7/30/2019 Hmmm November 27

1/43

Iazps`lnu Og}he`k Miakao`iy+ ]kg}unas`rme e`yihay}sm zsan`c`ume+ ]ym af iakumku y}cbmiu ua umsoy af }ym yugume ak hgyu zglm+

Unm Oa}ymusgz

#Kgp( `kemme( `f pa} nge pa}s mpmy( pa} o`lnu fg`h af

unm dka|`kl om2 `u `y g |`ym fgunms ungu dka|y n`ya|k in`he+ \mhh( ahe ogk( @ |`hh umhh pa} km|y af

pa}s yak2 l`vm om pa}s chmyy`kl2 us}un |`hh iaom

ua h`lnu4 o}sems igkkau cm n`e hakl4 g ogk,y yak

ogp( c}u gu unm hmklun us}un |`hh a}u+#

Hg}kimhau Lacca( Unm Omsingku af Vmk`im( Giu @@( Yimkm 3

#@ zhgp ua |`k gke `f `u haady h`dm @,vm hayu( `u,y akhp cmig}ym `u,y kauavms pmu+#

D`msg Emhhgisa`~( Mklsgv`kly af \sg`un

#@y `u oasm in`he`yn gke faah`yn ua `ky`yu unguunmsm `y g iakyz`sgip as ungu unmsm `y kau1#

In`kg O`v`hhm( Unm I`up gke unm I`up

#Pa} ymm g oa}ymusgz4 @ ymm fsmm inmmym gke g f"""""" inghhmklm'#

Yisaac`}y Z`z

a hmgsk oasm gca}u Lsgku,y km| `kvmyuomku km|yhmms(

C}hh,y Mpm @kvmyuas( Ih`id nmsm

UN@KLY UNGU OGDM PA] LA

Nooo+++G |ghd gsa}ke unm fs`klmy af kgkim

Cp Lsgku \`hh`goy

3< KAVMOCMS

http://www.mauldineconomics.com/bulls-eye/learn-more/TTM008PP1012Ahttp://www.mauldineconomics.com/bulls-eye/learn-more/TTM008PP1012A

7/30/2019 Hmmm November 27

2/43

3

UN@KLY UNGU OGDM PA] LA

Nooo+++

3< KAVMOCMS 3:73

IakumkuyUN@KLY UNGU OGDM PA] LA NOOO+++ ++++++++++++++++++++++++++++++++++++++++++++++++++++9

Emgun Omugh2 U`k O`k`kl `k @keakmy`g +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++33

Usmgy}sp ua Isgid Ea|k ak ]D,y Affynasm Ug~ Ngvmky +++++++++++++++++++++++++++++++++++++++++++39

Unm ZO@y \gsk M}sazm @y Lmuu`kl \asym +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++3=

Gslmku`kg Kmgs`kl Umink`igh Emfg}hu +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++36

\np Igk,u @ke`g Fmme @uy Zmazhm1 ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++3>

Laaecpm Zmusaeahhgs( Nmhha Gls`/Eahhgs1 ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++30

Unm Fg}yu`gk Cgslg`k Cmu|mmk Yugumy gke Cgkdy +++++++++++++++++++++++++++++++++++++++++++++++++9:

Acgog 3+: gke unm \ashe ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++93

Igughgky Ugdm Yumz Ua|gsey Csmgd/}z Vaum ++++++++++++++++++++++++++++++++++++++++++++++++++++++++99

La`kl ]z k Fhgomy ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++95

INGSUY UNGU OGDM PA] LA NOOO+++ ++++++++++++++++++++++++++++++++++++++++++++++++++96

\ASEY UNGU OGDM PA] LA NOOO+++ +++++++++++++++++++++++++++++++++++++++++++++++++++5:

GKE F@KGHHP ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++57

7/30/2019 Hmmm November 27

3/43

9

UN@KLY UNGU OGDM PA] LA

Nooo+++

3< KAVMOCMS 3:73

Un`kly Ungu Ogdm Pa} LaNooo+++Aiuacms 6( 70=3 yg| unm emc}u af g km| zhgp gu unm Unmgusm Sapgh Kauu`klngo `k Mklhgke ungu|gy cgyme }zak g ynasu sge`a zhgp u`uhme Unsmm Ch`ke O`im+ Unm zhgp|s`lnu( Glgung Ins`yu`m(

gydme ungu unm ynasu yuasp }zak |n`in unm as`l`kgh sge`a zhgp |gy cgyme kau cm z}ch`ynme `k unm]k`ume D`kleao fas gy hakl gy nms yuglm zhgp sgkcmig}ym `u iakug`kme g u|`yu `k unm mke`kl ungu ynmemyzmsgumhp |gkume ua zsaumiu+

Unm zhgp |a}he ua}s Cs`ug`k( cm`kl yuglme `k A~fase(C`so`klngo( H`vmszaah( Ogkinmyums( gke Km|igyuhmcmfasm `u smginme unm \myu Mke af Hakeak |nmsm `u|gy ua ugdm }z smy`emkim gu unm Km| Gocgyygeas,yUnmgusm ak Kavmocms 3=( 70=3+

Unm g}unas |gy fasime ua smkgom unm zhgp gu unm`ky`yumkim af Mo`hm H`uuhms( |na nge zsae}ime g zhgp`k unm \myu Mke |`un unm ygom u`uhm zs`as ua \\@@(gke( |nmk igyu`kl gsa}ke fas g y}`ugchm u`uhm( Ins`yu`mya}lnu unm ia}kymh af nms yak/`k/hg|( Gkunakp N`idy(|na y}llmyume g u`z af unm ngu ua g fgoa}y yimkm `kYngdmyzmgsm,y Ngohmuyzmi`ighhp Giu @@@( Yimkm 32

Ngohmu+ Ogego( na| h`dm pa} un`y zhgp1

W}mmk+ Unm hgep eaun zsaumyu uaa o}in( omun`kdy+

Ngohmu+ A' c}u ynm,hh dmmz nms |ase+

D`kl+ Ngvm pa} nmgse unm gsl}omku1 @y unmsm ka affmkim `k ,u1

Ngohmu+ Ka( ka( unmp ea c}u bmyu( za`yak `k bmyu4 ka affmkim `, unm |ashe+

D`kl+ \ngu ea pa} ighh unm zhgp1

Ngohmu+ Unm Oa}ym/usgz+ Ogssp( na|1 Usaz`ighhp+ Un`y zhgp `y unm `oglm af g o}semseakm `k V`mkkg2 Lakrgla `y unm e}dm,y kgom4 n`y |`fm( Cgzu`yug+ Pa} ynghh ymm gkak4 ,u`y

g dkgv`yn z`mim af |asd2 c}u |ngu af ungu1 pa}s ogbmyup gke |m ungu ngvm fsmm ya}hy( `uua}inmy }y kau2 hmu unm lghhme bgem |`kim( a}s |`unmsy gsm }k|s}kl+

Gke ya `u |gy ungu Ins`yu`m,y zhgp gca}u g o}sems igom ua cm u`uhme Unm Oa}ymusgz+

7/30/2019 Hmmm November 27

4/43

7/30/2019 Hmmm November 27

5/43

=

UN@KLY UNGU OGDM PA] LA

Nooo+++

3< KAVMOCMS 3:73

Y`kim `uy azmk`kl k`lnu( gk myu`ogume 7: o`hh`ak unmgusmlamsy ngvm ymmk Unm Oa}ymusgz `kHakeak ghakm+ Unsa| `k unaym |na ngvm |guinme gkp af unm 6: zsae}iu`aky ungu ngvm cmmkh`imkyme `k zhgimy y}in gy In`kg( S}yy`g( unm ]Y( Ya}un Gfs`ig( gke Igkgeg( gke unm k}ocms`kismgymy y`lk`igkuhp+

Gke pmu+++

Unm `emku`up af unm d`hhms smog`kme g ihaymhp l}gseme ymismu fas avms =: pmgsy+ Ya o}in ya ungu(|nmk( `k G}l}yu 3:7:( \`d`zme`g azume ua smvmgh unm `emku`up akh`km( `u ig}yme }zsags2

.]D Eg`hp Og`h)2 Fas => pmgsy( unm `emku`up af unm d`hhms `k Glgung Ins`yu`m,y UnmOa}ymusgz ngy cmmk akm af unmgusmhgke,y oayu ihaymhp l}gseme ymismuy+

Gu unm mke af mgin zmsfasogkim af unm |ashe/fgoa}y ia}kuspna}ym |nae}k`u( unmg}e`mkim `y gydme kau ua smvmgh unm kgom af unm d`hhms |nmk unmp hmgvm+

@u |gy y}zzayme ua zsmvmku unm mke`kl af unm |ashe,y haklmyu/s}kk`kl zhgp fsao cm`klyza`hu fas unaym |na ngek,u pmu ymmk `u+

]ku`h ka|( `u gzzmgsme ua ngvm |asdme+

C}u unm `emku`up af unm d`hhms ngy cmmk z}ch`ynme akh`km cp \`d`zme`g( emyz`um zsaumyuyfsao unm g}unas,y fgo`hp gke zmu`u`aky fsao fgky ua smoavm unm yza`hms+

\`d`zme`g umhhy smgemsy unm fgoa}y zhgp `y #dka|k fas `uy u|`yu mke`kl( |n`in gu unm mkeaf mvmsp zmsfasogkim( unm g}e`mkim `y gydme kau ua smvmgh+#

C}u gkpakm |na dmmzy smge`kl |`hh cm uahe |na unm o}semsms `y|`una}u gkp |gsk`kl+

Oguunm| Zs`ingse( Ins`yu`m,y lsgkeyak( emyis`cme unm akh`km mkipihazme`g,y emi`y`ak gy#}kfasu}kgum#+

Ya( gfums => pmgsy gke |`un |mhh avms 7: o`hh`ak zmazhm `k ak unm #iakyz`sgip(# unm ymismu af unm`emku`up af Ins`yu`m,y oayu fgoa}y d`hhms |gy smvmghme ua g |`em g}e`mkim+ Yu`hh( `f pa} igk dmmz7: o`hh`ak zmazhm w}`mu fas avms =: pmgsy( @,e ygp pa} |msm ea`kl zsmuup |mhh+

Akm |a}he ngvm ua ngrgse g l}myy ungu unmsm gsm y}cyugku`ghhp hmyy ungk 7: o`hh`akzmazhm |na dka| unm us}un cmn`ke caun unm goa}ku af lahe c}hh`ak nmhe cp \myumsk imkusghcgkdy gy |mhh gy unm emlsmm ua |n`in zs`imy gsm ogk`z}hgume `k asems ua og`kug`k zs`im

yugc`h`upc}u( gy iakyz`sgi`my la( un`y akm `y s`lnu }z unmsm |`un unm d`hh`kl af BFD .imsug`khp `kkgki`gh i`sihmy)+

7/30/2019 Hmmm November 27

6/43

6

UN@KLY UNGU OGDM PA] LA

Nooo+++

3< KAVMOCMS 3:73

Ka|( unmym iakyz`sgip unmas`my ngvm zahgs`rme yaom af unm kmyu o`key `k kgkim fas ogkppmgsy( gke ogkp iaoomkuguasy fas |nao @ ngvm unm }uoayu smyzmiu fmmh unmp gsm ghh }uumskakymkym+ Zmsyakghhp( @ cmh`mvm unmsm `y ka yoadm |`una}u sm( gke @ gh|gpy gzzhp unm u|ais`ums`g af oau`vm gke omgky ua gkp y}yzmiume iakyz`sgip+ @k unm igym af lahe .gke y`hvms)( @igkkau nmhz c}u iakih}em ungu imkusgh cgkdy gke lavmskomkuy imsug`khp ngvm unm oau`vm ua

y}zzsmyy zs`imy .gy unmp smvmgh akhp uaa ihmgshp unm m~umku ua |n`in unm z}singy`kl za|ms af gui}ssmkip `y cm`kl emcgyme)( gke gy fas unm omgky+++1 \mhh( cgyme ak |ngu |m ngvm ymmk `k umsoyaf `kumsvmku`ak `k unm fgs hgslms yavmsm`lk cake ogsdmuy `k smimku pmgsy( @ un`kd gsl}omkuy avmsungu zgsu`i}hgs zgsu af unm mw}gu`ak ngvm cmmk smkemsme yaom|ngu sme}kegku+

Na| s`e`i}ha}y ngy lavmskomku `kumsvmku`ak cmiaom `k unm cake ogsdmuy1 Hge`my gkelmkuhmomk( @ l`vm pa} unm ]Y Usmgy}sp i}svmy af Kavmocms 3::: gke Kavmocms 3:73 zhauumeglg`kyu g cgidesaz af unm ]Y Z}ch`i Emcu A}uyugke`kl2

= Us`hh`ak

7: Us`hh`ak

7= Us`hh`ak

3: Us`hh`ak

Kav::

Kav:7

Kav:3

Kav:9

Kav:5

Kav:=

Kav:6

Kav:

Kav:0

Kav7:

Kav77

Kav73

:-

7-

3-

9-

5-

=-

6-

7O 9O 6O 7P 3P 9P 5P =P 6P

P 0P 7:P 7:P 3:P 9:P

Kavmocms 3:::

Kavmocms3:7

3

]Y Usmgy}sp P`mhe I}svmy vy Z}ch`i Emcu A}uyugke`kl.Kavmocms 3::: / Kavmocms 3:73)

Ya}sim2 Chaaocmsl

7/30/2019 Hmmm November 27

7/43

7) ua gllsmlgum %7 us`hh`ak aflavmskomku emcu+ @u unmk uaad 3: pmgsy .70>7/3::7) ua gee gk gee`u`akgh %5+> us`hh`akgke( `k unm hgyu 7: pmgsy .3::7/3:77)( g |nazz`kl %0+> us`hh`ak ngy cmmk geeme uaunm fmemsgh emcu+ Y`kim 70>7( unm ]Y `kismgyme `uy yavmsm`lk emcu cp 7(=6:- |n`hm `uy

zaz}hgu`ak `kismgyme cp akhp 9=-

=::(:::

