba~ex ci

tne gcddoe aj xcde xtreetx

oemdcil ta tne x}umre mid

xet tneg ai re/ xeidcil vougex aj tnch`

xga`e cita tne mcr)

Rcat vaoche tnei hnmrled xage aj tne vratex'

tarx/ xtrc`cil tneg |ctn bmtaix |nei tnes

trced ta remhn tne nemzcos'lumrded vmrocm'

geit bucodcil)

xahcmo hanecai/ sa ms1 A@) Gazci ai)))

Drmnc nei e~vomcied na| ghn nci nmd

cgvrazed drci ne vrehedci c~ gain mid

na| ghn beer ne eire |arod c adms) Ia/

ne remoos dcd/ oaa`;

.EHB#; )))tne xehaid gexxmle C |auod oc`e ta

xeid tadms/ cx tnmt vralrexx nmx beei e~'

trmardcimrs ci tne omxt xc~ gaitnx) Cj sau hag'

vmre tadms tne eura mrem gegber xtmtex |ctn

xc~ gaitnx mla/ sau |coo xee tnmt tne |arod

cx eireos dcereit tadms/ mid jar tne beer)

))) tne xehaid gexxmle C |auod

oc`e ta xeid tadms/ cx tnmt vral'rexx nmx beei e~trmardcimrs citne omxt xc~ gaitnx

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:)TNCILX TNMT GM@E SAU LANggg)))

65 Muluxt 26=2 :

C)))na|)))|nm mre)))nm g be age aad

sare)))mrei nes))) an |nm ne vaci1

Ai |e a)

tne ie~ je| gcie |ei agenci oc`e nc;

Bomn bomn bomn)))vrare)))bomn/ bomn/ bomn)))

rhrmo rejarg)))bomn/ bomn/ bomn)))hagvoe~

vrahe)))bomn/ bomn/ bomn)))ne om ggc |m

m remo hhe)

tnei Gmrca dravved ne nmgger ai ne gmr'

`e |cn ne |ard nm hmed ne zcaoei v'

|mrd gaze ci ne Era mid vercvnermo deb m

|eoo m e}cs gmr`e ci ne dms nm jaooa|ed)tnc c |nm ne mcd/ zerbmg;

.EHB#; \nei veavoe tmo` mbaut tne jrmlcocts

aj tne eura mid tne cihremxcil jrmlcocts aj tne

eura/ mid vernmvx tne hrcxcx aj tne eura/ zers

aei iai'eura mrem gegber xtmtex ar oemd'

erx/ uiderexgmte tne mgauit aj vaochmo

hmvctmo tnmt cx becil cizexted ci tne eura)

Mid xa |e zce| tncx/ mid C da iat tnci` |e mre

uibcmxed abxerzerx/ |e tnci` tne eura cx crre'

zerxcboe) Mid ctx iat mi egvts |ard ia|/ be'

hmuxe C vreheded xmscil e~mhtos |nmt mhaixnmze beei gmde/ mre becil gmde ta gm`e ct

crrezerxcboe)

But tnere cx miatner gexxmle C |mit ta teoo

sau)

\ctnci aur gmidmte/ tne EHB cx remds ta da

|nmtezer ct tm`ex ta vrexerze tne eura) Mid

beoceze ge/ ct |coo be eiauln)

Beoceze ge/ c |coo be eian

Baag-

Bs gm`ci nc veehn/ .sa hmi remd ne joo/

ahcmo rmihrcv NERE cj sa mre a cihocied#

Drmnc bmh`ed ncgeoj cia ne ne aj har'

ier mnemd aj ne EHB geei |nchn |aod jao'

oa| m |ee` omer a oe nci` jar m ehaid mba

ne cgvochmai aj |nm ne mcd)

\nm c eian1

\eoo/ ci arder a vrazcde m oai'erg aoai

a ne vraboeg jmhci ne Era{aie/ eian

c bmchmoos rcoocai aj jrenos'vrcied Era iae

mid m hmo icai a vrazcde haggai bmh`ci

jar cidczcdmo deb)

tnm c) Ianci eoe |coo da m nc me)

xa Drmnc/ eeimoos/ vragcxed ne |arod ne

deb icai Eravemi oemder nmze n jmr gmi'

med a mzacd vi ci vomhe de omreos a ne

abkehai aj Jrm Ger`eo mid ne Bidebmi`

.revreeied omeros bs Kei \ecdgmii mer

hn vravamo oed a ne recimai aj c jar'

ger nemd/ M~eo \eber#)

Ct xtruh` ge m add m ne ge nm/ cjhn mi mreegei NMD beei v ci vomhe/ c|aod be miiaihed a ne |arod m m gmoo

cizegei haijereihe ci Oaidai mid ia m m

rcgvnmi vre haijereihe mhhagvmiced bs m

gcoocai mnbob mid ne m|drs cn aj Nao'

omide mid Gai hocgbci azer emhn aner a be

czei ne ocai nmre aj ne hredc jar mzci

Erave) \m Jrm Ger`eo remoos oc`eos a mooa|

Drmnc a eoo ne lergmi eoeharme nm nesd

beer e necr hneh`baa` a1 Nmrdos)

HOCH@ TA EIOMRLE XAURHE; TNE BMXCX VACIT

http://www.ecb.int/press/key/date/2012/html/sp120726.en.htmlhttp://thebasispoint.com/wp-content/uploads/2012/08/FOMCAugust1.pnghttp://www.ecb.int/press/key/date/2012/html/sp120726.en.html

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>)TNCILX TNMT GM@E SAU LANggg)))

65 Muluxt 26=2 >

Gr Drmlnc moxa cidchmted tnmt ne |mx remds

ta demo |ctn aie aj tne gmci |arrcex gmr`etx

nmze nmd mbaut tne EHB buscil baidx mlmci;tnmt ct hauod bmh`re behmuxe baidnaoderx

|auod jemr xubardcimai) Tncx jemr mraxe

mer tne heitrmo bmi` cixcxted tnmt ct xnauod

iat vmrhcvmte ci tne x|cilecil rextruhtur'

cil aj Lree` lazerigeit debt ci Gmrhn) Ne

xmcd tadms tnmt cj tne EHB |ere ta hmrrs aut

gmr`et vurhnmxex uider tne vomi tne hai'

herix aj vrczmte cizextarx mbaut xeicarcts |coo

be mddrexxed)

tne omh` aj haihree mhai bs Drmnc eeged

a hmhn gmr`e bs rvrce mid/ m ne hnmrbeoa| degairme/ xvmicn =6'semr baid ci'

mimieaos mze bmh` ga aj ne mci nes

nmd gmde ci ne mergmn aj nc beoceze ge

veehn/ b |nener nran gmerjo gmicv'

omai aj ne vre ar ne e aj ne Kedc Gcid

trch`/ ne mimosc nm jaooa|ed azer ne ie~ 24

nar ncied nm Drmnc gmskuxtnmze ne `er'

ieo aj m vomi nm gmskuxtbe |ar`mboe mid gms

kuxtmze ne era) Vacbos)

Mgbrae Ezmi'Vrchnmrd aj ne u@ Dmcos teoe'

rmvn |m mgai ne r a mhheime nevacze ci m boa va oed Drmnc Deoczer;

.U@ Dmcos Teoelrmvn#; \a|/ tne EHB remoos cx

vrevmrcil ta nct tne iuhoemr buai)

Gmrca Drmlnc nmx mhzmted tne EHBx gai'

etmrs vaochs/ rcx`/ mid gmr`et haggceex ta

drm| uv drmxh vomix)

Tncx |coo cihoude avei'gmr`et avermaix ce

baid vurhnmxex tnmt gms be uiocgcted

mid gms be uixtercoc{ed .ce ]E iet xgu'oux#)