7(:::(:::

7(=::(:::

3(:::(:::

Kav

:3

Kav

:9

Kav

:5

Kav

:=

Kav

:6

Kav

:

Kav

:0

Kav

7:

Kav

77

Kav

73

]Y Fmemsgh Smymsvm Nahe`kly

af ]Y Usmgy}sp Ymi}s`u`my.Kavmocms 3::3/ Kavmocms 3:73)

]Y%o`hh`aky

Ya}sim2 Chaaocmsl

7/30/2019 Hmmm November 27

8/43

>

UN@KLY UNGU OGDM PA] LA

Nooo+++

3< KAVMOCMS 3:73

Ya}sim2 Lhacgh F`kgki`gh Egug

Ghh unm emcu ungu ngy cmmk gii}o}hgu`kl gisayy unm lhacm .gke( gy @ ngvm e`yi}yyme ge kg}ymgo(`u `y kau b}yu `k unm ]Y) glg`kyu unm cgid`kl af gk mvms/e|`keh`kl z}ch`i nagse af lahe c}hh`ak `ymvmku}ghhp la`kl ua oguums( gke zsacgchp ua mvmspcaep gu unm ygom u`om( fas ungu `y lmkmsghhpunm |gp unmym un`kly |asd `k unm 37yu imku}sp( gke |nmk `u eamy( vmsp fm| zmazhm ymmo ua lsgyzunm f}hh `ozh`igu`aky+ \ngu cmuums smgyak fas lavmskomkuy ua guumozu ua mkl`kmms unm ha|myulahe zs`im unmp zayy`chp igk1

Smimkuhp( unmsm ngy cmmk smkm|me fai}y ak unm goa}ku af znpy`igh lahe giu}ghhp nmhe cp imkusghcgkdy gke( zaumku`ghhp oasm |assp`klhp( |nmsm `u `y nmhe+ Ghha| om ua mhgcasgum+

@u cmlgk `k G}l}yu 3:77 |`un N}la Ingvmr+

Unm g`h`kl Vmkmr}mhgk e`iuguas emogkeme ungu unm Cgkd af Mklhgke smu}sk unm 00 uaky af lahec}hh`ak ungu |gy yuasme `k `uy vg}huy cmha| Unsmgekmmehm Yusmmu `k unm nmgsu af unm I`up afHakeak+

.Chaaocmsl)2 Vmkmr}mhgk Zsmy`emku N}la Ingvmr asemsme unm imkusgh cgkd ua smzgus`gum%77 c`hh`ak af lahe smymsvmy nmhe `k emvmhazme kgu`aky, `kyu`u}u`aky y}in gy unm Cgkd afMklhgke gy zs`imy fas unm omugh s`ym ua g smiase+

Vmkmr}mhg( |n`in nahey 377 uaky af `uy 96= uaky af lahe smymsvmy `k ]+Y+( M}sazmgk(Igkge`gk gke Y|`yy cgkdy( |`hh zsalsmyy`vmhp smu}sk unm cgsy ua `uy imkusgh cgkd,y vg}hu(Ingvmr yg`e pmyumsegp+++

#\m,vm nmhe 00 uaky af lahe gu unm Cgkd af Mklhgke y`kim 70>:+ @ glsmm |`un cs`kl`kl ungunaom(# Ingvmr yg`e pmyumsegp ak yugum umhmv`y`ak+ #@u,y g nmghunp emi`y`ak+#

7/30/2019 Hmmm November 27

9/43

0

UN@KLY UNGU OGDM PA] LA

Nooo+++

3< KAVMOCMS 3:73

Gy @ |saum gu unm u`om .Un`kly Ungu Ogdm Pa} La Nooo+++++ G}l}yu 3:( 3:77)2

Ingvmr,y oavm un`y |mmd ia}he ymu `k oau`ak g ing`k af mvmkuy |nmsmcp imkusgh cgkdyungu yuasm unm c}hd af unm`s lahe avmsymgy `k #ygfm# haigu`aky yisgochm ua smzayymyy unm`sia}kusp,y us}m #|mghun+# @f ungu ngzzmky( unm oayu n`ln/yugdmy lgom af o}y`igh ing`sy unm

|ashe ngy mvms ymmk |`hh ngvm cml}k+++

Zmsyakghhp( `f @ |msm g imkusgh cgkd lavmskas( @ dka| @ |a}he |gku ua cm gcyah}umhpimsug`k ungu op lahe |gy g) m~giuhp |nmsm `u |gy y}zzayme ua cm( c) nmhe `k unm goa}kugevmsu`yme( gke i)+++ |mhh+++ ogem af lahe( `emghhpgy azzayme ua u}klyumk+

Ka|( `u ngy ugdmk g h`uuhm haklms ungk @ nge m~zmiume fas yaom oavmomku ua aii}s `k unm imkusghcgkd lahe ogsdmu( c}u unmk ya ngy unm iahhgzym af unm M}sazmgk ]k`ak( unm emo`ym af unm m}sa(unm uaz af unm ]Y cake ogsdmu( gke unm }kogyd`kl af Fsgkim .oasm ak ungu km~u |mmd)( c}u guhgyu( unm syu y`lky gsm cmiao`kl gzzgsmku ungu mvms ya w}`muhp( unm lgom af o}y`igh ing`sy ungu@ zsme`iume |a}he yaak iaoomkim ogp kghhp cm cml`kk`kl+

@u yugsume gu unm mke af Aiuacms( |nmk unaym usge`u`akgh l}gse`gky af yigh zsazs`mup .gu hmgyu}ku`h smimkuhp)( unm Lmsogky( smvmsume ua upzm2

.Rmsanmelm)2 Unm Lmsogk ia}su af g}e`uasy .C}kemysmink}klynaf) ngy emogkemeungu unm C}kemycgkd }kemsugdm gk g}e`u af `uy lahe smymsvmy+ @k gk #g}e`u/unm/Fme#yuphm mffasu( unm ia}su |gkuy ua mky}sm ungu unm kmgshp 95:: uaky af lahe `y `k fgiu`k m~`yumkim#cmig}ym yuaidy ngvm kmvms cmmk inmidme fas g}unmku`i`up gke |m`lnu#+F}sunmsoasm( unm C}kemycgkd,y lahe `y yuasme `k unsmm aunms vg}huy gsa}ke unm |ashe2Unm Cgkd af Mklhgke( Unm Cgkd af Fsgkim( gke unm ]Y Fmemsgh Smymsvm+ Unm ia}suw}myu`aky unm zsgiu`im af smhp`kl ak g |s`uumk iaksogu`ak fsao unm i}yuae`gky .fasm`lkimkusgh cgkdy)+ Unm emi`y`ak omgky kmlau`gu`kl |`un unm unsmm fasm`lk imkusgh cgkdy

fas znpy`igh vms`igu`ak( c}u `k gku`i`zgu`ak( unm C}kemycgkd ngy cml}k unm zsaimyy afyn`zz`kl =: uaky zms pmgs fsao unm Fme cgid ua Lmsogkp fas unm km~u unsmm pmgsy+

Ems Yz`mlmh geeme g h`uuhm oasm iaha}s .mozngy`y geeme)2

.Ems Yz`mlmh)2 Fas w}`um yaom u`om ka|( TZmums_ Lg}|m`hms TIY] zah`u`i`gk_ ngy cmmkzmyums`kl unm lavmskomku gke unm C}kemycgkd |`un w}myu`aky iakimsk`kl |nmsm gke na|unm ia}kusp,y smymsvmy gsm yuasme( gke na| afumk unmp gsm inmidme+ Nm ngy y}co`uumesmw}myuy gke iaoo`yy`akme smzasuy ak unm uaz`i+

http://www.mauldineconomics.com/images/uploads/ttmygh/pdf/2011/20110820-TTMYGH-Aug-20-2011.pdfhttp://www.mauldineconomics.com/images/uploads/ttmygh/pdf/2011/20110820-TTMYGH-Aug-20-2011.pdf

7/30/2019 Hmmm November 27

10/43

7:

UN@KLY UNGU OGDM PA] LA

Nooo+++

3< KAVMOCMS 3:73

Hgyu |mmd( Lg}|m`hms imhmcsgume n`y lsmgumyu us`}ozn ua egum `k n`y lahe igozg`lk(|n`in ngy cmmk g ya}sim af yaom go}ymomku fas ogkp fmhha| Lmsogk zah`u`i`gky2 Gymismu smzasu cp unm Fmemsgh G}e`u Afim nge cmmk ogem z}ch`igke `u iakug`kme yumskis`u`i`yo af unm Lmsogk imkusgh cgkd `k Fsgkdf}su+ Unm Cakk/cgyme g}e`uasy }slme gcmuums `kvmkuasp ypyumo( `kih}e`kl w}gh`up inmidy+

Un`y emogke( |n`in mvmk unm cgkd,y `kyzmiuasy

yg| gy kaun`kl oasm ungk sa}u`km( ghgsome

unm Cmsh`k zah`u`igh myugch`ynomku+ @kemme(

unm zgsu`ghhp chgidme/a}u smzasu smge h`dm unm

zsahal}m ua gk myz`akglm uns`hhms `k |n`in unm

yu}kkme imkusgh cgkdmsy ia}he mke }z yugke`kl `k

fsaku af mozup vg}huy `k unm ]Y+

Fas emigemy( Lmsogk imkusgh cgkdmsy ngvmiakumkume unmoymhvmy |`un |s`uumk gfsogu`aky

fsao unm`s Goms`igk iahhmgl}my ungu unm lahe yu`hhsmog`ky |nmsm `u `y yg`e ua cm yuasme+ Giiase`kl uaunm smzasu( unm cgs h`yu fsao Km| Pasd yumoy fsao#70:+# Unm smzasu ghya kaume ungu unm FmemsghSmymsvm Cgkd af Km| Pasd smf}ymy ua ghha| unm lahe,ya|kmsy ua v`m| unm`s a|k smymsvmy+

Kau y}szs`y`klhp( un`y zsaozume yusakl smgiu`aky `k Cmsh`k2 Unm smhmvgku C}kemycgkdcagse omocms Igsh/H}e|`l Un`mhm |gy y}ooakme ua Cmsh`k ua zsav`em gk m~zhgkgu`ak uaunm zgsh`gomkugsp c}elmu iaoo`uumm+ Nm`kr/Zmums Ng}yum`k af unm c}y`kmyy/fs`mkehp

Fsmm Emoaisgu`i Zgsup .FEZ) |gy mvmk w}aume cp Lmsogkp,y ogyy/i`si}hgu`ak C`hekm|yzgzms gy ygp`kl ungu #ghh unm lahe ngy ua cm yn`zzme cgid+#

Gy unm hgum O`ingmh Bgidyak akim yg`e2

#Pa} |gkkg cm yugsu`k, yaomun`k,1#

G ia}zhm af egpy hgums( fahdy `k unm Kmunmshgkey .y}zzaymehp unm |ashe,y 0un hgslmyu nahems aflahe cp uakkglm) cmlgk ua lmu g h`uuhm u|`uinp2

.Kmemshgkey Eglmchge)2 Ghoayu 9:: #iakimskme Kmunmshgkey i`u`rmky# ngvm ba`kme unmLmsogk `k`u`gu`vm fas `ky`lnu gca}u unm lahe smymsvmy+

@k g zmu`u`ak unm i`u`rmky iaoo`uumm emogkey #f}hh azmkkmyy ak unm w}gku`up gke yuasglmhaigu`ak af unm Kmunmshgkey, znpy`igh lahe( gke ak unm m~umku gke kgu}sm af unm laheihg`oy+#

@k Lmsogkp( g hau af }kmgy`kmyy ngy s`ymk gca}u unm w}gku`up( vgh}m( gke w}gh`up af unmlahe smymsvmy( |n`in ngvm kau cmmk g}e`ume `k ogkp pmgsy gu vgs`a}y yuasglm haigu`aky+Hme cp unm ugcha`e km|yzgzms C`he( Lmsogk km|y ome`g gsm |akems`kl |nmunms unm9+5/o`hh`ak d`halsgoy af `klauy gsm smghhp unmsm .vgh}me gu gca}u 7=: c`hh`ak)+

7/30/2019 Hmmm November 27

11/43

77

UN@KLY UNGU OGDM PA] LA

Nooo+++

3< KAVMOCMS 3:73

]kems zsmyy}sm fsao unm Lmsogk fmemsgh g}e`u afim( zgsu af unm lahe yuaid |`hh cmsmzgus`gume fsao unm ]k`ume Yugumy ua Fsgkdf}su+

Unm Kmunmshgkey fgimy y`o`hgs }kmgy`kmyy gca}u unm zay`u`ak af `uy laheusmgy}sm673(::: d`halsgoy |`un af g vgh}m af gca}u 3= c`hh`ak+ Unm lahe( `k zgsu

haigume gu Em Kmemshgkeym Cgkd `k Goyumsego .gca}u 7: zmsimku)( `y ghya haigume gu unmFmemsgh Smymsvm Cgkd af Km| Pasd( `k Auug|g( gke Hakeak+

G fm| oasm egpy |mku cp cmfasm Mi}geas e`vme fas g ing`s2

.Rmsanmelm)2 Mi}geas,y lavmskomku |gkuy unm kgu`ak,y cgkdy ua smzgus`gum gca}u akm/un`se af unm`s fasm`lk nahe`kly ua y}zzasu kgu`akgh lsa|un( unm nmge af unm ia}kusp,y ug~glmkip yg`e+

Igshay Igssgyia( e`smiuas af unm ug~ glmkip dka|k gy unm YS@( yg`e uaegp ungu Mi}geas,yhmkemsy ia}he smzgus`gum gca}u %7+< c`hh`ak gke yu`hh f}hhh ach`lgu`aky ua `kumskgu`akgh

ih`mkuy+ Igssgyia yzadm gu g iaklsmyy`akgh nmgs`kl `k W}`ua ak g lavmskomku zsazaygh uasg`ym ug~my ak cgkdy ua kgkim igyn y}cy`e`my ua unm Ya}un Goms`igk kgu`ak,y zaas+

Giiase`kl ua afi`gh yugu`yu`iy( Mi}geas nahey b}yu 36+9 uakkmy af lahe |n`in( `k unm yinmom afun`kly( `yk,u g |nahm hauc}u ua unm laae zmazhm af W}`ua gke cmpake( ungu smzsmymkuy gca}u76+=- af unm`s |mghun+ @y `u gkp |akems unmp,e zsmfms ua ngvm `u }kems unm`s a|k oguusmyy1

Iaky`ems`kl kgu`akgh lahe nahe`kly gsm y}zzayme ua cm unm zsazmsup af unm i`u`rmky af g l`vmkia}kusp( unmsm ymmoy ua cm gk mkasoa}y goa}ku af ymky`u`v`up y}ssa}ke`kl gkp `kemzmkemkug}e`u as vms`igu`ak af ogkp af unmym yuaidz`hmy+ Vgs`a}y m~i}ymy gsm gh|gpy usauume a}ugca}u unm iayu af gk g}e`u( c}u `u ymmoy gy una}ln unm `emg af mvmk yna|`kl unm lahe ua gk

a}uy`em zgsup |na ia}he va}in fas `uy m~`yumkim `y gkgunmog ua imkusgh cgkdy gke lavmskomkuymvmsp|nmsm+ Pa},e un`kd unmp,e cm d`ke af zsa}e af ghh ungu yn`kp pmhha| omugh1

Ms`i Yzsauu( g ogk |na dka|y oasm gca}u lahe ungk oayu( smimkuhp zmkkme gkaunms |akemsf}hz`mim u`uhme #Ea \myumsk Imkusgh Cgkdy Ngvm Gkp Lahe Hmfu111#+ Unm o}hu`zhm w}myu`ak ogsdy|msm Ms`i,y( kau o`km+ Unm ymu/}z cmlgk un}y2

.Yzsauu)2 Iahhmiu`vmhp( unm lavmskomkuy!imkusgh cgkdy af unm ]k`ume Yugumy( ]k`umeD`kleao( Bgzgk( Y|`urmshgke( M}sarakm( gke unm @kumskgu`akgh Oakmugsp F}ke .@OF)gsm cmh`mvme ua nahe gk `ozsmyy`vm 39(950 uakkmy af lahe `k unm`s smyzmiu`vm smymsvmy(smzsmymku`kl oasm ungk %7+9 us`hh`ak gu uaegp,y lahe zs`im+ Cmpake unm y}llmyume

uakkglm( na|mvms( vmsp h`uuhm `y giu}ghhp dka|k gca}u unm lahe ungu ogdmy }z un`yogyy`vm yuaidz`hm+ \myumsk imkusgh cgkdy e`yihaym km~u ua kaun`kl gca}u |nmsm `u,yyuasme( `k |ngu faso( as na| o}in af unm lahe smymsvmy gsm }u`h`rme fas aunms z}szaymy+\m gsm gyy}sme ungu `u,y ghh unmsm( af ia}sym( c}u h`uuhm mffasu ngy mvms cmmk ogem cp unmimkusgh cgkdy ua zsav`em gkp emug`hy cmpake unm gsc`usgsp smfmsmkimy `k unm`s vgs`a}y

kgki`gh smymsvm smzasuy+

http://sprottglobal.com/markets-at-a-glance/maag-article/?id=6590http://sprottglobal.com/markets-at-a-glance/maag-article/?id=6590

7/30/2019 Hmmm November 27

12/43

73

UN@KLY UNGU OGDM PA] LA

Nooo+++

3< KAVMOCMS 3:73

C}u yaak Ms`i oavme ak ua unm k`uup/ls`uup( zsav`e`kl g yms`my af iaozmhh`kl omus`iy ua cgid }zn`y gsl}omku2

Lhacgh gkk}gh lahe o`km y}zzhp m~ S}yy`g gke In`kg .|na ea kau m~zasu eaomyu`izsae}iu`ak) `y giu}ghhp ha|ms ungk u |gy `k pmgs 3:::( gke mvms y`kim unm @OF gkka}kimeunm iaozhmu`ak af `uy yghm af 5:9 uakkmy af lahe `k Emimocms 3:7:( unmsm ngyk,u cmmkgkp hgslm( z}ch`ihp e`yihayme ymhhms af znpy`igh lahe `k unm ogsdmu fas ghoayu u|a pmgsy+L`vmk unm y`lk`igku `kismgym `k znpy`igh emogke ungu |m,vm ymmk avms unm zgyu emigem(

zgsu`i}hgshp fsao c}pmsy `k Gy`g( `u y}fimy ua ygp ungu |m igkkau `emku`fp |nmsm ghh unmlahe `y iao`kl fsao ua y}zzhp `u c}u `u ngy ua cm iao`kl fsao yaom|nmsm+

Gfums `emku`fp`kl unm vgs`a}y ya}simy af emogke fas lahe c}hh`ak( Ms`i zakemsme unm y}zzhp y`emaf unm mw}gu`ak2

\ngu mku`u`my gsm smhmgy`kl znpy`igh lahe akua unm ogsdmu |`una}u smzasu`kl `u1 \nmsm `yghh unm lahe iao`kl fsao1

Unmsm `y akhp akm zayy`chm igke`egum2 unm \myumsk imkusgh cgkdy+ @u ogp vmsp |mhh cmungu g hgslm zasu`ak af znpy`igh lahe i}ssmkuhp a|`kl ua km| c}pmsy `y giu}ghhp iao`kl

fsao unm \myumsk imkusgh cgkdy unmoymhvmy+ Unmp gsm unm akhp nahemsy af znpy`igh lahe|na gsm igzgchm af y}zzhp`kl lahe `k g w}gku`up gke ogkkms ungu igkkau cm smge`hpusgidme+

@kemme+

C}u |ngu ngy ngzzmkme ua un`y o`yy`kl lahe .`f( gy Ms`i gke ogkp aunmsy`kih}e`kl opymhfcmh`mvm( `u `y o`yy`kl)1

\mhh( zms unm Imkusgh Cgkd Lahe Glsmmomku .ICLG)( \myumsk imkusgh cgkdy |msm smyus`iume `kunm goa}ku af lahe unmp ia}he ymhh ak gk gkk}gh cgy`y gke( avms unm syu u|a vm/pmgs zms`aeyungu unm glsmmomku |gy `k zhgim( unmp uaad f}hh gevgkuglm( gy pa} igk ymm fsao unm yngeme gsmg`k unm ingsu cmha|2

7/30/2019 Hmmm November 27

13/43

79

UN@KLY UNGU OGDM PA] LA

Nooo+++

3< KAVMOCMS 3:73

3:7:3::=3:::700=700:70>=70>:70

7/30/2019 Hmmm November 27

14/43

75

UN@KLY UNGU OGDM PA] LA

Nooo+++

3< KAVMOCMS 3:73

Ya}sim2 Yngsmhpk~

G haad gu unm emogke yugu`yu`iy ungu ogdm }z unaym k}ocmsy `y mvmk oasm iaozmhh`kl+ F`syu }z(fgcs`igu`ak emogke fsao unm Mgyu gke unm \myu2

Ya}sim2 Yngsmhpk~

7/30/2019 Hmmm November 27

15/43

7=

UN@KLY UNGU OGDM PA] LA

Nooo+++

3< KAVMOCMS 3:73

Unsa| `k `kvmyuomku emogke gke pa} lmu unm iaozhmum z`iu}sm af unm a|y af lahe c}hh`ak avmsunm hgyu u|mkup/vm pmgsy4 gke `u ogdmy fas g yacms`kl `hh}yusgu`ak af zs}emkim vmsy}y fahhp2

Ya}sim2 Yngsmhpk~

Y`kim unm u}sk af unm imku}sp( \myumsk fgcs`igu`ak gke `kvmyuomku emogke ngy fghhmk =:-|n`hyu ungu fsao unm Mgyu ngy lsa|k 9:-gke |nmk zmazhm ughd af #Unm Mgyu(# `kvgs`gchp unmpomgk In`kgya hmu,y ugdm g haad gu |ngu ngy cmmk ngzzmk`kl `k mvmspcaep,y fgva}s`um opyumspd`kleao+

Ya}sim2 Yngsmhpk~

7/30/2019 Hmmm November 27

16/43

76

UN@KLY UNGU OGDM PA] LA

Nooo+++

3< KAVMOCMS 3:73

Y`kim 70>: .ia`ki`emkughhp( |nmk unm zsmv`a}y lahe #c}cchm# |gy gu `uy zmgd)( In`kmym lahezsae}iu`ak ngy `kismgyme gu g yugllms`kl zgim fsao gsa}ke umk uakkmy zms pmgs `k 70>: ua 96= `k3:77( |n`in ogem In`kg unm |ashe,y hgslmyu zsae}ims af lahe+

Kau akm a}kim af ungu lahe `y ghha|me ua .hmlghhp) hmgvm In`kg+ @kyumge( `k gee`u`ak ua |ashe/

hmge`kl zsae}iu`ak( In`kmym `ozasuy unsa}ln Nakl Dakl ngvm ghya b}ozme gu g o`ke/k}oc`klzgim( gy igk cm ymmk `k unm ingsu cmha|( |n`in yna|y kmu `ozasuy }z ghoayu 7(:::- y`kim 3::

7/30/2019 Hmmm November 27

17/43

7- af unm`ssmymsvmy+ Ungu k}ocms |gy smhmgyme cp unm ZCAI `k 3::0+ Y`kim unmk1 Y`hmkim+ Ghh |m dka| `yungu avms unm hgyu fa}s pmgsy( In`kg ngy zsae}ime g y`o`hgs goa}ku af lahe ua ungu |n`in unmpafi`ghhp nmhe `k 3::0kakm af |n`in ngy hmfu unm ia}kuspgke ngy `ozasume sa}lnhp unm ygomglg`k unsa}ln Nakl Dakl+

\nmk unmp ogem unm 3::0 gkka}kimomku ungu unmp nge ca}lnu gsa}ke 6:: uakkmy af lahe( un}y`kismgy`kl unm`s smymsvmy cp

7/30/2019 Hmmm November 27

18/43

7>

UN@KLY UNGU OGDM PA] LA

Nooo+++

3< KAVMOCMS 3:73

Omgk|n`hm( gisayy unm |ashe( `k Gy`g( yugkey g iahhmiu`ak af lavmskomkuy ungu mkumsme 3::> `kfgs cmuums yngzm fsao g cghgkim ynmmu zmsyzmiu`vmfas unm y`ozhm smgyak ungu( |nmk unm`s a|kis`y`y n`u `k 700( unmp |msm fasime ua ugdm unm zg`k ungu igom |`un g isme`u/f}mhhme c}yu+

Unm Gy`gk i}ssmkip is`y`y af 700 |gy nassmkea}y fas un`y sml`ak( gke pmu( gogr`klhp( ogkp

a}uy`em Gy`g eak,u dka| o}in gca}u `u+ Unm ngvai |smgdme unsa}lna}u Gy`g |gy y`lk`igku .gyunm ugchmy cmha| n`lnh`lnu)( c}u `u nge unm mffmiu af ha|ms`kl emcu hmvmhy y`lk`igkuhp .oayuhpunsa}ln emfg}hu+++ gsm pa} h`yumk`kl( M}sazm1 Unm ]YG1) gke zsmzgs`kl Gy`g fas 3::>+

I}ssmkipM~ingklm Sgum zms ]Y%

IngklmB}km 700< B}hp 700>

Ung` Cgnu 35+= 57 / 5:+3-

@keakmy`gk S}z`gn 3(9>: 75(7=: / >9+3-

Zn`h`zz`km Zmya 36+9 53 / 9=: 7(30: / 95+7-

Ya}sim2 S Inmgungo!\`d`zme`g

I}ssmkipLKZ .]Y%7 c`hh`ak)

IngklmB}km 700< B}hp 700>

Ung`hgke 79+5-

Zn`h`zz`kmy 9 / 95+3-

Ya}sim2 S Inmgungo!\`d`zme`g

G haad gu lavmskomku emcu/ua/LEZ hmvmhy gke fasmigyuy .ia}sumyp af Chgidsaid) yna|y b}yu na|ydm|me unm sml`aky ngvm cmiaom gke na| unmp gsm nmgeme `k e`ffmsmku e`smiu`aky2

7/30/2019 Hmmm November 27

19/43

7/30/2019 Hmmm November 27

20/43

3:

UN@KLY UNGU OGDM PA] LA

Nooo+++

3< KAVMOCMS 3:73

Unm AmKC yg`e ungu unm smgyak ua yuasm lahe gcsage |gy ungu cmig}ym `k g u`om af is`y`y`u ia}he cm yzmme`hp usgeme+ Y`kim 3::: uaky af lahe+

Unsa}ln hmgy`kl af `uy lahe( unm G}yus`gk Kgu`akgh Cgkd ngy `k unm hgyu 7: pmgsy mgskme

gsa}ke 9::(:::(:::+

Op fs`mke( Sakk` Yuamfmshm af Msyum Cgkd `k V`mkkg mog`hme om `oome`gumhp gfums un`y km|y n`uunm |`sm |`un n`y a|k ugdm ak un`kly2

@ giu}ghhp lgvm a}s imkusgh cgkdmsy g smghhp ngse u`om uaegp+++ gfums unmp yugume unguunmp,vm #mgskme# 9:: ohk `k 7: pmgsy cp hmke`kl unm lahe( @ ogem g cgid/af/unm/mkvmhazmighi}hgu`ak( |n`in nge unm smy}hu ungu 9:: ohk `y `ozayy`chm .l`vmk unm hmgym sgumy `kunm hgyu 7: pmgsy)( }khmyy unmp,vm hmgyme a}u 7::- .as mvmk oasm11) af unm`s lahe+++