Tne gcxxcoe cx becil oamded) Tne omuihn trcl'

ler cx becil hah`ed .cj sau hah` xuhn tncilx#)

Gmr`etx nmze tmi`ed behmuxe tnes dait let

cixtmit lrmhmai/ but C rmtner xuxveht tnmt

tnes nmze gcxxed tne vacit)

Moo tncx hmi aios nmvvei |nei tne EJXJ!EXG

bmco'aut juidx mre mhzmted bs lazerigeitx/

behmuxe aios tnes nmze tne va|er ta jarhe

xuvvochmit xtmtex ta xcli m Gegarmidug midlcze uv xhmo xazereclits)

Tnmt cx tne jmgaux haidcaimocts degmid'

ed bs tne Teutaich boah mid ai |nchn tne

|naoe vmh`mle ncilex)

Azer ta sau/ Gmrcmia Rmkas) Ia| sau guxt

jmoo ai saur vaochmo x|ard/ xmhrche saur hm'

reer jar tne EGU hmuxe/ mid re}uext m jargmo

rexhue jar Xvmci ta xet tncx |naoe vrahexx ci

gaai)

Xuerte/ Hmbmooera)

tne remai jar Mgbrae age|nm ihnmr'

mherch br aj eincmg1 tnc vcehe aj

Drmnc megei;

.EHB#; Mx cgvoegeitmai tm`ex ge mid '

imihcmo gmr`etx aei aios mdkuxt aihe xuh'

hexx behagex hoemros zcxcboe/ lazerigeitx

guxt xtmid remds ta mhzmte tne EJXJ!

EXG ci tne baid gmr`et |nei e~hevaimo

imihcmo gmr`et hcrhugxtmihex mid rcx`x

ta imihcmo xtmbcocts e~cxt |ctn xtrcht mideehze haidcaimocts ci ocie |ctn tne ex'

tmbocxned lucdeociex) Tne mdnereihe aj

lazerigeitx ta tnecr haggctgeitx mid

tne juoogeit bs tne EJXJ!EXG aj tnecr raoe

mre iehexxmrs haidcaix Pjar xage mhai

ai tne EHB xcdeW) Tne Lazericil Hauihco/

|ctnci ctx gmidmte ta gmcitmci vrche xtm'

bcocts azer tne gedcug terg mid ci abxer'

zmihe aj ctx cideveideihe ci detergcicil

gaietmrs vaochs/ gms uidertm`e autrclnt

Beoceze Ge

Xvmci =6'Sr Sceod

C Lat IutnciJar Sm

XAURHE; BOAAGBERL

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3)TNCILX TNMT GM@E SAU LANggg)))

65 Muluxt 26=2 3

avei gmr`et avermaix aj m xc{e mde}umte

ta remhn ctx abkehze) Ci tncx haite~t/ tne

haiherix aj vrczmte cizextarx mbaut xeicarcts|coo be mddrexxed) Jurtnergare/ tne Lazeri'

cil Hauihco gms haixcder uidertm`cil jurtner

iai'xtmidmrd gaietmrs vaochs gemxurex mh'

hardcil ta |nmt cx re}ucred ta revmcr gai'

etmrs vaochs trmixgcxxcai) Azer tne hagcil

|ee`x/ |e |coo dexcli tne mvvravrcmte ga'

dmocex jar xuhn vaochs gemxurex)

\nei m`ed a haggei ai Drmnc megei/

ne hm aj ne Bramd|ms gchmo Hnchma nmd

nc a ms;

Ia| C nmze m ne mgai aj reveh jar Mg'

brae mid C zmoe nc avcicai ncnos/ b C nmze

a ms nc gmh` aj se gare vragce de'

cied a bs ge)

tne m`e mre xA ncn ia| nm/ bmed ai e~'

verceihe a dme/ nere c m zers remo hnmihe nm

ne Erahrm gckde nc cmai aie om/

jmmo ge mid vrege nes |coo be czei moo ne

ge nes ieed a v ne ~ ci) Hmi nes da c/

imoos/ mer moo nc ge1

tne Ehaiagc/ oaa`ci m |nm gcn a |rai/

regmci `evhmo;

.Ehaiagcxt#; But |coo tne vomi remoos |ar`1

Tnere mre m iugber aj vateimo vcmoox) Jcrxt/

tne Lergmi haixtuaimo haurt cx hurreitos

haixcdercil |netner tne EXG cx haixcxteit

|ctn tne Lergmi haixtuai) Tnmt kudl'

geit |coo iat be vmxxed uio Xevtegber

=2tn/ xa ezei cj ct cx jmzaurmboe tnere hauod be

m deoms uio tnei/ xcihe tne EJXJ nmx moremds

haggced guhn aj ctx reva|er .cihoudcil

gaxt reheitos juidx ta xuvvart Xvmcix bmi`'

cil bmco'aut#)

Xehaid/ m xgmoo hredctar hauits ci iartneri

Eurave gms tnra| m xvmiier ci tne |ar`x)

Jciomidx lazerigeit ci vmrhuomr cx |mrs

aj uxcil tne rexhue juidx ta vurhnmxe baidx

mid cx ia| hmoocil jar remo lumrmiteex xuhn

mx vuboch vraverts cj tnes mre uxed ci tne vrc'

gmrs gmr`et) Tnmt hauod be m bcer vcoo jar m

lazerigeit ci xautneri Eurave ta x|mooa|;iat tne oemxt aj tne dchuoex ci gm`cil tne

vomi s cx tne reouhtmihe aj vraud Xvmci ta

re}uext neov besaid tne mcd ct nmx moremds xe'

hured jar ctx bmi`x)

Mid tncrd/ Gr Drmlnc nmx ta reh`ai |ctn

avvaxcai jrag tne Lergmi Buidexbmi`/

|nchn jargx vmrt aj tne Euraxsxteg moail

|ctn tne atner imaimo heitrmo bmi`x mid tne

EHB) Tne Bubm nmx jrag tne autxet beei

ieurmolch mbaut baid'buscil/ |nchn ct re'

lmrdx mx bourrcil tne ociex aj xhmo mid gai'etmrs vaochs) Keix \ecdgmii/ ctx vrexcdeit/

gms nmze aios aie zate ai tne 28'xtrail EHB

lazericil hauihco/ but ci regmr`x vacitedos

vubocxned ai tne Buidexbmi`x |ebxcte tncx

|ee`/ ne xmcd tnmt |e mre tne omrlext mid

gaxt cgvartmit heitrmo bmi` ci tne Euraxsx'

teg mid |e nmze m lremter xms tnmi gmis

atner heitrmo bmi`x ci tne Euraxsxteg)

Bmh`cil uv |ardx |ctn gare |ardx cx mo|msx

m vraboeg/ vmrhuomros |nei tnere mre xa

Lcze eg tne aod rm{{oe dm{{oeRm{{oe Dm{{oe eg

Lcze eg mi mht |ctn oatx aj mxn ci ct

Mid tne remhtcai |coo be vmxxcaimteLcze eg tne aod nahux vahux

Bemd mid jemtner egNa| hmi tnes xee |ctn xe}ucix ci tnecr esex1

Lcze eg tne aod cg mg ugga~

Jaao mid jrmhture egLcze eg tne aod dauboe |nmggs

Dm{e mid dc{{s egBmh` xcihe tne dmsx aj aod GetnuxeomnEzersaie oazex tne bcl bmgbaa{'m'oer