@ un`kd @ ngvm yu`ssme }z g naskmu,y kmyu( cmig}ym unmp ynau a}u g zsmyy smhmgym

`oome`gumhp+++ yugu`kl ungu #akhp# 76- gsm hmku a}u gkpoasm+++ glg`k2 unm k}ocmsy b}yueak,u gee }z+++

Cmh`mvm om |nmk @ umhh pa}( Sakk` dka|y n`y lahe+++ M`unms |gp( `k G}yus`g( h`dm ogkp aunmskgu`aky( |m ngvm lahe hmgy`kl gke c}hh`ak yuasme a}uy`em unm ia}kuspg fgo`h`gs zguumsk unguiaku`k}my ua isaz }z |`un ghgso`kl sml}hgs`up+

Unm \myu ymmy lahe gy g omgky ua n`em unm m~`yumkim af`kgu`ak |n`hm unm Mgyu ymmy `u gyzsaumiu`akfsao `kgu`ak+ Ungu omgky unm \myu `y ymhh`kl lahe |n`hyu unm Mgyu `y c}p`kl `u+

Unm haklms unm zs`im af lahe `y dmzu gy ha| gy zayy`chm cp \myumsk imkusgh cgkdy( unm oasm

c}hh`ak |`hh a| fsao \myu ua Mgyu( gke unm oasm lahe momsl`kl kgu`aky gii}o}hgum( unm oasmunmp gsm h`dmhp ua |gku i}yuaep af ungu lahe+

Unm oasm imkusgh cgkdy gyd fas g}e`uy gke smzgus`gu`ak af unm`s lahe( unm fgyums ungu usmke |`hhgiimhmsgum4 gke unm fgyums ungu usmke giimhmsgumy( unm hmyy lahe |`hh cm hmfu `k unm #ygfm# iakkmyaf unm Fmemsgh Smymsvm gke unm Cgkd af Mklhgke+

Ya hmu om gyd pa} un`y( emgs smgems2

B}yu y}zzaym fas g oaomku ungu pa} gzzhp omgky gke oau`vm ua un`y h`uuhm iak}kes}o+ Gke b}yuy}zzaym unguLae fasc`eimkusgh cgkd egug |gy m`unms o`yhmge`kl as ea|ks`lnu |sakl gke unm

lahe y}zzaymehp `k vg}huy cmkmgun unm Cgkd af Mklhgke gke unm Fmemsgh Smymsvm .goaklyu aunmszhgimy) nge( `k fgiu( cmmk hmgyme a}u unsa}ln unm c}hh`ak cgkdy `k smu}sk fas g h`uuhm `kumsmyu+Ka| y}zzaym ungu unm ismmz`kl usmke fas g}e`u gke smzgus`gu`ak ungu yugsume |`un N}la Ingvmrgke ymmoy ua cm yzsmge`kl sgz`ehp ua aunms kgu`aky iaku`k}my ua lgunms zgim( gke y}zzaym ungumvmspcaep emi`emy ungu unmp,e sgunms mss ak unm y`em af ig}u`ak gke ngvm unm`s lahe cgid+

@f unm lahe `yk,u ghh unmsm( |ngu ea pa} y}zzaym |a}he ngzzmk1

#@y `u oasm in`he`yn gke faah`yn ua `ky`yu ungu unmsm `y g iakyz`sgip as ungu unmsm `y kau1#

mailto:ronald.stoeferle%40gmail.com?subject=Things%20That%20Make%20You%20Go%20Hmmm.....mailto:ronald.stoeferle%40gmail.com?subject=Things%20That%20Make%20You%20Go%20Hmmm.....

7/30/2019 Hmmm November 27

21/43

37

UN@KLY UNGU OGDM PA] LA

Nooo+++

3< KAVMOCMS 3:73

Unm ymismu af unm d`hhms,y `emku`up `k Unm Oa}ymusgz |gy dmzu `kugiu cp avms 7: o`hh`akzmazhm fas nghf g imku}sp }ku`h unm laae fahdy gu \`d`zme`g emi`eme ungu unmp |msm ea`kl unmz}ch`i g fgva}s cp smvmgh`kl `u+ Ka|( `f pa} |gku ua dka| |na unm d`hhms `y( pa} b}yu ngvm uaLaalhm `u+

@f unm us}un gca}u unm c}hh`ak nahe`kly af unm |ashe,y imkusgh cgkdy `y kghhp smvmghme gke`u u}sky a}u ungu unm s}oa}sy y}ssa}ke`kl unmo gsm cgyme `k fgiu( ghh nmhh |`hh hmu haaym@l}gsgkumm `u+ Iakymw}mkuhp( eak,u m~zmiu gkp lsmgu geo`yy`aky gkpu`om yaak+ Na|mvms( pa}o`lnu |gku ua dmmz gk mpm ak unm `kismgy`kl k}ocms af smw}myuy fas smzgus`gu`ak+ Unmp ogp b}yu}yn a}u unm us}un gkp|gp+++

]ku`h km~u u`om+++

""""""""""

7/30/2019 Hmmm November 27

22/43

33

UN@KLY UNGU OGDM PA] LA

Nooo+++

3< KAVMOCMS 3:73

Y}lm eamyk,u ngvm g oac`hm znakm( ya nm }ymy g fs`mke,y ua umhh }y unm km|y2 nmeamyk,u |gku gkp v`y`uasy gke nm |ak,u ughd+ N`y cayy ngy uahe n`o kau ua ygp gkpun`kl+ Unmp,smkm`lnca}sy gke unm o`km,y b}yu }z unm sage gke nm kmmey un`y bacunm bac nm nazmy ua la cgidua |nmk nm lmuy cmuums( `kynghhgncmig}ym o`k`kl `y laae oakmp+ Mvmspun`kl `y AD+ B}yu zhmgym

eak,u iaom+

\m hmgvm gu eg|k+ @k unm chgid oask`kl ydp unm u|a/hgkm n`ln|gp i}uy |myu gisayy unm `yhgkeua|gsey Y}lm,y v`hhglm( g ih}yums af |aaemk gke i`kemschaid na}ymy kmgs ogklsavmy ya emmz unmzgho usmmy haad h`dm esa|kme cakyg`y+ Unmsm gsm oayw}my |`un asgklm lgumy gke h`om saafy(ihgzcagse yngidy ymhh`kl y|mmuy ua yinaahin`hesmk( gke unmk( mvmsp ya afumk( vgyu m~zgkymy afymmo`kl emymsu+

Gu unm cauuao af unm ygkep e}kmy y`u |`em u}sw}a`ymisgumsy( haadme avms cp ls`uup n`hhy |nmsm ngzngrgseumkuy ogem fsao ugszg}h`ky gke unguin ymsvm gy

ynmhumsy fas unm omk emyimke`kl `kua unm nahha|me/a}u zaahy |`un z`idg~my gke c}idmuy+ F`fummk omusmyemmz( unmp yigvmklm fas u`k( i}uu`kl `kua unm ygke |`ununm`s ngkey gke fmmu( b}yu h`dm Y}lm }yme ua ea( }ku`hakm egp `k G}l}yu n`y z`u iahhgzyme( c}sp`kl n`o gh`vmgke ykgzz`kl n`y hmfu yn`k `k nghf+ N`y is`my af #Haklyas'Haklyas'#Hgkeyh`em'|msm esa|kme cp unm o}e ungud`hhme unm unsmm fs`mkey |na nge cmmk |asd`kl cmy`em n`o+

Unm u`k ungu 55/pmgs/ahe Y}lm ngy o`kme avms unm zgyu 73 pmgsy ak Cgkldg `yhgkeg lsgk`uma}uisaz b}yu mgyu af Y}ogusg `k @keakmy`gngy cmmk `k nmgvp emogke fas unm zgyu fm|imku}s`my+ Cgkldg `y g dmp za`ku `k `uy lhacgh usgem+ G hakl( caau/yngzme cmhu af unm omughyusmuinmy fsao C}sog ghh unm |gp ea|k unsa}ln Ung`hgke( Oghgpy`g( Y`klgzasm gke @keakmy`g(|`un Cgkldg gke `uy y`yums `yhgke Cmh`u}kl iaozs`y`kl `uy uam+

\nmk unm E}uin iahak`yme @keakmy`g `k unm mgshp 70un imku}sp( akm af unm`s syu ugydy |gy uaigsvm a}u vgyu o`kmy ak unm `yhgke |nmsm haighy gke In`kmym iaah`my |asdme y`em cp y`em e`ll`klfas egsd yzmidy af igyy`ums`umunm og`k o`kmsgh `k u`k asmua cm }yme `k ghhapy( iake}iuasy gkeu`k zhgu`kl+ Uaegp ungu ygom u`k `y o`kme fas }ym zs`ogs`hp gy yahems `k iaky}oms mhmiusak`iy(giiase`kl ua u`k `ke}yusp lsa}z @US@( nahe`kl ualmunms unm i`si}`u cagsey( usgky`yuasy gkesmy`yuasy `k `umoy y}in gy yogsuznakmy gke ugchmuy gke oac`hmy+ Gsa}ke ymvmk lsgoy af u`k lamy

`kua mvmsp oac`hm znakm+

Unmsm `y g ing`k nmsm2 Cgkldg gke Cmh`u}kl zsae}im 0:- af @keakmy`g,y u`k( gke @keakmy`g `yunm |ashe,y ymiake/hgslmyu m~zasums af unm omugh+ G smimku C}y`kmyy|mmd `kvmyu`lgu`ak `kua u`ko`k`kl `k Cgkldg fa}ke ungu @keakmy`g,y kgu`akgh u`k iaszasgu`ak( ZU U`ogn( y}zzh`my iaozgk`myy}in gy Ygoy}kl e`smiuhp( gy |mhh gy yahems ogdmsy Inmskgk gke Ynmkoga( |n`in `k u}sk y}zzhpFa~iakk .|n`in ogk}fgiu}smy ogkp Gzzhm zsae}iuy)+

7/30/2019 Hmmm November 27

23/43

39

UN@KLY UNGU OGDM PA] LA

Nooo+++

3< KAVMOCMS 3:73

Inmskgk ngy ghya y}zzh`me Ygoy}kl( Yakp gke HL+ Ya `u `y n`lnhp h`dmhp ungu unm yogsuznakmas ugchmu pa} }ym ngy Cgkldgkmym u`k `k `u( zmsngzy o`kme cp Y}lm as akm af unm ogkp umky afuna}ygkey af omk h`dm n`o( oayu af |nao mgsk gsa}ke = g egp `k g haigh `ke}yusp ungu fmuinmysa}lnhp 53o af smvmk}m fas @keakmy`g mvmsp pmgs+

@u `y yu`hh mgshp oask`kl |nmk |m dkaid ak Y}lm,y zmmh`kl fsaku eaas( unm v`hhglm in`mf `k ua| uanmhz n`o fmmh iaofasugchm ughd`kl gca}u n`y gii`emku+ @ky`em( Y}lm `y zsazzme }z ak g oguusmyyak unm aas |guin`kl yagz azmsgy( gk avmsa|`kl yz`uuaak gu n`y y`em+ Egklh`kl fsao unm sgfumsy`y unm sazm ungu dmmzy n`y hml mhmvgume gu k`lnu4 uaegp `u |n`shy gsa}ke n`y nmge h`dm g kaaym kauw}`um smgin`kl `uy ugslmu+

Y}lm,y fgunms umhhy }y ungu n`y yak,y gii`emku |gy }kgva`egchm+ #Unm giu af Ghhgn(# nm yzh}uumsy( #gc`l |gsk`kl fsao Lae fas n`o ua ingklm n`y h`fm'# Y}lm `y isp`kl( yz`uu`kl umgsy `kua unm yz`uuaak(oavme cp n`y fgunms,y gii}ygu`ak ungu nm kmvms zsgpme mka}ln cmfasm unm gii`emku+ Nm cml`kyemyis`c`kl unm is}och`kl |ghh af o}e ungu mkvmhazme n`o( unm `oglm af n`y pa}kl eg}lnumszsazmhh`kl n`o ua lnu ua unm y}sfgim gke ugdm n`y syu csmgun af g`s+ #Haad( o`k`kl ngy ingklmea}s iaoo}k`up(# nm ygpy( usmoch`kl+ #Zmazhm gsm |mghun`ms ka|+ Unmp igk ymke unm`s d`ey uayinaah+#

C}u nm dka|y ungu ingklm `y gfaau+ U|a af n`y km`lnca}sy smimkuhp e`me |n`hm o`k`kl( cs`kl`klunm }kafi`gh emgun uahh un`y pmgs ua ( gke unm k}ocms af zah`im isgidea|ky ak `kfasogho`kmsy ngy `kismgyme y`lk`igkuhp `k unm zgyu oakun+ #\m gsm ak unm i}yz af g smvah}u`ak nmsm(#Y}lm ygpy w}`muhp+ #Op gii`emku |gy g yoghh ygis`im ua l`vm ngzz`kmyy ua zmazhm `k unm |ashe(ua l`vm unmo znakmy gke mhmiusak`iy+# Nm cml`ky h`dmk`kl n`oymhf ua Kgzahmak Cakgzgsum( #unmhmgems af unm smvah}u`ak#( }ku`h n`y fgunms i}uy `k y}eemkhp2 #@u,y y`hhp+ \m gsm unm akmy zsae}i`klunm u`k c}u |m eak,u }ym `u+ \m eak,u ngvm ngkeznakmy+#

""" ]D L]GSE@GK ! H@KD

Sge`igh zhgky ua fasim unm ]D,y ug~ ngvmky ua smvmgh unm kgomy cmn`ke n`eemkiaozgk`my( giia}ku nahemsy gke us}yuy ngvm cmmk esg|k }z cp unm Usmgy}sp+

Unm km|y ngy emh`lnume ug~ b}yu`im igozg`lkmsy( |na zsme`iu ungu unm oavm( |n`in `y m~zmiumeua cm }kvm`hme `k unm ingkimhhas,y g}u}ok yugumomku gke iaom `kua fasim `k 3:75( |`hh ngvmogbas iakymw}mkimy fas unaym usp`kl ua n`em unm`s oakmp affynasm+

G hmgdme eai}omku smvmghy ungu unm ]D zhgky ua `ozaym `uy a|k vmsy`ak af unm ]Y Fasm`lk

Giia}ku Ug~ Iaozh`gkim Giu .Fguig) ak unm isa|k emzmkemki`my af Bmsymp( L}mskymp gke unm @yhmaf Ogk( gy |mhh gy `uy avmsymgy umss`uas`my( y}in gy unm Igpogk @yhgkey+

Fguig( |n`in |`hh iaom `kua fasim `k unm o`eehm af km~u pmgs( smw}`smy fasm`lk cgkdy ua smzasuGoms`igk giia}ku nahemsy ua unm ]Y @khgke Smvmk}m Ymsv`im+ Unm esgfu ]D mw}`vghmku( ymmkcp unm oglgr`km @kumskgu`akgh Ug~ Smv`m|( |`hh smw}`sm Cs`u`yn ug~ ngvmky ua ogdm y`o`hgse`yihay}smy gca}u ]D giia}ku nahemsy ua ]D ug~ g}unas`u`my+

http://www.guardian.co.uk/environment/2012/nov/23/tin-mining-indonesia-bangkahttp://www.guardian.co.uk/environment/2012/nov/23/tin-mining-indonesia-bangka

7/30/2019 Hmmm November 27

24/43

35

UN@KLY UNGU OGDM PA] LA

Nooo+++

3< KAVMOCMS 3:73

#@u,y g iaozhmum caocynmhh fas unmym zhgimy(# S`ingse O}sznp( g ug~ m~zmsu |na ngy ymmk unmesgfu zhgk( uahe unm Acymsvms+ #Yaom zmazhm |`hh usp ua mm( c}u un`y `y la`kl ua ingklm unm|nahm af unm affynasm ogsdmu+#

Nm m~zhg`kme ungu unm esgfu zhgk goa}kume ua unm ]D }y`kl ]Y hml`yhgu`ak ua l`vm ug~ ngvmky gk

}hu`ogu}o2 #@u,y m`unms unmp l`vm unm ]D unm ygom egug ungu unmp |gku ua l`vm unm ]Y as unm ]D|ak,u zgyy unm`s hg|y ua hmu egug a| ua unm ]Y+#

Unm }hu`ogu}o `y is}i`gh( O}sznp y}llmyume+ @f unm ]D smf}ymy ua zgyy unm hg|y( `uy ug~ ngvmky#o`lnu b}yu gy |mhh yn}u }z ynaz y`kim unmsm |a}he cm ghoayu ka cgkdy as aunms `kyu`u}u`aky|`hh`kl ua haigum unmsm#+

Km|y af unm zhgky `y h`dmhp ua y}szs`ym ogkp ug~ m~zmsuy+ Un`y oakun( smyzake`kl ua gk`kumskgu`akgh emvmhazomku iaoo`uumm smzasu( unm lavmskomku z}ch`ihp smbmiume unm kmme fas g]D vmsy`ak af Fguig+

Baymzn Yumge( Ins`yu`gk G`e,y ymk`as gev`yms ak miakao`i b}yu`im( yg`e ungu `f unm esgfu |gy`ozhmomkume `u #|a}he cm unm cml`kk`kl af unm mke fas ug~ ngvmk ymismip#+

Na|mvms( nm yg`e `u |gy v`ugh ungu `u yna}he kau b}yu cm unm ]D |n`in acug`ky f}hh `kfasogu`ake`yihay}sm fsao `uy ug~ ngvmky2 #\m yna}he mky}sm ungu aunms ia}kus`my lmu `u uaa( ya unmp igkiguin }z |`un zmazhm gke iaozgk`my n`e`kl oakmp+ Aunms|`ym unmsm |`hh cm ug~ ngvmk ymismipfas yaom ia}kus`my gke kau aunmsy+

#Zaas ia}kus`my haym c`hh`aky mvmsp pmgs ua ug~ eael`kl gke ug~ ngvmky gsm afumk `kvahvme+ \mnazm unm ]D lavmskomku |`hh }ym unm L> ommu`kl `u `y nayu`kl km~u pmgs ua glsmm giu`ak uamky}sm g lhacgh mke ua ug~ ngvmk ymismip+#

Unm Usmgy}sp emih`kme ua iaoomku c}u iaksome ua unm Smv`m| ungu `u |gy gyy`yu`kl unm ]D,yisa|k emzmkemki`my gke avmsymgy umss`uas`my ua zsae}im unm`s smyzakym ua Fguig+

Na|mvms( fasoms H`cmsgh Emoaisgu Usmgy}sp yzadmyogk Hase Agdmynauu |gy yimzu`igh gca}u|nmunms unm zhgk ia}he y}iimme+ #Ug~ ngvmky smghhp iao`kl ihmgk gsm gy h`dmhp gy g yka|pIns`yuogy egp `k unm Igpogk @yhgkey(# nm yg`e+

Hgyu k`lnu unm Hgca}s yngea| ingkimhhas( Me Cghhy( a}uh`kme g vm/za`ku zhgk fas ugidh`kl ug~gva`egkim+ @k gk gsu`ihm fas unm N}fkluak Zayu( Cghhy |s`umy2 #\m }slmkuhp kmme ua haad gu na|]D ug~ hg|y igk cm ogem yusaklms ya gy ua zsazmshp emums ug~ gva`egkim+#

""" ]D L]GSE@GK ! H@KD

http://www.guardian.co.uk/business/2012/nov/25/treasury-british-tax-havens-crackdownhttp://www.guardian.co.uk/business/2012/nov/25/treasury-british-tax-havens-crackdown

7/30/2019 Hmmm November 27

25/43

3=

UN@KLY UNGU OGDM PA] LA

Nooo+++

3< KAVMOCMS 3:73

Oasm Z}singy`kl Ogk}fgiu}smsy @kem~ .ZO@ ) egug avmsk`lnu+ Iaoomkuy fsaoIns`y \`hh`goyak( In`mf Miakao`yu gu Ogsd`u miakao`iy( y}o `u }z k`imhp2

Unm m}sarakm miakaop iaku`k}me ua emums`asgum gu gk ghgso`kl zgim `k Kavmocms( gke`y mkusmkinme `k unm yummzmyu ea|ku}sk y`kim o`e/3::0+ Afi`ghhp( unm sml`ak yg| akhpg vmsp oaemyu yh`em cgid `kua smimyy`ak `k unm un`se w}gsums( |`un LEZ fghh`kl cp g omsm:+7-( c}u unm ZO@ y}llmyuy ungu unm ea|ku}sk `y ymu ua lgunms zgim y`lk`igkuhp `k unm

fa}sun w}gsums+ Unm kgh unsmm oakuny af unm pmgs ia}he ymm LEZ fghh cp gy o}in gy:+=-+

\n`hm `u `y smgyy}s`kl ua ngvm ymmk y`lky af yugc`h`ygu`ak `k yaom y}svmp `ke`iguasy( unmavmsghh sgum af emih`km smog`ky ymvmsm gke ngy yzsmge ua mkiaozgyy Lmsogkp( y}llmyu`klunm y`u}gu`ak ia}he emums`asgum f}sunms `k unm iao`kl oakuny+ \`un bacy cm`kl i}u guunm ymiake/fgyumyu sgum y`kim Bgk}gsp 3:7: gke m~zmiugu`aky fas unm pmgs gnmge `k unmymsv`imy ymiuas yh}oz`kl ua unm ha|myu y`kim Ogsin 3::0( soy ngvm ihmgshp cmiaom

`kismgy`klhp gk~`a}y gca}u unm miakao`i a}uhaad gke gsm ymmd`kl ua iakusah iayuy gyo}in gy zayy`chm+ Ghh un`y y}llmyuy ungu gkp y|`fu smu}sk ua lsa|un `y }kh`dmhp+

Unmsm `yk,u o}in km| nmsm( un`y `y unm ygom epkgo`i @ ngvm cmmk iaoomku`kl ak fas |mhh avmsg pmgs ka|+ @k smimku |mmdy `u ngy cmiaom ghh uaa acv`a}y ungu miakao`i |mgdkmyy ngy ka|lau g so ls`z ak #unm iasm# af unm MR |`un unm ea|klsgem af Fsgkim gke unm giimhmsgu`ak af gea|ku}sk `k unm Kmunmshgkey+ Lmsogkp uaa `y yha|hp |mgdmk`kl gy unm ZO@ smzasu yna|y+

Ya ka y}szs`ymy nmsm( gke |m iaku`k}m ua usgvmh ghakl unm zgun af m~zmiume a}uiaomy+

Guumozuy gu `kumskgh emvgh}gu`ak gisayy Ya}unmsk M}sazm gsm is}yn`kl gllsmlgum emogke

`k unaym ia}kus`my( un`y `y a|`kl cgid `kua unm #iasm# v`g unm usgemgchm ymiuasy( ha|ms`klogk}fgiu}s`kl zsae}iu`ak gke a}uz}u( |n`in `y `k u}sk z}hh`kl ea|k unm ymsv`im ymiuasy af unaymia}kus`my+ M~umskgh y}szh}ymy smw}`sm g ia}kumszgsup m~umskgh emi`u( gke( gy @,vm m~zhg`kmeogkp u`omy cmfasm( |nmk pa},sm ghh mgin aunms,y usgem zgsukmsy gke gsm ghh usp`kl unm ygomus`id( `u y`ozhp cmiaomy g sgim ua unm cauuao+

Ya}sim2 Ogsd`u

7/30/2019 Hmmm November 27

26/43

36

UN@KLY UNGU OGDM PA] LA

Nooo+++

3< KAVMOCMS 3:73

Unm fgiu `y ungu unm #yigh iaozgiu# `y fasi`kl f}sunms smusmkinomku ak gk ghsmgep `kemcumezs`vgum ymiuas `k o}in af unm zms`znmsp( gke unm `kmv`ugchm a}uiaom `y ha|ms gllsmlgumemogke+ \`una}u emogke( `k unm gcymkim af emcu smh`mf( unmsm,y ka usgem+ \`una}u usgem( unmsm`y ka `kiaom( gke ya }kmozhapomku s`ymy( `ke}yus`gh zsae}iu`ak ha|msy( cge emcuy gke emfg}huycml`k ua gii}o}hgum gke `kmv`ugchp lavmskomku kgkimy y`kd+ Avms unm hgyu 6 oakuny( |m,vmymmk g y|gunm af ia}kus`my guumozu ua ia}kumsgiu un`y a}uiaom |`un mvmk oasm goc`u`a}y yighu`lnumk`kl( c}u gy pa} gsm y}smhp g|gsm cp ka|( un`y `y gd`k ua yusgklh`kl yaomakm `k gk guumozuua ygvm unmo fsao inad`kl ua emgun+

\ngu |ass`my om oayu gca}u un`y y`u}gu`ak `y ungu M}sarakm hmgemsy gzzmgs |mhh g|gsm ungu unmf}kegomkugh `yy}m `y unm miakao`i `ocghgkim gisayy unm sml`ak( pmu glg`k unmp ymmo iaozhmumhp}kgchm ua iaky`ems gkp isme`chm zhgk ua geesmyy un`y+ Unmsm `y ka y`lk ungu kasunmsk isme`uasygsm gca}u ua haaymk yigh zah`ip `k asems ua cs`kl fas|gseme iaky}oms`yu`i emogke fsao unmzaz}hgim( `k fgiu unm smvmsym `y us}m( gke unmsm `y imsug`khp ka km| igz`ugh `kvmyuomku a|`kl`kua unm zms`znmsp `k asems ua y}zzasu unm usgkyfasogu`ak `kua unaym #m~zasu ogin`kmy# unmp gsm

y}zzayme ua cmiaom+ Ghh |m ngvm ymmk }z }ku`h ka| `y g is}yn`kl af emogke `k unm ya}un( omu|`un yigh u`lnumk`kl `k unm kasun gy mvmspakm fsmuy ungu unm miakaop `y yha|`kl |n`hm emcuyiaku`k}m ua s`ym+ @,o y`ozhp kau y}sm |ngu mhym unmp una}lnu |a}he ngzzmk+

Unm i}ssmku zah`u`igh iakv}hy`aky avms Lsmmim yna| unm M}sazmgk hmgemsyn`z gsm akim glg`khay`kl unm`s lsgyz ak unm y`u}gu`ak |`un zah`u`ighhp ygk`u`yme #d`id unm igk# yah}u`aky }z fasaffms |n`hm unmp nazm fas lae/dka|y/|ngu ua aii}s ua e`l unmo a}u af unm nahm unmp,vm ghhe}l unmoymhvmy+ Zsmv`a}yhp un`y upzm af fg`h}sm |a}he `kmv`ugchp cm omu |`un gkaunms sa}ke afmomslmkip giu`ak fsao unm MIC( c}u |`un unm AOU `k zhgim( Esgln` haady ua cm gu n`y h`o`uy+

Ungu ghh cm`kl unm igym( 3:79 `y imsug`khp haad`kl m~usmomhp s`ydp `k umsoy af zah`u`igh gke yai`gh

yugc`h`up `k ogkp kgu`aky cmig}ym( gy pa} igk ymm fsao unm egug( un`y b}yu g`k,u lmuu`kl gkpcmuums+