Lcze eg tne aod tnree rcil hcrhuxXtui mid xtmller eg

\nei saure ci trauboe/ la cita saur dmihe

Lcze eg tne aod Rm{{oe Dm{{oeRm{{oe dm{{oe eg

Xna| eg tne rxt rmte xarherar sau mre

Oail mx sau `eev eg |ms ajj bmomiheNa| hmi tnes xvat sauze lat ia tmoeit

Rm{{oe Dm{{oe egMid tnesoo gm`e sau m xtmr-

7/31/2019 Hmmm 05 Aug 2012

10/28

=6)TNCILX TNMT GM@E SAU LANggg)))

65 Muluxt 26=2 =6

gmis gazcil vmrtx/ mx ci tne eura mrem) Ci

mi agciaux xcli/ Xvmicxn =6'semr baid sceodx

hocgbed bmh` mbaze

7/31/2019 Hmmm 05 Aug 2012

11/28

==)TNCILX TNMT GM@E SAU LANggg)))

65 Muluxt 26=2 ==

An/ a neoo |cn c))) nere mianer;

xage avvarics)

Mis|ms/ ome ai xmrdms icn/ gs jrceid m

[eranede vbocned m oeins vcehe nm rejer'

eihe Hc Krei Gchnmeo mid/ ci eeihe/ c

oms a vrehceos |nere nci mid ci Erave)C cihode m oaier e~herv mid m oci` a ne mr'

hoe ci c eires ai Vme 26 b jar ia|/ nere

c vmr aj ne ciradhai;

.[eraNedle#; Tne remocts cx tnmt/ kuxt oc`e moo

atner heitrmo bmi`erx/ Drmlnc dcd |nmt ne

daex bext; uxe bcl |ardx mid tnremtx aj mh'

ai ci nave ct |coo bus ncg m je| e~trm dmsx

aj ge) Tne remocts cx moxa tnmt/ kuxt oc`e |nei

tne OTRA |mx miiauihed/ tne gmr`et dcd

let ct rclnt cicmoos/ |nei vercvnermo baidx

vouiled/ mid lat ct |rail azer tne

xubxe}ueit 8 gaitnx |nei baid vrch'

ex raxe/ aios ta haoomvxe ta ie| oa|x.mid ci tne hmxe aj Xvmci ' rehard ncln

sceodx mx aj t|a |ee`x mla#) Bmh` tnei/

tne EHB gereos baulnt m je| gaitnx

ge |ctn ctx trmixctars citerzeiai)

Tncx ge ct nmx mt bext baulnt m je|

dmsx |ctn tne omh` aj mis mhtumo mh'

ai) Mid set/ Drmlnc dcd oemze m |ms

aut/ jar mt oemxt miatner brcej rexvcte

.|nere uioexx Eurave e~vmidx tne

mzmcomboe bmcoaut gmhnciers set mlmci/

tne rexvcte |coo nmze mi ezei brcejer

nmoj ocje tnmi tnmt jrag tne OTRAx#)

Tne |ms aut cx xcgvoe/ mid ci arder ta

mzacd mis haijuxcai/ |e |coo uxe mi mo'

oelars jrag tne gazce Bmtgmi; Xvmci

mid Ctmos hmi be xmzed) But rxt tnes

guxt be dextrased)

\ns1 Behmuxe tne gmr`et gms ar gms

iate nmze laei tne dexcred `iee

ker` rexvaixe rclnt ' nclner ' ezeitu'

moos/ but |nmt ct lat mbxaouteos |rail

cx tne jmht tnmt ci tne ie| iargmo/ mt'tegvtx ta jrait'rui vaochcmix/ |naxe

gazmaix mre eireos dcereit

jrag tnaxe aj tne gmr`et/ mre mo|msx

mid |ctnaut jmco xeoj'dejemil) Ci atn'

er |ardx/ bs xeidcil tne Xvmicxn mid

Ctmocmi hurze xnart'eidx xamrcil .mid

sceodx tugbocil#/ tne gmr`et kuxt gmde tne

aios hmtmosxt tnmt |auod zmocdmte tne `cid aj

rexvaixe ta Drmlncx haggeit tnmt |e |ct'

iexxed ci m je| xnart trmdcil naurx/ gemi'

ciloexx)

xa nere sa nmze c) Ci m ei'dms vercad/ ne

nemd aj |a aj ne |arod bc heirmo bmi`

nmze hheeded ci daci ianci b age'

na| bsci negeoze k m ocoe gare ge ci

|nchn a da c) Sa nmze a cze neg vrav jar

nm)

tne JAGH ia| ri ne rc` aj beci eei a be

m`ci cde ci ne Iazegber Vrecdeimo eoeh'

ai cj c mh ci xevegber|nener ked

ar ia/ |ncoe ne EHB Gmrca Drmnc nm bmh`ed

XAURHE; @CILDAG AJ XVMCI

XAURHE; @CILDAG AJ XVMCI

7/31/2019 Hmmm 05 Aug 2012

12/28

=2)TNCILX TNMT GM@E SAU LANggg)))

65 Muluxt 26=2 =2

ceoj ncgeoj cia m harier/ ne oc`e aj |nchn c ne

|coo da e~regeos |eoo a ehmve)

Ci jmh/ vres ghn ne aios nci Drmnc nm a'

ci jar ncg m ne gagei c ne mvvmrei da'

oc`e eme |cn |nchn ne gmr`e c eegcios dc'

rmhed jrag haiegvomi Erave cggciei

daag bs nc vragce aj mhai m age jre

dme) tnm hmiia om

jarezer)

C veh raios nm

ne Jed c |mci io

ne om vacboe ga'

gei a ioemn ]E8

behme nes remoce

nm c c ne aios booe

nes nmze oe ci necr

i mid C veh nm

Drmnc c daci |nm'

ezer ne tnci`x ne hmi

a rs mid e Erave

oemder ai ne mge

vme/ b/ m ne ncg'

eoj mcd ci Oaidai om

|ee`/

)))zers aei iai'eura

mrem gegber xtmtex

ar oemderx/ uiderex'

gmte tne mgauit aj vaochmo hmvctmo tnmt cx

becil cizexted ci tne eura

C nmze m ims jeeoci nm ne e~ei aj vaochmo

hmvcmo m m`e m Erave eeer ai ne brci` aj

cgvoacai c agenci ne/ ncgeoj c idere'

gmi ezereos)

Se/ ne gmimed a oa|er ne nar'eid aj ne

hrze ci xvmci mid Cmos |cn nc km|baici/ bnm c ia |nere ne vraboeg iehemrcos oce cj

nc aiaci icngmre c a heme a nmi ne

|arod) tnee hairce ieed mhhe a mard'

mboe gedcg'a'oai erg deb gmr`e cj nes

mre a bs negeoze ge mid nm/ c |aod

eeg/ c aios aci a nmvvei cj ne EHB ev ci

moo i bom{ci)

\eoo/ Gmrca1 Sa aod sa |aod da |nmez'

er c m`e) Sa aod a beoceze sa) Sa aod

c |aod be eian)

\nmezer c c/ ne mo`ci nm a av) C ge

sa gmde beocezer)

+++++++

A@/ xa tncx |ee`/ mer nm oeins ci'radhai/ nere c m }ch` oc aj |nm sa hmi

e~veh a id ci ne vme aj tnci tnm Gm`e

Sa la Nggg)))));

Kani Gmodci

lreehe

Ba ^comc |cje

BaK go

tne degce aj xmi Berimdcia

Jmhebaa` m~ vraboeg

Mi mdc aj ne Jed aod

tne cggciei derhai aj xvmci * Cmos

Mimrhns |cnci ne trac`m

Kcg Vvomzm

tne @icn Hmvcmo mha

Gc`e @rceer

M .bra`ei# vragce jrag Bmrmh` Abmgm

Kmge tr`

M Era{aie rehecai

Gmrca

laod * cozer hnmr

Naenaod |emon

Vnaa jrag ne Aosgvch

Uitco ie~t tcge)))