""" OGISAC]Y@KMYY ! H@KD

Gslmku`kg IEY yzsmge ngy cha|k a}u ua km| n`lny hgyu |mmd+ @k yz`um af Gslmku`kg,ylavmskomku es`v`kl unm kgu`ak,y miakaop `kua unm lsa}ke( un`y |`emk`kl |gy ig}yme cp`kismgyme s`ydy af unm ya/ighhme #umink`igh emfg}hu# sgunms ungk emums`asgu`kl miakao`iiake`u`aky+

Fas pmgsy( cake nahemsy af Gslmku`kg,y lavmskomku emcu .`yy}me }kems KP hg|)( |na e`e kauzgsu`i`zgum `k Gslmku`kg,y smyus}iu}s kl zhgk fsao unm 3::7 emfg}hu( ngvm cmmk lnu`kl ua cmusmgume mw}ghhp .zsa sgug) |`un unaym |na nge giimzume unm smyus}iu}s`kl umsoy+ C}u Gslmku`kgngy `ky`yume ungu ungu unaym |na e`e kau zhgp cghh `k unm`s smyus}iu}s`kl zhgkunm #nahea}uy#yna}he lmu kaun`kl+ Hgyu |mmd( na|mvms( g ]Y b}elm lgvm Gslmku`kg g Ungkdyl`v`kl y}szs`ym cps}h`kl `k fgvas af unm nahea}uy+ Ungu omgky unm nahea}uy |`hh kmme ua cm zg`e mvmspun`kl unguunm smyus}iu}s`kl zgsu`i`zgkuy lau avms unm pmgsy( `kih}e`kl ghh unm `kumsmyu+

http://www.macrobusiness.com.au/2012/11/the-pmis-warn-europe-is-getting-worse/http://www.macrobusiness.com.au/2012/11/the-pmis-warn-europe-is-getting-worse/

7/30/2019 Hmmm November 27

27/43

394 unm }kmozhapme |na ke bacy mke }z |`uny`lk`igkuhp ha|ms zgp ungk gu unm`s zs`as mozhapomku4 gke unm iaoc`kme haigh gke fmemsghlavmskomku emi`u gu 0+= zmsimku af LEZ gke emcu yuaid gu 73: zmsimku af LEZ+

Unm Smz}ch`igk Zgsup z}u }z g yusgklm igke`egum ua s}k glg`kyu Acgog+ Saokmp `y g fasomszs`vgum mw}`up zmsyak+ Ya yaak gfums g kgki`gh is`y`y ig}yme cp zmazhm h`dm n`o( `u ymmome gkaee ina`im( mvmk una}ln nm |gy kau akm af unm isaady smyzaky`chm+ N`y cgidlsa}ke b}yu e`ek,uzgyy unm yomhh umyu+ Unm iakumyu |gy ya ihaym ua|gsey unm mke cmig}ym Acgog yism|me }z `kunm syu emcgum+

Unm sahm af unm lavmskomku |gy unm `yy}m e}s`kl unm iakumyu+ Unm Smz}ch`igky igozg`lkme akyns`kd`kl unm lavmskomku( unm Emoaisguy ak g igs`kl lavmskomku+ Unm mhmiu`ak smy}hu( na|mvms(e`ek,u l`vm g ihmgs vmse`iu ak unm `yy}m+ Ak unm y}sfgim( unm mhmiu`ak dmzu unm yugu}y w}a2 unmEmoaisguy dmzu unm \n`um Na}ym gke Ymkgum( unm Smz}ch`igky unm Na}ym+ Unm }kemsi}ssmkuyy}llmyu g ia}kusp o}in oasm e`v`eme ungk cmfasm+

Saokmp |ak unm usge`u`akgh Smz}ch`igk yugumy ungu gsm zaasms ungk unm kgu`akgh gvmsglm gkegsm kmu cmkmi`gs`my af fmemsgh ug~ eahhgsy+ Vau`kl fas g yoghhms lavmskomku `y ngsehp `k unm`scmyu `kumsmyu+ Ghya( nm |ak goakl unm ahems zaz}hgu`ak |na gsm oasm emzmkemku ak Ome`igsmgke Yai`gh Ymi}s`up+ Vau`kl fas g yoghhms lavmskomku `y ngsehp `k unm`s `kumsmyu( m`unms+

Un`y mhmiu`ak |gy oasm gca}u sgim ungk gkpun`kl mhym+ Saokmp |ak

7/30/2019 Hmmm November 27

33/43

99

UN@KLY UNGU OGDM PA] LA

Nooo+++

3< KAVMOCMS 3:73

Unm Goms`igk emoaisgu`i ypyumo `y emy`lkme ua yha|( c}u kau zsmvmku ingklm+ @k unm 3:73lmkmsgh mhmiu`ak( unm Emoaisguy giu}ghhp |ak oasm vaumy ungk unm Smz}ch`igky `k unm mhmiu`akyfas unm Na}ym+ C}u unm Smz}ch`igky smug`k g iaofasugchm ogbas`up unmsm+ Unm smgyak `y unguunm ymguy gsm iakumyume akm gu g u`om |`un`k g e`yus`iu+ Unm ogbas`up zgsup gu unm yugum hmvmhigk smesg| unm e`yus`iu ua ogdm unm mhmiu`ak oasm fgvasgchm ua `u+ @k unmasp( 36 zmsimku afunm vaumsy ia}he mhmiu g ogbas`up `k unm iaklsmyy as g zsmy`emku+ Af ia}sym( `u `y yugu`yu`ighhpe`fi}hu+ C}u( unm ypyumo l`vmy `ki}ocmkuy gk gevgkuglm ua avmsiaom g ogbas`up+ @u zsmvmkuyg umozasgsp gke `ssgu`akgh gsm }z `k zaz}hgs ymku`omku ua ingklm unm zah`u`igh ypyumo gkeegoglm unm ia}kusp+ @f unm zaz}hgs ymku`omku `y hgyu`kl( unm ypyumo mvmku}ghhp iakfasoy ua unm|`hh af unm zmazhm+

""" GKEP ^@M ! H@KD

Igughak`g ngy emh`vmsme g y|mmz`kl ogkegum ua zah`u`igh zgsu`my zhmel`kl ua nahe gsmfmsmke}o ak `kemzmkemkim `k mhmiu`aky ungu zhgim unm kasunmsk Yzgk`yn sml`ak ak g iahh`y`ak

ia}sym |`un Oges`e+

@k g smy}hu h`dmhp ua nmgz }kimsug`kup ak unm lavmskomku af Ogs`gka Sgbap( Yzg`k,y zs`omo`k`yums( gy nm iaky`emsy smw}myu`kl g M}sazmgk cg`ha}u( zah`u`igh zgsu`my fgva}s`kl gk`kemzmkemkim vaum |ak g ogbas`up `k unm Igughgk sml`akgh zgsh`gomku( giiase`kl ua unm smy}huy+

Na|mvms( unm s}h`kl Iakvmslki`g ` ]k` hayu ymguy( |n`hm oasm sge`igh zsa/`kemzmkemkimzgsu`my lg`kme lsa}ke( |`un Myw}mssg Smz}ch`igkg( g hmfu/|`kl ymzgsgu`yu zgsup cmiao`kl unmymiake hgslmyu zgsup `k unm Igughgk zgsh`gomku fas unm syu u`om+

@k g vaum c`hhme gy #unm oayu emi`y`vm mhmiu`aky `k unm n`yuasp af Igughak`g# cp Gsu}s Ogy( unm

sml`ak,y zsmy`emku( zsa/smfmsmke}o zgsu`my |ak >< af unm Igughgk zgsh`gomku,y 79= ymguy+

Af unmym( unm I`] zgsup yh`zzme fsao 63 ua =: ymguy( |n`hm unm MS y}slme fsao 7: ua 37( gke unmlsmmk @IV saym fsao 7: ua 79+ Unm I]Z( g km| `kemzmkemkim zgsup( |ak unsmm ymguy+

Yzg`k,y s}h`kl Zaz}hgs Zgsup `kismgyme `uy k}ocms af ymguy cp akm ua 70( |n`hm unm Igughgkyai`gh`yu zgsup fmhh yngszhp fsao 3> ua 3:+ I`}ugegky( gk gku`/ymzgsgu`yu zgsup( saym fsao unsmm uak`km ymguy+

Fahha|`kl |mmdy af `kumkym emcgum gca}u Igughak`g,y f}u}sm smhgu`akyn`z |`un Yzg`k( u}ska}u |gy60+= zms imku( unm n`lnmyu fas g Igughgk sml`akgh mhmiu`ak `k kmgshp 9: pmgsy+

Unm vaum iaomy go`e zsmyy}sm fsao vgs`a}y sml`aky gsa}ke M}sazm fas oasm `kemzmkemkim(`kih}e`kl zsazayghy fas g smfmsmke}o ak unm `yy}m `k Yiauhgke `k 3:75+

Yzg`k,y imkusgh lavmskomku ngy yg`e gkp oavm ua z}yn gnmge |`un g smfmsmke}o ak`kemzmkemkim fas Igughak`g( |n`in ngy gk miakaop unm y`rm af Zasu}lgh,y gke ogdmy }z gca}u gfun af Yzgk`yn a}uz}u( |a}he cm `hhmlgh gke glg`kyu unm Yzgk`yn iakyu`u}u`ak+

http://english.caixin.com/2012-11-22/100463999.htmlhttp://english.caixin.com/2012-11-22/100463999.html

7/30/2019 Hmmm November 27

34/43

95

UN@KLY UNGU OGDM PA] LA

Nooo+++

3< KAVMOCMS 3:73

#\ngu `y gu yugdm `y o}in oasm ungk mhmiu`ak smy}huy4 |ngu `y gu yugdm `y a}s f}u}sm( a}s gc`h`upua h`vm ngsoak`a}yhp ualmunms(# yg`e Gh`i`g Ykinmr/Igogina( hmgems af Os Sgbap,y Zaz}hgs Zgsup`k Igughak`g gnmge af unm vaum+

Unm Igughgk zsmy`emku( |naym emogkey ungu Igughak`g `y lsgkume lsmgums iakusah avms `uy ug~

smvmk}my |msm smbmiume cp Os Sgbap mgsh`ms un`y pmgs( ngy og`kug`kme ungu nm |`hh `lkasm gkpguumozuy cp Oges`e ua chaid `kemzmkemkim+

Igughak`g ngy c}`hu }z g emcu z`hm af 53ck( unm hgslmyu af ghh af Yzg`k,y 7< sml`aky( gke `yi}ssmkuhp haidme a}u af `kumskgu`akgh igz`ugh ogsdmuy+ Mgsh`ms un`y pmgs unm sml`ak |gy fasime uasmw}myu gk momslmkip =ck isme`u h`km fsao Yzg`k,y imkusgh lavmskomku ua gva`e emfg}hu`kl akzgpomkuy+

""" FU ! H@KD

Is`u`iy ngvm hgcmhme`u g Sm`inyugl sm oaomku( g smfmsmkim ua |nmk N`uhms

iakyah`egume za|ms `k Lmsogkp+ Geo`smsy emyis`cm `u gy g csgvm gke kmimyygsp( ghcm`uumozasgsp( oavm ua zsmvmku g es`fu ua|gsey ingay+ @k m`unms igym O}ngooge Oasy`( Mlpzu,ysmimkuhp mhmiume zsmy`emku( ngy z`uinme n`y ia}kusp `kua g is`y`y gy e`sm gy gkp y`kim unm }zs`y`kl`k Bgk}gsp 3:77 ungu mkeme y`~ emigemy af o`h`ugsp/cgidme e`iuguasyn`z+ Ymmd`kl ua csmgd gemgehaid |`un ymi}hgs azzakmkuy( nm `yy}me g ynaid emismm ak Kavmocms 33ke lsgku`kl n`oymhfy|mmz`kl km| za|msy+ Unm oavm ngy hmfu Mlpzu yugsdhp gke egklmsa}yhp zahgs`yme+ \nmunms OsOasy` y}iimmey( gke |nmunms un`y u}sky a}u |mhh as e`ygyusa}yhp fas Mlpzu( smog`ky ua cm ymmk+

Os Oasy` ngy nge g sa}ln s`em y`kim n`y |gfms/un`k mhmiu`ak v`iuasp hgyu B}km+ Unm zsmy`emku,yFsmmeao gke B}yu`im Zgsup( g ykgrr`ms/ihaunme ihakm af unm ea|ep O}yh`o Csaunmsnaae ua

|n`in nm a|my n`y smgh ghhml`gkim( nge z}ozme n`y igke`egip |`un zsao`ymy af y|mmz`kl`ozsavmomkuy ua lavmskomku ymsv`imy e}s`kl n`y syu n}kesme egpy+ Un`y |gy ua cm fahha|mecp unm hg}kin af g ya/ighhme Smkg`yygkim Zsabmiu( ua}ume gy g lsgke emy`lk faso}hgume cpCsaunmsnaae m~zmsuy ua pgkd Mlpzu `kua zsayzms`up+

Pmu `u uaad unm ls}ff( fahdyp Os Oasy` y`~ |mmdy b}yu ua kgom g igc`kmu( |n`in ngy y`kim cmmk|`emhp e`yo`yyme gy hgom( chgke gke `kmffmiu`vm+ Kau akhp ngy unmsm cmmk ka e`yimsk`chm }zh`fuua h`v`kl yugkegsey+ Os Oasy`,y cs`mf geo`k`yusgu`ak ngy cmmk zhgl}me cp smo`kemsy af ismgd`kllavmskomku y}in gy za|ms i}uy( |asym/ungk/mvms usgfi bgoy( gii}o}hgu`kl z`hmy af s}cc`yn(gke z}ch`i ymiuas yus`dmy `kih}e`kl akm cp eaiuasy zsaumyu`kl gzzghh`kl nayz`ugh iake`u`aky+G n`ema}y gii`emku gu g hmvmh isayy`kl hgyu |mmd( |nmk g yzmme`kl usg`k zha}lnme `kua g c}y`hhmlghhp avmsyu}ffme |`un oasm ungk 6: yinaahcapy ak unm`s |gp ua g |mmdmke Dasgk/smge`klhmyyak( zsavme g y`idmk`kl smo`kems af b}yu |ngu g ynaeep yugum Mlpzu `y `k+