7/31/2019 Hmmm 05 Aug 2012

13/28

=8)TNCILX TNMT GM@E SAU LANggg)))

65 Muluxt 26=2 =8

Haiteitx 65 M 26=2

Kmvmi Jareci'Baid Debme Gms Baa BAK xgo Add

Br Bmooaai; tne Jrcneici Oeai Aj tne Ba ^comc Mmcr

xmi Berimrdcia/ Hmocjaricm/ Jcoe Hnmver 3 Bmi`rvhs

EHB Dcmvvaci Cizear \cn Ia Era Mhai

Hmocjaricm xms tm~ Rezeie M Rc` Jrag Jmhebaa` Drav

\nm Ci Sar Zmo1 uihoe xmg Mdc C xmn Aj laod M tne Ie| Sar` Jed

\ns tne Oai/ Vmcijo Harrehai C Ia|nere Iemr Azer

Ci Arder ta Be xmzed/ xvmci Mid Cmos G Jcr Be Derased

Jar lreehe/ EHB 7 Eid Hoae/ Be|mre

lreehe; Mimrhns Cicde tne trac`m

Hnmr tnm Gm`e Sa la Nggg)))))

\ard tnm Gm`e Sa la Nggg)))))

Mid Jcimoos)))))

Tne Laiice/ Laiice Bmi`x

( Bmi` Mxxetx .$g# Devaxctx .$g# Haxt .$g#

46 \mu`elmi Xmzcilx Bmi`/ \mu`elmi/ CO >>)3

7/31/2019 Hmmm 05 Aug 2012

14/28

=4)TNCILX TNMT GM@E SAU LANggg)))

65 Muluxt 26=2 =4

Mi egerlcil debmte azer mnarc{cine Bmi` aj Kmvmi a bs jareci'hrreihs baid

gms vr ne heirmo bmi` a m`e moerimzego mhai ie~ |ee`/ m bamrd gegber

ee` a jaremoo mi avai nes nmze avvaed)

xeckc Gmenmrm/ ne vaochs hncej aj Kmvmi roci

vmrs/ seerdms mcd c |m decrmboe jar ne

azerigei mid BAK a remhn m demo mooa|ci

vrhnme aj jareci ehrce) M jarger BAK

devs azeriar nm mdzahmed m 56 rcoocai sei

.$:46 bcoocai# cicmze a hagbm ne sei mci

nran jareci' deb bsci)

lazeriar Gmmm`c xncrm`m|m c mgai BAK aj'hcmo |na nmze avvaed ne cdem/ |nchn |aod

hnmooeie ne bmi` a cdeijs mvvravrcme jar'

eci me mid gmime ne dageh oc}cdcs

nm |aod reo) tne BAK nm ciemd jahed

me vrhnme ai Kmvmiee azerigei baid

mid m ocgced mgai aj

aner ceg/ cihodci

remo'eme cizegei

r mid e~hnmie' rmd'

ed jid) tne BAK ie~

gee M) >'3)

Vaochmo hmoo ai ne BAK

a neov hrb ne sei

rein mre mcici gageig/ mcd Hnamra

Garcm/ m ~ed' cihage rmec m Bmrhoms

Voh ci ta`sa) xnaod vaochcmi hmoo jar hn

jareci deb'bsci cieicjs/ ne BAK gms be

jarhed a ee` age aner gaiemrs go

ev m mi moerimze)

\cn ciere rme iemr {era/ ne me'vrhnme

vrarmg c ne bmi` gmci vaochs aao jar n'

ci demai mid gomi ne ehaiags) xnc'rm`m|m nmi hoemros med nc zce| ai ne ej'

jehzeie aj bsci jareci baid m vmr aj

nc vrarmg) xhn m vaochs |aod be mcged m

emci sei mvvrehcmai mid hrreihs cierzei'

ai c ne krcdchai aj ne imihe gcicer/

xncrm`m|m mcd m m ie| haijereihe ai Gms 28)

Oemzci mcde |nener nc vaochs c rcn ar

|rai/ c hmi be daie ezei ia| bs ci ne jar'

eci reerze vehcmo mhhai/ xncrm`m|m mcd

m ne vre haijereihe) \nener c rcn ar

ia a cgvoegei nc vaochs c jar ne azeri'

gei a dehcde)

tm`encra xma/ m jarger ehaiagc m Garmi

xmioes |na kacied ne BAK bamrd om gain/

mcd Kos 24 nm bsci jareci baid c aie av'

ai jar ne heirmo bmi`) tm`mncde @chnc/ m jeo'

oa| ie|hager a ne bamrd/ mcd ne mge dms

nm ne bmi` gms ieed a haicder ie| jarg

aj gaiemrs emci)

A A A BOAAGBERL! OCI@

Tulx mid bmidctx) Mis dms ia|/ ne|arod |coo nemr ne cos zerdch nmided da|ibs m Hnciee har ai l @mcomc/ ne |cje aj Ba c'

omc/ m dcrmhed Hnciee vaochcmi) Hncim roer

nave nc |coo drm| m ocie ider mi egbmrrm'

ci/ orcd grder rcmo) tnes gms e m|ms |cn

c) B ne evcade cze ne oce a gmis aj ne

gsn nes jaer; nm/

devce beci ieoehed/

nes mre gercahrm/ ci

necr kab behme nes

mre aad m neg0 nm

nes mre/ cj ia eireos

naie/ nei m oem har'

rv |cnci jarczmboe

baid0 mid nm ne |ms

m ie| eiermai aj oemder c hnaei ezers ei

semr c arderos mid haieimo) tne Ba comc hme

nm oced m hrmci ai m |arod aj ners/ bmi'

dcrs mid zchca/ veraimoced va|er roe/

regcichei ci age |ms aj ne ei'semr icn'

gmre jrag |nchn ne hairs vei m eiermai

rsci a m|m`ei; ne Hormo Rezaoai)

G l mid mi egvoasee mre mhhed aj vac'

aici Ieco Nes|aad/ m Brcn bciegmi/

om Iazegber) tne hme |coo be vreeied m m

`cid aj jrem` cihcdei nm nm beei demo |cn;

ne hrcge aozed/ ne ververmar vicned/

mid ne vaochmo reverhcai haimcied/ |cn

ne dmnci aj Gr Ba mgbcai a remhn ne

vciimhoe aj va|er ci Hncim/ ne icie'gegber

midci haggcee aj ne Haggic Vmrs

Vaocbra) tne vmrs hmi e ai |cn c mgi

Haire/ |nchn |coo imge ne veavoe |na |coo

ri ne hairs jar ne ie~ dehmde)

))) Xnauod vaoctchcmix hmoox arxuhn arecli debt'buscil ci'teixcs/ tne BAK gms be arhedta xee` xage atner gaietmrsxtcguoux xtev mx mi moterimtcze)

http://www.businessweek.com/news/2012-08-02/japan-foreign-bond-debate-may-boost-boj-stimulus-odds-economy

7/31/2019 Hmmm 05 Aug 2012

15/28

=5)TNCILX TNMT GM@E SAU LANggg)))

65 Muluxt 26=2 =5

tnmi` a ne cierie mid gchraboa/ na|ezer/

Hnciee hc{ei ia| `ia| nci mba ne Ba

jmgcos nm gm`e ne vmrs oaa`/ |eoo/ ia }cene zmimrd aj ne vraoemrcm) Gr Ba |m m

Vaocbra gegber io Mvrco/ mid io ne vre'

zca gain |m vmrs ehremrs ci ne hcs aj

Hnai}ci mid c vrazcihe'c{ed ncieromid)

tmoe nmze vremd aj ne Ba jmgcos gcoocaiar

bcoocaici me moed m|ms azerem/ aj necr

ai edhmai ci eoce Brcn mid Mgerchmi ci'

ai/ aj nc ganer mhhe a ne vrczme

ke aj m shaai bdds)

Aj moo ner mih/ na|ezer/ c c ne bmooaai nm

remoos b Bmismi) Ci =333/ nmzci eei m icheaie jrag ne |cida| aj

ner veinae ci Bar'

iegan/ ai Brcmci

an ham/ ne revar'

edos dehcded a bs vm'

eier'hmrrsci neocg

bmooaai a rmhe Dmocmi/

ne iarn'emeri Hnciee hcs ner nbmid |m

riici m ne ge) Ia raoe gadeo c gare mo'

brca nmi Bariegan/ aj hare) B G l

mvvmreios |mied ne bmooaai'|cihn vvocera vmd nc vrche a hazer ner ai hnaao jee)

Da ncn'ser hn m G l remoos nmze a |em

ne gmoo oc`e nm1

Hncim oemder mre ncnos eicze a ne ia'

ai nm ne Ba'l mre ia jrem`/ b mhmoos

svchmo aj ne roci hom) Boaagber/ m ie|

meihs/ nm ered mihai jar revari ai

ne |emon mgmed bs reomai aj ^c Kcivci/

Hncim ie~ oemder) Gr ^c/ oc`e Gr Ba/ c m reza'

oaimrs mrcahrm/ ne ai aj m hczco'|mr nera)

xage vrciheoci jeeo negeoze bari a roe)tne rmicai nc mgi |coo be ne jarn ne

vmrs nm beei nran cihe ne rezaoai ci

=343) Aios aie/ ne ga rehei/ ci 2662/ nm

beei gaan) Gma [edai vmci ci =33 ne oaagci hhecai a Dei

^cmavci |m jan a ci vmr ai ne ree/

bejare va|er vmed a m eiermai aj omreos

xazce'rmcied ehniahrm)

Vernmv behme Dei nmd eidared neg oai

ci mdzmihe/ ne r Hormo Rezaoai eierm'

ai nm aa` azer ci 2662 dcd a |cna avei

dceicai) Jemr aj ne hnma aj nm emrocer de'hmde .=3::'

7/31/2019 Hmmm 05 Aug 2012

16/28

=:)TNCILX TNMT GM@E SAU LANggg)))

65 Muluxt 26=2 =:

ha m nes haieid |cn ra|ci iegvoas'

gei mid dehocici vravers' mid moe'm~ rez'

eie) tne ha eg jrag dehccai gmde |neiah` gmr`e |ere amrci mid reregei jid

|ere riici rvoe)

xmi Berimrdcia ahcmo ved v ne gci aj ne

bmi`rvhs oci behme nes |ere haiheried

nm age hredcar gms m`e oemo mhai mmci

ne hcs/ Gmsar Vmrch` K) Garrc mcd seerdms

ci m vnaie cierzce|) ui'

der Hnmver 3/ moo har

hme mid aner oemo mh'

ai mmci ne hcs |coo

be nmoed io ne bmi`'rvhs hme c azer)

tne hcs |m jarhed a

ee` har vraehai

a mbrvos behme aj

mhai bs vomci ci

nree hme cizaozci ne xmi Berimrdcia Vaoche

Devmrgei/ vragvi ne hcs a bgc mi

egereihs oci/ mhhardci a mi e'gmcoed

megei jrag ne xmi Berimrdcia hcs mar'

ies ahe)

xmi Berimrdcia/ m hcs aj 263/666 mba :6 gcoe

.3< `coageer# em aj Oa Mieoe/ oced me

mid deb aj gare nmi $= bcoocai ci m oci se '

erdms |cn ne u)x) Bmi`rvhs Har ci Rczer'

cde/ Hmocjaricm)

Moo aj ar zcmo erzche bcoo |coo haiie a be

vmcd/ Gmsar Garrc mcd) \e mre aci a `eev

ar hcs erzche riici)

Veicai ocmbcoce ci ne Hmocjaricm hce aj Jmcr'

eod/ Cioe|aad/ Vagaim/ xmi Berimrdcia/

xah`ai mid Zmooeka rae : verhei a $4)8 bco'

ocai jar ne semr eidci Kie 86/ 26=6/ jrag $4)=

bcoocai ci 2663/ mhhardci a ne ga rehei dmm

mzmcomboe jrag ne Hmocjaricm Vboch Egvoasee

Reregei xseg)

Ci ne iarneri Hmocjaricm gichcvmocs aj Jmcr'

eod/ iemr ne Imvm Zmooes |ciera|ci recai/

=> verhei aj ne eiermo' jid bde ae a'

|mrd veicai ha/ v jrag =4 verhei ci hmo

266>/ mcd Dmzcd \nce/ ne devs hcs gmimer)

Jmcreod/ Cioe|aad/ Vagaim mid aner Hmocjar'

icm gichcvmoce cihodci Hagvai mre ai m

oc aj hce ai ne vrehcvche hagvcoed bs GmJmbcmi/ m gmimci dcrehar jar Haihard/ Gmm'

hne'bmed Gichcvmo Gmr`e Mdzcar/ |na

hced ie| revar ci cdeijsci neg ci m Kos

28 reemrhn iae)

xmi Berimrdcia nm redhed c |ar`jarhe bs 26

verhei ci ne vm jar semr mid ieamed om'

bar h zmoed m mba

$=6 gcoocai miimoos/ mh'

hardci a m Kie 2: bd'

e mimosc vaed ai c

|ebce)

Aie aj ne gmci vrab'

oeg c ne ncn ha aj

ne hcs icai hairmh/

vmrhomros jar vaoche mid

re erzche/ Hcs Haihco'

gmi Jred xnare mcd ci m vnaie cierzce|)

uider ne hcs hnmrer/ |nchn c oc`e m hai'

ai jar gichcvmo azerigei/ hcs ahcmo

g e m vehch jargom jar deergcici |m'

e mid aner beie vmcd a c vaoche mid reegvoasee/ xnare mcd) tnm jargom re}cre

ne hcs a e hagveimai bs hagvmrci eg'

voasee vms ci xmi Berimrdcia/ |nchn nm aie aj

ne ncne nage jarehoare rme ci Hmocjaricm/

|cn hce ci ne me nm mre mba ne mge

c{e mid nmze gare gaies a veid/ xnare

mcd)

\e mre e v jar jmcore/ ne mcd)

A A A BOAAGBERL! OCI@

Cizextarx gms iat nmze oc`ed |nmEravemi Heirmo Bmi` nemd Gmrca Drmnc nmd

a ms ai tnrdms/ b c |m ne hoemre cidc '

hmai se nm m vomi c imoos m`ci nmve a

redhe barra|ci ha jar xvmci mid Cmos) ler'

gmis regmci |mrs/ nan/ mid haggeimar

ms ne ahage haod be dcmra)

tne gmr`e |ere dcmvvacied) Eravemi Hei'

rmo Bmi` nemd Gmrca Drmnc vre haijereihe

ai tnrdms ei ah` cide~e mraid ne

))) Veixcai ocmbcoctcex ci tne Hmoc'aricm hctcex a Jmcreod/ Ciloe'

|aad/ Vagaim/ Xmi Berimrdcia/Xtah`tai mid Zmooeka raxe :% ta$4)8 bcoocai ar tne semr eidcil

Kuie 86/ 26=6/ rag $4)= bcoocaici 2663

http://www.bloomberg.com/news/2012-08-02/san-bernardino-california-files-for-bankruptcy-protection-2-.html