Os Oasy` mkbapme g oaomku af lhasp `k G}l}yu |nmk nm gcs}zuhp e`yo`yyme unm za|msf}hlmkmsghy( gzza`kume }kems unm fghhmk sml`om af Nayk` O}cgsgd( |na nge iaoogkeme unm}kyumgep usgky`u`ak hmge`kl ua n`y a|k mhmiu`ak+

http://www.ft.com/intl/cms/s/0/ec3107bc-3730-11e2-893a-00144feabdc0.html#axzz2DKRcF0h9http://www.ft.com/intl/cms/s/0/ec3107bc-3730-11e2-893a-00144feabdc0.html#axzz2DKRcF0h9

7/30/2019 Hmmm November 27

35/43

9=

UN@KLY UNGU OGDM PA] LA

Nooo+++

3< KAVMOCMS 3:73

Unm z}slm ymmome ua g}l}s g smgh gke hakl/emhgpme y|`uin ua f}hh i`v`h`gk s}hm+ Pmu `u yaakusgkyz`sme ungu unm m~`u`kl lmkmsghy nge hmfu cp glsmmomku( fahha|`kl g s}oa}sme iaoo`uomkucp Os Oasy` kau ua usmyzgyy uaa emmzhp `kua y}in #yavmsm`lk# oguumsy gy `kumskgh ymi}s`up(`kumhh`lmkim( emfmkim as fasm`lk zah`ip+ Mlpzu,y zsmy`emku ymmoy ua ngvm yu}id ua n`y |ase(gva`e`kl is`u`i`yo af unm zah`im( |na smog`k emmzhp ug`kume cp g i}hu}sm af uasu}sm( iass}zu`akgke `oz}k`up( |n`hm gyy`e}a}yhp guumke`kl mvmsp zayy`chm o`h`ugsp zglmgku as zgsgem+

C}u Os Oasy` ngy ihgynme smzmgumehp |`un gkaunms zgsu af Mlpzu,y #emmz yugum#unm b}e`i`gsp gkez}ch`i zsaymi}u`ak ymsv`im+ @u |gy Mlpzu,y n`ln ia}suy( yu`hh zgidme |`un O}cgsgd/msg gzza`kummy(ungu `kf}s`gume unm Csaunmsnaae `k B}km cp s}h`kl ua e`ycgke unm zayu/smvah}u`akgsp zgsh`gomku(unsmm w}gsumsy af |naym ymguy nge cmmk |ak cp @yhgo`yuy akhp y`~ oakuny mgsh`ms+ Ngv`kl hgyuyzs`kl e`yyahvme akm iakyu`u}mku gyymochp( g caep inaymk cp unm zgsh`gomku gke ugydme |`unesgfu`kl g km| iakyu`u}u`ak( c}u |n`in ymi}hgs`yuy yg`e unm Csaunmsy nge zgidme |`un @yhgo`yuy(unm ia}suy ngvm glg`k cmmk unsmgumk`kl ua e`yyahvm g ymiake( ghya nmgv`hp @yhgo`yu gyymochp+ Un`y|gy omgku ua iaozhmum `uy esgfu iakyu`u}u`ak `k Emimocms( c}u unm smy`lkgu`ak mk ogyym af unm

un`se af `uy omocmsy |na ngzzmk kau ua cm O}yh`o Csaunmsy as fmhha|/usgvmhhmsy ngy ighhme `uyhml`u`ogip `kua w}myu`ak+

@k Aiuacms Os Oasy` fgime n}o`h`gu`ak |nmk unm ia}kusp,y b}elmy ihayme sgkdy ua chaid n`ofsao s`kl Mlpzu,y z}ch`i zsaymi}uas+ Pmu gkaunms O}cgsgd gzza`kumm( unm za|msf}h guuaskmp/lmkmsgh nge e`yogpme ogkp Mlpzu`gky cp opyums`a}yhp fg`h`kl ua ymi}sm gkp yms`a}y iakv`iu`akyfas unm d`hh`kly( cp Os O}cgsgd,y zah`im( af oasm ungk >:: zmazhm e}s`kl Mlpzu,y 3:77 smvah}u`ak(gke af earmky oasm `k zayu/smvah}u`akgsp v`ahmkim+ Yu`hh( gku`zgunp ua unm Csaunmsnaae s}ky yaemmz ungu mvmk ngsemkme smvah}u`akgs`my hmgzu ua n`y emfmkim glg`kyu unm zsmy`emku+ Fasime uasm`kyugum unm zsaymi}uas( Os Oasy` haadme |mgd gke `hh/gev`yme+

@k |ngu gzzmgsme ua cm gkaunms zaashp/b}elme oavm( Os Oasy` zgyyme }z gk azzasu}k`up hgyu|mmd ua yaaunm smhgu`aky |`un Mlpzu,y hgslm Iazu`i Ins`yu`gk o`kas`up+ Cguumsme fas g emigemcp kgyup ymiugs`gk guugidy( gke }kemsyugkegchp kmsva}y gu ymm`kl @yhgo`yuy `kismgy`klhpmoza|msme( Mlpzu`gk Ins`yu`gky |msm z}rrhme gke e`ygzza`kume cp unm zsmy`emku,y fg`h}sm uagiimzu gk `kv`ugu`ak ua guumke unm isa|k`kl af unm km| Iazu`i zazm( Ug|gesay @@+ N`y gzzgsmkue`yeg`k fas o`kas`up fmmh`kly geeme ua g lsa|`kl ymkym ungu emyz`um zay`kl gy gk `ozgsu`ghhmgems( Os Oasy` `kyu`kiu`vmhp mocae`my unm Csaunmsnaae,y guu`u}em ungu `u `y unmp( gke unm`svmsy`ak af @yhgo( ungu smzsmymkuy unm #us}m# Mlpzu++

""" MIAKAO@YU ! H@KD

http://www.economist.com/blogs/pomegranate/2012/11/egypthttp://www.economist.com/blogs/pomegranate/2012/11/egypt

7/30/2019 Hmmm November 27

36/43

96

UN@KLY UNGU OGDM PA] LA

Nooo+++

3< KAVMOCMS 3:73

Ingsuy Ungu Ogdm Pa} LaNooo

Ya}sim2 ]D L}gse`gk

Unm Yzgk`yn sml`ak af Igughak`g `y la`kl ua cm yaom|nmsm smgemsy |`hh |gku uafgo`h`gs`rm unmoymhvmy |`un `k iao`kl |mmdy gy `ozasugku mhmiu`aky ugdm zhgimkau akhp `uy|nmsmgca}uy c}u ghya unm n`yuasp af `uy fsgiu`a}y smhgu`akyn`z |`un unm smyu af Yzg`k+ Un`y iaskms

af unm ia}kusp |`un `uy emy`sm fas `kemzmkemkim ia}he |mhh zsav`em unm yzgsd ungu h`lnuy gkghsmgep yoa}hems`kl u`kems ca~+ Ih`id NMSMua v`m| unm f}hh `kumsgiu`vm lsgzn`i+

Omgk|n`hm( IHYG,y S}yymhh Kgz`ms un`y |mmd z}ch`ynme |ngu nm ighhy #UnmOayu @ozasugku Ingsu `k unm \ashe(# |n`in yna|y unm pmgs/ak/pmgs lsa|un `k In`kg,y fasm`lkm~ingklm smymsvmy2

#@u `y unm oayu `ozasugku ingsu `k unm |ashe+ Unm lsa|un `k In`kmym smymsvmy ngyemumso`kme ghh unm dmp emvmhazomkuy `k kgki`gh ogsdmuy `k unm hgyu u|a emigemy+ @u

zs`kume hauy af i}ssmkip gke gsu`i`ghhp emzsmyyme unm ]Y p`mhe i}svm+ @u ngy cmmk unmiaskmsyuakm af lhacgh lsa|un( gke ka| `u,y avms+#

""" V@G RMSANMELM ! H@KD

http://www.guardian.co.uk/world/interactive/2012/nov/20/europe-spain-catalonia-history-interactivehttp://www.zerohedge.com/news/2012-11-22/russell-napiers-most-important-chart-worldhttp://www.zerohedge.com/news/2012-11-22/russell-napiers-most-important-chart-worldhttp://www.guardian.co.uk/world/interactive/2012/nov/20/europe-spain-catalonia-history-interactive

7/30/2019 Hmmm November 27

37/43

9

UN@KLY UNGU OGDM PA] LA

Nooo+++

3< KAVMOCMS 3:73

G ca~ af umk U|`kd`my upz`ighhp ymhhy fas gsa}ke %= `k Goms`igk y}zmsogsdmuyc}u ungu |gycmfasm `uy ogdms( Nayumyy Csgkey( cmlgk ihay`kl `uy cgdms`my gke h`w}`egu`kl `uy c}y`kmyy .gy gkgsu`ihm `k un`y |mmd,y `yy}m m~zhg`ky)+ Pmu iaky}omsy `k ymgsin af smvahu`kl ismgo/hhme yzaklmigdmy igk yu`hh c}p unmo fsao mCgp fas gkpun`kl sgkl`kl fsao 5: imkuy ua %7::(::: gz`mim+

Unm omgk zs`im ak affms `y gsa}ke %3(::: .una}ln |m eak,u dka| na| ogkp ngvm giu}ghhp cmmkyahe as gu |ngu zs`im)( |n`hm unm oaem`m( unm oayu iaooak zs`im ak affms`y %9 .ymm ingsu)+Ghuna}ln yaom ymhhmsy gsm }y`kl unm h`o`ume y}zzhp gy gk azzasu}k`up ua sg`ym oakmp fas ings`up(unm ogbas`up gsm naz`kl ua zsau fsao unm `iak`i Goms`igk csgkey iahhgzym+ Fas unaym |naigk kau h`vm |`una}u unm lahemk igdmy( mCgp ghya h`yuy U|`kd`my #cgdm ymuy# fas gy h`uuhm gy %9:4ualmunms |`un unm smi`zm fas %7+50( iaky}omsy igk y`ozhp cgdm unm`s a|k+ \`un y}in a}uza}s`klaf gffmiu`ak( unm #U|`kd`m# csgke .ghakl |`un Nayumyy, aunms faae/h`dm ykgidy) o`lnu pmu ke gc}pms+

""" MIAKAO@YU ! H@KD

Ya}sim2 Miakao`yu

\`un hgyu Y}kegp,ymhmiu`aky gzzsagin`kl( unm emy`sm fas gk `kemzmkemku Igughak`g nge

cmmk yags`kl gy Yzg`k,y zsachmoy emums`asgum ymmo`klhp eg`hp+ Gy g o`isaiayo fas |ngu ua m~zmiu|nmk un`kly lmu smghhpua}ln `k M}sazm( un`y |gy g n`lnhp `hh}yusgu`vm y`u}gu`ak2

.Yacmshaad)2 Un`y emy`sm fas `kemzmkemkim `y g fg`shp km| znmkaomkak `k Igughak`g+Cm`kl unm |mghun`ms sml`ak( Igughak`g,y i`u`rmky un`kd ungu unmp gsm cm`kl gydme ua cmgse`yzsazasu`akgum c}semk af unm kgu`ak,y n`ln ug~my+

http://www.economist.com/blogs/graphicdetail/2012/11/twilight-twinkieshttp://www.economist.com/blogs/graphicdetail/2012/11/twilight-twinkies

7/30/2019 Hmmm November 27

39/43

90

UN@KLY UNGU OGDM PA] LA

Nooo+++

3< KAVMOCMS 3:73

Pmy( fahdy( gzzhp ungu ygom hal`i ua M}sazm( akhp y}cyu`u}um Lmsogkp gy unm }kngzzp #|mghunp#sml`ak( gke pa} ymm |np unm mku`sm zsabmiu `y eaaome+ @f Yzgk`gsey eak,u |gku ua z`id }z unmugc fas unm`s a|k ia}kuspomk( `u,y ngse ua }kemsyugke |np Lmsogky |`hh cm ngzzp ua ea h`dm|`ymfas unm i`u`rmky af gkaunms ia}kusp+

Ya}sim2 Isme`u Y}`yym

7/30/2019 Hmmm November 27

40/43

5:

UN@KLY UNGU OGDM PA] LA

Nooo+++

3< KAVMOCMS 3:73

\asey Ungu Ogdm Pa} LaNooo+++

N`kem Igz`ugh,y Cmk Egv`my `ygh|gpy |asun h`yumk`kl ua( gke un`y |mmd `yka m~imzu`ak gy nm inguy |`un Ms`i D`kl gca}uBgzgk,y zsachmoy gke unm h`dmhp ia}sym afgiu`ak ua cm ugdmk `k unm hgke af unm S`y`klY}k gy |mhh gy unm y`o`hgs`u`my goaklyuunm aunms imkusgh cgkdy gke unm |`ems`ozh`igu`aky unm`s giu`aky gsm h`dmhp ua ngvm+

IH@ID UA H@YUMK

\np gsm UV gkinasy ya ~gume ak unmzs`im af lahe1 Sac OiM|mk ughdy ua Chaaocmslgca}u unm cgss`msy zsmymku`kl unmoymhvmy uao`kmsy gisayy unm lhacm gke( gy `y unm kasoak og`kyusmgo yna|y( `y cgelmsme fas g zs`imfasmigyu+

@lkasm unm zs`im gke fai}y ak unm ogsdmuepkgo`iy+ Lahe `y g i}ssmkip ungu `y lmuu`kl

ngsems ua zsae}im gke yna}he cm mvgh}gume gyy}in+++

IH@ID UA \GUIN

B`o S`idgsey, caadI}ssmkip \gsy`y g umss`i smge gke nmsm( `k un`y fgyi`kgu`klv`ema( nm hgpy a}u g y`o}hgu`ak af n`y fmgsy gyua |ngu gk m~usmom i}ssmkip |gs yimkgs`aia}he haad h`dm+