7/31/2019 Hmmm 05 Aug 2012

17/28

= ai Gms

=

7/31/2019 Hmmm 05 Aug 2012

18/28

=>)TNCILX TNMT GM@E SAU LANggg)))

65 Muluxt 26=2 =>

Jmhebaa`/ |nchn ahned $45 Gms =>/ nm mzer'

med $23)43 ai ne Imdm} ah` gmr`e)

Jmhebaa` nmre vrche nmze jmooei jmr beoa| oez'

eo mged ci ne me rezeie vrakehai/

ne iaivmrmi Oecomze Mimos Ahe mcd

seerdms ci m revar) Cj ne oa|er nmre vrche

verc nran Iazegber mid Dehegber/ ni'

dred aj gcoocai aj daoomr aj cihage'm~ rez'

eie mged ci ne me bde vomi mre m

rc`)

Mnoes [mids/ m Jmhebaa` va`e|agmi/ mcd

ne hagvmis dcdi nmze m haggei) E~ehze

mid cizear |ere e~vehed a eoo =5

CVA vrche cihe Gms =>/ c r dms aj rmdci/

om |ee` mcd ehaid'}mrer moe ra|n

|m 82 verhei jrag ne

mge vercad m semr emr'

ocer/ da|i jrag 45 ver'

hei ci ne vrezca nree

gain) tne hagvmis oo

ieed a vraze a cize'

ar nm c hmi vra jrag

ne ra|ci igber aj

er |na mhhe ne ce

ai gabcoe dezche/ mcd

tag Jare/ mi mimos m

teoes Mdzcars lrav ci

Ie| Sar`)

[sim Cih)/ mi aiocie'mge dezeoaver bmed ci

xmi Jrmihcha/ |ei vboch ci Dehegber mid nm

dehocied jrag m $=5)3= ncn ai Gmrhn 2 a m

oa| m $2):> adms/ m rehard)M [sim cizear ed ne hagvmis mid ne CVA

ider|rcer nc |ee`/ homcgci nmrenaod'

er |ere gcoed mba c imihcmo nemon) tne

hagvmis revared oa|er'nmi'e~vehed ehaid'

}mrer emrici Kos 25/ mid jeoo 8< verhei ne

ie~ dms)

xme imihe ahcmo svchmoos vdme rezeie

egme |nei vreeii ne azeriar vra'

vaed bde ci Kmimrs) Ie| cijargmai ai

Jmhebaa` vrabmbos |coo be ed ci nm vdme/

mhhardci a ne Oecomze Mimos Ahe)

Hmocjaricm/ ne |arod icin'bce ehaiags/

aa` ci $

7/31/2019 Hmmm 05 Aug 2012

19/28

=3)TNCILX TNMT GM@E SAU LANggg)))

65 Muluxt 26=2 =3

gei civehar eiermo vrezcaos mdced mid

eed aios aod c `eev ider nemzs mrd m

J) @ia~/ \e Vaci mid ne u)x) Gci ci Deizer)tnee nree oahmai naod 35% aj ne hairs

boocai)

Ci Ie| Sar`/ mba $2= bcoocai ci u)x) aod c

oah`ed cicde ne Jed zmo) C ared moaicde

boocai jrag nree da{ei aner hairce mid ar'

mic{mai hn m ne Cierimaimo Gaiemrs

Jid) Moo aod/ mba 28% aj ne |arod ahcmo

aod reerze mre ared ci ne heirmo bmi`

zmo)

tne mdc/ |nchn bemi ci Kmimrs/ aa` vomhe

>6 jee beoa| ne Jed ocgeaie mid mid'

aie Cmocmi Reimcmihe bcodci ci Gminm'

mi imihcmo dcrch) Zccar a ne zmo gm`e

necr |ms nran m eeo mid haihree eirmihe

|nere m 36'ai daar ra'

me avei)

Cicde/ m gmcze hmoe c

rcied bs =22 boe hme

nm naod mba 586/666

aod bmr 84/62= aj

|nchn beoai a uihoexmg) tne mdci emg

haied ne u)x) mn/ eoehi gare nmi 856

bmr jrag |nchn a e~rmh mgvoe jar mmsci)

tne vrahe cizaozed mba nmoj m da{ei egvoas'

ee aj ne Gci/ ne tremrs civehar eiermo

ahe mid ne Ie| Sar` Jed) C |m gaicared

bs egvoasee aj ne lazerigei Mhhaimbcocs

Ahe/ Haire cizemze mrg)

tne bmr |ere r |ecned ai m gmoo eoehraich

hmoe/ nei rmijerred a m mboe gaied |cn m

oai/ nci drcoo ed a brra| cia ne aod/ mcdm verai jmgcocmr |cn ne avermai |na |m

ia mnarc{ed a vem` vbochos)

\ar`er |ere hmrejo a haooeh mis rms aod

bc/ ne arhe mcd) Bmed ai ne gmr`e vrche

aj mba $=/:66 ver ras aihe/ ne tremrs re'

gazed gare nmi $==6/666 |arn aj aod mg'

voe)

M Gci va`egmi mcd mba = a =)5 rmg aj

emhn mgvoe c derased ci ne mmsci vra'

he/ |cn ne regmcici rmioe reried a

ne azerigei)

tne Ie| Sar` Jed rejed a haggei)

A A A HNCHMLA TRCBUIE! OCI@

\nere |ere sau |nei ne oabmo imi'hcmo hrcc bemi ze semr ma nc gain1 C re'

gegber ne mr aj ne hredc hrihn ci M

266< m cj c |ere seerdms/ craichmoos behme C

iemros gced c moaener)

\nei |e nemded a a ar jrceid oa hmbci jar

ar gger naocdms ci ne Ie| Eiomid |aad

moo |m |eoo)

\nei |e egered m havoe aj |ee` omer moo

neoo nmd bra`ei oaae mid ne karies a adms

cihage'nirs |arod nmd bei) tne ezei aj

|nchn |e |ere bocjoos

im|mre m |e eikased

ar tnarem m \modei

Vaid gagei mdded v

a ne r joo'boa|i

vmich aj m hrcc nm nmd

beei }ceos bre|ci jar

ne c~ gain cihe NxBH

bomged ux b'vrcge oami .|nmezer nes

|ere-# jar c r ezer vra |mrici)

t|a gain omer/ garme oeider Ie| Heirs

Jcimihcmo oed jar bmi`rvhs/ nei ci Kie/ Bemr

xemri bmcoed a aie aj c nede jid/ oe

mianer a ider mid nmoed redegvai m m

ncrd) Bs Kos/ nage jarehoare |ere riici m

moga |che ne oezeo aj m semr emrocer)

Ci emros M/ naros mer |e oa rmdca hai'

mh |cn ne acde |arod/ BIV Vmrcbm avvedcizear redeegci hmn jrag age aj c jid/

msci nm ne rgaco ci ne b'vrcge gmr`e

gemi c |m imboe a zmoe neg)

tne ie~ dms heirmo bmi` vgved bcoocai aj

vaid cia ne bmi`ci seg a nemd a m

jemred hredc ec{re) Eravemi nmre ered

necr bce aie'dms jmoo ci gare nmi jar semr

mid ne Jedermo Reerze ie| hnmcrgmi/ Bei

Berimi`e/ |i cia mhai/ hi ne vrcgmrs

dchai rme m |nchn ne Jed oeid gaies a

))) \ctn tne beiet a ncid'xclnt/ ct cx hoemr tnmt tne |arod

|e oet bencid mx |e nemdedcita tne |aadx dcxmvvemreddurcil tnaxe t|a nmvvs |ee`x

http://www.chicagotribune.com/business/breaking/chi-gold-bars-20120803,0,3804593.story?track=rss

7/31/2019 Hmmm 05 Aug 2012

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26)TNCILX TNMT GM@E SAU LANggg)))

65 Muluxt 26=2 26

Mgerchm bmi`) tne voie a ne {era'baid

|arod na|i ci ne hnmr nmd bei)

\cn ne beie aj ncidcn/ c c hoemr nm

ne |arod |e oe bencid m |e nemded cia ne

|aad dcmvvemred drci nae |a nmvvs

|ee`)

Joch`ci nran vre revar aj m deb'jeooed

m`eazer bcd jar xmcibrs ar ne vrevaer'

a bmoe be|eei RBx mid Bmrhoms jar hairao

aj MBI Mgra c oc`e oaa`ci m vnaa aj sai

veavoe omr`ci mba ci ne gger aj =3=4) Dcd

nes remoos nmze ia cdem |nm |m hagci1

xage dcd/ b ia gmis)Jcze semr ma/ ne Dmcos

Reh`aici |ebce mcd

nc; Iezer bejare ci

ne ncars aj ne |arod

nmze a gmis veavoe be'

ocezed a gmis nci nm

haodi be re) Ia|

nes a|e gare gaies a gare veavoe nmi ezer

bejare) Mid c haod m`e m oai/ vmcijo harreh'

ai ))) ar |are ))) a rmcnei nci a) Na|

vrehcei |m nm1B c |m ia ne haizeiaimo |cdag ze

semr ma) tnc jrag ne Cierimaimo Gaiemrs

Jid |m hoaer a |nm ga aj haizcihed

areoze |m ne hme; tnee ezei mre oc`eos

a nmze age iemze cgvmh ai ra|n ia

aios ci ne uiced xme b moa ci m igber

aj aner hairce/ a |nerezer jarehm |ere m

gain ma nes naod be h m ocoe bc) la ai

nei/ k m rcg)

tne dms ne Jed h ciere rme jar ne r

ge/ M =

7/31/2019 Hmmm 05 Aug 2012

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2=)TNCILX TNMT GM@E SAU LANggg)))

65 Muluxt 26=2 2=

vaie c aie |nchn vrehode mcd mcd re}e)))

uio/ m oem hn ge m ne gmr`e remoc{e c

|m aihe mmci gmicvomed bs vaochcmi)

\nm nmvvei nei c ne mge rcie'revem

hshoe |e nmze ra|i a nme mid oamne a |eoo;

ne xvmicn mid Cmocmi hrze a bcdoe/ ci ne

vrahe cizeri aihe mmci/ jaooa|ed bs ne

mge ggc!EHB miiaihegei revaie |cnvragce nm ban xvmci mid Cmos |coo degmid

m bmcoa/ eidci baid amrci/ mid gm`ci m

bmcoa degmid iiehemrs)

Aj hare/ nc Hmhn 22 aj haijaidci hme

mid ezei hmi haiie eegcios cideiceos/

monan ci remocs c hmi) Behme jidmgei'

moos |nm ne baid gmr`e dae c `eev azer'

eci naie ' k m xhnmboe mcd m |ee`

ma/ xvmicn sceod m

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22)TNCILX TNMT GM@E SAU LANggg)))

65 Muluxt 26=2 22

ne EHB gmrcimo oeidci jmhcocs rme/ |nchn c

hrreios m =)5 verhei) tnc gemi nm hmn'

rmvved lree` bmi` barra| m mba 8)5 ver'hei/ gare nmi daboe |nm oeider ci aner

era{aie hairce mre vmsci)

EOM moa veoo raboe jar ne Bmi` aj lreehe

behme c bemr ne rc` aj ne oami rmner nmi

ne EHB) Cj lree` bmi` mre barra|ci zcm ne

EOM/ ne EHB mid ne Eraseg c oe e~vaed

a m dejmo) Ci ne ge nm lree` oeider dre|

:2 bcoocai era jrag EOM/ nes nmze barra|ed

7/31/2019 Hmmm 05 Aug 2012

23/28

28)HNMRTX TNMT GM@E SAU LA Nggg)))

65 Muluxt 26=2 28

Ctx beei m|ncoe cihe |ehneh`ed ci |cn Kee jar m oaa`

m aod mid cozer hnmr a oe

v nm rcn)

Bme mre bcodci nm e

|e HAuOD ee age va|er'

jo vcde mhai b/ m mo|ms

|cn ne vrehca gemo/ |e

mre aie vcehe aj Ahcmovem`

m|ms jrag mi mcr'vah`e)

Veraimoos/ C eid a rs midoaa` m oa jmrner cia ne jre

|nere nee vmrhomr me

mre haiheried) C id ne `ce m

oa hoemrer nere)))

XAURHE; KEXXEX HMJE MGERCHMCI

XAURHE; KEXXEX HMJE MGERCHMCI

HOCH@ TA EIOMRLE

HOCH@ TA EIOMRLE

http://4.bp.blogspot.com/-fpjftNvWMf0/UBwwnrpvPUI/AAAAAAAAXq4/L6J4lDV7HuQ/s1600/golddaily4.PNG

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24)HNMRTX TNMT GM@E SAU LA Nggg)))

65 Muluxt 26=2 24

HOCH@ TA EIOMRLE XAURHE; DAUL XNART

Mx tne Eura{aie rehecai .|nchn mredgain ma# |arei/ ne mrem gmijmhrci mhzcs/

m gemred bs ne VGC cide~/ c hairmhi m m vmhe

ia eei cihe 2663)

M rem demo aj nc dehocie na|ezer c ia| drczei bs

lergmis .rmner nmi ne vercvners#/ |nae gmijmh'

rci VGC c na|ci m rmvcd deercarmai) C c age'

|nm rvrcci/ czei nm |e nmd ci aj ehaiagch

cgvrazegei ci lergmis m reheios m Gms) B ne

lergmi dehavoci nave dcd ia gmercmoc{e/ m ne

ehaiags c vooed da|i bs ne re aj ne Era{aie hag'

bcied |cn ne oa|da|i ci Hncim/ aie aj ne imai

omre e~var gmr`e)

A A A XABEROAA@! OCI@

Mis ]uextcaix1

XAURHE; GMR@CT

http://soberlook.com/2012/08/eurozones-manufacturing-contraction-now.htmlhttp://www.advisorperspectives.com/dshort/charts/census/household-income-by-age-bracket-mean-real-growth.gif

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25)HNMRTX TNMT GM@E SAU LA Nggg)))

65 Muluxt 26=2 25

Ci Mvrco 2666%+ dehocie ci revared emrici/ c |m besaid moga ezersaie

narc{ai nm revared ie emrici |aod rehazer a gare nmi $36 ver nmre azer ne be}ei

ezermo semr ))) se nc semr jarehm c ia| $38 mid ie~ semr c e~vehed a av $=68 ver nmre)

xcihe ne jidmgeimo vrcihcvoe aj ne bcie hshoe hme ncars a revem ceoj/ m dehocie ci EVx

naod ia be besaid sar narc{ai-

Hrreios/ vra gmrci mre hshochmoos ncn/ iemr ncarchmo ncn/ mid moremds m imcimboe oezeo/

|cn vrakehed jrner cihreme azer ne ie~ |a semr) Be|mre)

A A A KANI GMUODCI! OCI@

http://www.mauldineconomics.com/images/uploads/pdf/mwo080312.pdf

7/31/2019 Hmmm 05 Aug 2012

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2:)

65 Muluxt 26=2 2:

\ARDX TN MT GM@E SAU LA Nggg)))