@u,y `kumsmyu`kl( fs`lnumk`kl gke zahgs`r`kl+Ogkp |`hh e`yia}ku `u gy uaa fgs/fmuinme+

Om1 \mhh( @ gh|gpy }yme ua un`kd ungu unm ]Y7:/pmgs usge`kl gu 7- |gy `ozayy`chm+++

IH@ID UA \GUIN

http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2012/11/18_Ben_Davies_files/Ben%20Davies%2011%3A18%3A2012.mp3http://www.bloomberg.com/video/mcewen-gold-hitting-more-mining-barriers-2Ww0w3ezSzqqAlj2MMf3vw.htmlhttp://www.youtube.com/watch?feature=player_embedded&v=kdPkaCTdxBUhttp://www.youtube.com/watch?feature=player_embedded&v=kdPkaCTdxBUhttp://www.bloomberg.com/video/mcewen-gold-hitting-more-mining-barriers-2Ww0w3ezSzqqAlj2MMf3vw.htmlhttp://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2012/11/18_Ben_Davies_files/Ben%20Davies%2011%3A18%3A2012.mp3

7/30/2019 Hmmm November 27

41/43

57

UN@KLY UNGU OGDM PA] LA

Nooo+++

3< KAVMOCMS 3:73

Gke fkghhp+++

IH@ID NMSM UA V@M\ Z@IU]SMY

G hakm gzgsuomku c}`he`kl yugkey `k unm o`eehm af g km|hp c}`hu In`kmym sage gfums gkmhemshp ia}zhm smf}yme ua smhaigum+

H}a Cgalmk gke n`y |`fm `ky`yu ak h`v`kl `k unm nghf/emoah`ynme c}`he`kl `k unm i`up af \mkh`kl(`k Rnmb`gkl zsav`kim( In`kg( cmig}ym unmp cmh`mvm ungu unm smhaigu`ak iaozmkygu`ak affmsme cpunm lavmskomku `y kau mka}ln+

Ka| unm akhp c}`he`kl hmfu yugke`kl( unm vm/yuasmp chaid `y g yusgklm y`lnu gy igsy es`vm gsa}ke`u |n`hm unm ia}zhm smog`k h`v`kl `ky`em+

\na yg`e unmsm |gy ka saao ua ugdm ak unm Yugum `k In`kg1

Nooo+++

http://www.dailymail.co.uk/news/article-2236746/Road-built-building-couple-refuse-China.htmlhttp://www.dailymail.co.uk/news/article-2236746/Road-built-building-couple-refuse-China.html

7/30/2019 Hmmm November 27

42/43

53

UN@KLY UNGU OGDM PA] LA

Nooo+++

3< KAVMOCMS 3:73

Lsgku \`hh`goy

Lsgku \`hh`goy `y g zasufah`a gke yusgumlp gev`yas uaV}hzmy @kvmyuomku Ogkglmomku `k Y`klgzasmg nmelmf}ke s}kk`kl avms %3=: o`hh`ak af hgslmhp zgsukmsy,igz`ugh gisayy o}hu`zhm yusguml`my+

Unm n`ln hmvmh af igz`ugh iaoo`uume cp unm V}hzmyzgsukmsy mky}smy unm yusaklmyu zayy`chm gh`lkomkucmu|mmk }y gke a}s `kvmyuasy+

@k W5 3:73( |m |`hh cm hg}kin`kl unm V}hzmy Gls`i}hu}sghHgke @kvmyuomku Iaozgkp .VGH@I)( g lhacghhpe`vmsy`me gls`i}hu}sgh hgke vmn`ihm ungu |`hh zsav`emus}hp e`vmsy`me m~zay}sm ua unm gls`i}hu}sgh ymiuas

unsa}ln g lhacgh zasufah`a af znpy`igh fgsohgke gyymuy+Lsgku ngy 36 pmgsy af m~zms`mkim `k kgkim ak unm Gy`gk( G}yusgh`gk( M}sazmgk gke ]Y ogsdmuygke ngy nmhe ymk`as zay`u`aky gu ymvmsgh `kumskgu`akgh `kvmyuomku na}ymy+

Lsgku ngy cmmk |s`u`kl Un`kly Ungu Ogdm Pa} La Nooo+++ y`kim 3::0+

Fas oasm `kfasogu`ak ak V}hzmy( zhmgym v`y`u |||+v}hzmy`kvmyu+iao

"""""""

Fahha| om ak U|`uums2 JUUOPLN

Pa}U}cm V`ema Ingkkmh2 nuuz2!!|||+pa}u}cm+iao!}yms!L\UUOPLN

Igh`fask`g @kvmyuomku Iakfmsmkim 3:73 Zsmymkugu`ak2 #Y`ozh`i`up#2 Zgsu @ 2 Zgsu @@

3:73 Fghh Zsmymkugu`ak2 #M~usgase`kgsp Zaz}hgs Emh}y`aky & Unm Ogekmyy af Ogsdmuy#

Gy g smy}hu af op sahm gu V}hzmy @kvmyuomku Ogkglmomku( `u fghhy }zak om uae`yihaym ungu( fsao u`om ua u`om( unm v`m|y @ m~zsmyy gke!as unm iaoomkugsp@ |s`um `k unm zglmy af Un`kly Ungu Ogdm Pa} La Nooo+++ ogp smmiu unmzay`u`ak`kl af akm as ghh af unm V}hzmy f}keyuna}ln @ |`hh kau cm ogd`kl gkp

yzmi`i smiaoomkegu`aky `k un`y z}ch`igu`ak+

http://www.vulpesinvest.com/https://twitter.com/ttmygh/http://www.youtube.com/user/GWTTMYGHhttp://www.youtube.com/watch?v=Ri6rIF40iSA&feature=plcphttp://www.youtube.com/watch?v=xoMAYAKHQqU&feature=relmfuhttp://www.youtube.com/watch%3Fv%3Db4zOAHoncF0%26feature%3Dplcphttp://www.youtube.com/watch%3Fv%3Db4zOAHoncF0%26feature%3Dplcphttp://www.youtube.com/watch?v=xoMAYAKHQqU&feature=relmfuhttp://www.youtube.com/watch?v=Ri6rIF40iSA&feature=plcphttp://www.youtube.com/user/GWTTMYGHhttps://twitter.com/ttmygh/http://www.vulpesinvest.com/

7/30/2019 Hmmm November 27

43/43

UN@KLY UNGU OGDM PA] LA

Nooo+++

]ym af un`y iakumku( unm Og}he`k Miakao`iy |mcy`um( gke smhgume y`umy gke gzzh`igaky `y zsav`eme }kems unm Og}he`k Miakao`iy Umsoy

& Iake`u`aky a ]ym+

]kg}unas`rme E`yihay}sm Zsan`c`ume

Unm `kfasogak zsav`eme `k un`y z}ch`igak `y zs`vgum( zs`v`hmlme( gke iakemkgh `kfasogak( h`imkyme fas pa}s yahm `ke`v`e}gh }ym

gy g y}cyis`cms+ Og}he`k Miakao`iy smymsvmy ghh s`lnuy ua unm iakumku af un`y z}ch`igak gke smhgume ogums`ghy+ Fas|gse`kl( iazp`kl(

e`yymo`kgkl( as e`yus`c}kl un`y smzasu `k |nahm as `k zgsu( `kih}e`kl y}cyugkgh w}augak af gkp zasak unm z}ch`igak as gkp smhmgym

af yzmi`i `kvmyuomku smiaoomkegaky( `y yus`iuhp zsan`c`ume+

Zgsi`zgak `k y}in giv`up `y lsa}key fas `oome`gum umso`kgak af ghh y}cyis`zaky af sml`yumsme y}cyis`cmsy emmome ua cm `kvahvme

gu Og}he`k Miakao`iy yahm e`yismak( ogp v`ahgum unm iazps`lnu hg|y af unm ]k`ume Yugumy( gke ogp y}cbmiu unm v`ahguas ua hmlgh

zsaymi}ak+ Og}he`k Miakao`iy smymsvmy unm s`lnu ua oak`uas unm }ym af un`y z}ch`igak |`una}u e`yihay}sm cp gkp mhmiusak`i omgky `u

emmoy kmimyygsp gke ogp ingklm unaym omgky |`una}u kaim gu gkp om+ @f pa} ngvm smim`vme un`y z}ch`igak gke gsm kau unm `kumkeme

y}cyis`cms( zhmgym iakugiu ymsv`imJOg}he`kMiakao`iy+iao+

E`yihg`omsy

Unm Og}he`k Miakao`iy |mc y`um( P`mhe Yngsd( C}hhy Mpm @kvmyuas( Un`kly Ungu Ogdm Pa} La Nooo( Una}lnuy Fsao unm Fsaku H`km(

A}uy`em unm Ca~( Avms Op Yna}hemsgke Iakvmsyguaky gsm z}ch`ynme cp Og}he`k Miakao`iy( HHI+ @kfasogak iakug`kme `k y}in

z}ch`igaky `y acug`kme fsao ya}simy cmh`mvme ua cm smh`gchm( c}u `uy gii}sgip igkkau cm l}gsgkumme+ Unm `kfasogak iakug`kme `k y}in

z}ch`igaky `y kau `kumkeme ua iakyu}um `ke`v`e}gh `kvmyuomku gev`im gke `y kau emy`lkme ua ommu pa}s zmsyakgh kgki`gh y`u}gak+ Unm

az`k`aky m~zsmyyme `k y}in z}ch`igaky gsm unaym af unm z}ch`ynms gke gsm y}cbmiu ua ingklm |`una}u kaim+ Unm `kfasogak `k y}in

z}ch`igaky ogp cmiaom a}uegume gke unmsm `y ka ach`lgak ua }zegum gkp y}in `kfasogak+

Lsgku \`hh`goy( unm me`uas af un`y z}ch`igak( `y gk gev`yms ua imsug`k f}key ogkglme cp V}hzmy @kvmyuomku Ogkglmomku Zs`vgum H`o`ume

gke!as `uy gh`gumy+ Unmym V}hzmy f}key ogp nahe as giw}`sm ymi}s`my iavmsme `k un`y z}ch`igak( gke ogp z}singym as ymhh y}in

ymi}s`my gu gkp om( ghh |`una}u zs`as kaim ua gkp af unm y}cyis`cmsy ua un`y z}ch`igak+ Y}in nahe`kly gke usgkygiaky cp unmym V}hzmy

f}key ogp smy}hu `k zaumkgh iak`iuy af `kumsmyu( ghuna}ln unm me`uas cmh`mvmy ungu gkp y}in iak`iu af `kumsmyu |`hh cm o`lgume cp unm

kgu}sm af y}in ymi}s`my gke unm h`o`ume y`rm af unm nahe`kly af y}in ymi}s`my cp unm gzzh`igchm V}hzmy f}key+

Bank Og}he`k( Og}he`k Miakao`iy( HHI gke aunms mkmy `k |n`in nm ngy gk `kumsmyu( mozhapmmy( aimsy( fgo`hp( gke gyyai`gumy ogp fsao

om ua om ngvm zay`aky `k unm ymi}s`my as iaooae`my iavmsme `k unmym z}ch`igaky as |mc y`um+ Iaszasgum zah`i`my gsm `k mmiu ungu

gmozu ua gva`e zaumkgh iak`iuy af `kumsmyu gke smyahvm iak`iuy af `kumsmyu ungu ea gs`ym `k g omhp fgyn`ak+

Og}he`k Miakao`iy( HHI smymsvmy unm s`lnu ua igkimh gkp y}cyis`zak gu gkp om( gke `f `u eamy ya `u |`hh zsaozuhp smf}ke ua unm

y}cyis`cms unm goa}ku af unm y}cyis`zak zgpomku zsmv`a}yhp smim`vme smhgkl ua unm smog`k`kl y}cyis`zak zms`ae+ Igkimhhgak af g

y}cyis`zak ogp smy}hu fsao gkp }kg}unas`rme }ym as smzsae}iak as smcsageigyu af gkp Igymp z}ch`igak as |mcy`um( gkp `kfs`klmomku

as o`ygzzsazs`gak af Og}he`k Miakao`iy( HHIy zsazs`mugsp s`lnuy( as gkp aunms smgyak emumso`kme `k unm yahm e`yismak af Og}he`k

Miakao`iy( HHI+

Gfh`gum Kaim

Og}he`k Miakao`iy ngy gh`gum glsmmomkuy `k zhgim ungu ogp `kih}em fmm yngs`kl+ @f pa} ngvm g |mcy`um as km|yhmms gke |a}he h`dm ua cm

iaky`emsme fas `kih}y`ak `k unm Og}he`k Miakao`iy gh`gum zsalsgo( zhmgym mog`h }y gu gfh`gumJOg}he`kMiakao`iy+iaoH`dm|`ym( fsao

om ua om Og}he`k Miakao`iy ogp mklglm `k gh`gum zsalsgoy amsme cp aunms iaozgk`my( una}ln iaszasgum zah`ip sohp e`iugumy

ungu y}in glsmmomkuy |`hh ngvm ka `k}mkim ak gkp zsae}iu as ymsv`im smiaoomkegaky( kas ghums unm zs`i`kl ungu |a}he aunms|`ym cm

`h ch ` c f n G h ` ` ` n e e e`h` c f c `

http://mauldineconomics.com/terms-of-use/http://mauldineconomics.com/terms-of-use/mailto:service%40MauldinEconomics.com?subject=http://localhost/var/www/apps/conversion/tmp/scratch_4/affiliate@MauldinEconomics.comhttp://localhost/var/www/apps/conversion/tmp/scratch_4/affiliate@MauldinEconomics.commailto:service%40MauldinEconomics.com?subject=http://mauldineconomics.com/terms-of-use/http://mauldineconomics.com/terms-of-use/