\e hmi iat mid |coo ia mci dehc oc`e nee |cna eid) Hairmrs a ne vrezmcoci|cdag ci \mnciai nee vm je| semr/ |e hmi iat xcgvos xveid mx |e voemxe mid dejer tne

haixe}ueihex ta tne ie~t budlet/ tne ie~t mdgcicxtrmai ar tne ie~t leiermai) \e mre vmscine vrche jar nee dehc rcn ia|) Ci 266> moaie |e vmcd $256 bcoocai

ci ciere ai ar deb/ nm c gare nmi nree ge |nm |e vei ai

edhmai nm semr/ gare nmi ezei ge |nm |e vei ai ZM nemon '

hmre) Xa cj |e haijrait tncx hrcxcx |ctnaut moxa haijraiil tne dehctx

tnmt neoved hmuxe ct/ |e rcx` xci`cil cita miatner hrcxcx da|i tne ramd mx

aur citerext vmsgeitx rcxe/ aur aboclmaix hage due/ haideihe ci aur

ehaiags eradex mid aur hncodrei mid lrmidhncodrei mre uimboe ta vur'

xue tnecr dremgx behmuxe tnes mre xmddoed |ctn aur debtx) Tnmtx |ns

tadms C mg voedlcil ta hut tne dehct |e cinercted bs nmoj bs tne eid aj

gs rxt terg ci ahe) tnc |coo ia be ems ' c |coo re}cre a gm`e dcj'

ho dehccai mid jmhe hnmooeie |e nmze oai ieoehed b C reje aoemze ar hncodrei |cn m deb nes hmi ia revms) Mid nm gemi m`ci

revaicbcocs rcn ia| ci nc mdgcicrmai/ jar ei ar veidci

ider hairao)

A A A ZCM [ERANEDLE! OCI@

Kmgex ur` ai aod * cozer/ ne daoomr/ Jed vaochs midne vraboeg jmhci gaiemrs mnarce m nes `eev ciere

rme mrhcmoos oa| ci mi megv a bzer heirce aj gai'emrs vrehedei)

Jmhcimi)

Beoa| mre t|a jrceid aj gcie |na ban nmze m oa ajcicn a aer) Mo|ms)

tnc |ee` Kcg Vvomzm .oe# mo` a Erch

Nimder aj Imie~ mba Ncn'Jre}ei'

hs trmdci mid ne @icn Hmvcmo mhanc vm |ee` mid c m g'ocei jar

misaie cizaozed ci gmr`e)

Ai ne rcn c Gc`e @rceer |na reri

a Ie| Sar` nc |ee` jrag ne |cod aj

Haoarmda a mo` a Omrei Oser aj Hmvc'

mo Mhhai mba Jrcdms kab igber

mid ne rn bencid ne oe| aj m'

h nm beoce ne remo haidcai aj ne ux

ehaiags m |eoo m Oac Bmhai dehccai

a reri $2boi aj cizear hmvcmo)

HOCH@ TA \MTHN

HOCH@ TA \MTHN

HOCH@ TA OCXTEI

HOCH@ TA OCXTEI

http://libertyblitzkrieg.com/http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2012/8/4_James_Turk_files/James%20Turk%208%3A4%3A2012.mp3http://www.youtube.com/watch?v=FlXHXalclPM&feature=player_embeddedhttp://www.financialsensenewshour.com/broadcast/fsn2012-0804-2.mp3http://www.zerohedge.com/news/friday-humor-i-am-pledging-cut-deficit-we-inherited-half-end-my-first-term-officehttp://libertyblitzkrieg.com/http://www.zerohedge.com/news/friday-humor-i-am-pledging-cut-deficit-we-inherited-half-end-my-first-term-office

7/31/2019 Hmmm 05 Aug 2012

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XUBXHRCBE UIXUBXHRCBE HAGGEITX

mid jimoos

65 Muluxt 26=2 2)TNCILX TNMT GM@E SAU LANggg)))

M m reo aj gs raoe m Zove Cizegei Gmimegei/ c jmoo vai ge a dchoae nm/ jrag ge'a'ge/

ne zce| C e~vre mid!ar ne haggeimrs C |rce ci ne vme aj Tncilx Tnmt Gm`e Sau La Nggg))))) gms

reeh ne vacaici aj aie ar moo aj ne Zove jid ' nan C |coo ia be gm`ci mis vehch rehaggeidm'

ai ci nc vbochmai)

Lrmit

|||)zovecize)hag

Lrmit \coocmgx

Lrmit \coocmgx cx m vartjaoca mid xtrmtelsmdzcxar ta Zuovex Cizextgeit Gmimlegeitci Xcilmvare ' m nedle juid ruiicil azer$256gcoocai aj omrleos vmrtierx hmvctmomhraxx guotcvoe xtrmtelcex)

Tne ncln oezeo aj hmvctmo haggctted bs tneZuovex vmrtierx eixurex tne xtrailext vaxxc'boe mocligeit bet|eei ux mid aur cizextarx)

Ci ]4 26=2 |e |coo be omuihncil tne ZuovexMlrchuoturmo Omid Cizextgeit Hagvmis.ZMOCH#/ m loabmoos'dczerxced mlrchuoturmo omid zenchoe |nchn |coo vrazcde truos dczer'xced e~vaxure ta tne mlrchuoturmo xehtar tnrauln m loabmo vartjaoca aj vnsxchmo jmrg'omid mxxetx)

Lrmit nmx 2: semrx aj e~verceihe ci imihe ai tne Mxcmi/ Muxtrmocmi/ Euravemi mid

UX gmr`etx mid nmx neod xeicar vaxctcaix mt xezermo citerimtcaimo cizextgeit nauxex)

Lrmit nmx beei |rctcil Tncilx Tnmt Gm`e Sau La Nggg))))) xcihe 2663)

Jar gare cijargmtcai ai Zuovex voemxe zcxct |||)zuovexcizext)hag

+++++++

Jaooa| ge ai t|cer; FttGSlN

Satbe Zcdea Hnmiieo; nv;!!|||)sabe)hag!er!l\ttGSlN

Hmocjaricm Cizegei Haijereihe 26=2 Vreeimai; xcgvochcs; Vmr C ; Vmr CC

http://users/Grant/Library/Caches/Adobe%20InDesign/Version%207.0/en_GB/InDesign%20ClipboardScrap1.pdfhttp://www.vulpesinvest.com/http://users/Grant/Library/Caches/Adobe%20InDesign/Version%207.0/en_GB/InDesign%20ClipboardScrap1.pdfhttp://users/Grant/Library/Caches/Adobe%20InDesign/Version%207.0/en_GB/InDesign%20ClipboardScrap1.pdfhttp://users/Grant/Library/Caches/Adobe%20InDesign/Version%207.0/en_GB/InDesign%20ClipboardScrap1.pdfhttp://users/Grant/Library/Caches/Adobe%20InDesign/Version%207.0/en_GB/InDesign%20ClipboardScrap1.pdfhttp://users/Grant/Library/Caches/Adobe%20InDesign/Version%207.0/en_GB/InDesign%20ClipboardScrap1.pdfhttp://users/Grant/Library/Caches/Adobe%20InDesign/Version%207.0/en_GB/InDesign%20ClipboardScrap1.pdfhttp://users/Grant/Library/Caches/Adobe%20InDesign/Version%207.0/en_GB/InDesign%20ClipboardScrap1.pdfhttp://users/Grant/Library/Caches/Adobe%20InDesign/Version%207.0/en_GB/InDesign%20ClipboardScrap1.pdfhttp://www.vulpesinvest.com/http://users/Grant/Library/Caches/Adobe%20InDesign/Version%207.0/en_GB/InDesign%20ClipboardScrap1.pdf