Post on 05-Apr-2018
7/31/2019 Hmmm 05 Aug 2012
1/28
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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2/28
2)TNCILX TNMT GM@E SAU LANggg)))
65 Muluxt 26=2 2
Te =
7/31/2019 Hmmm 05 Aug 2012
3/28
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
7/31/2019 Hmmm 05 Aug 2012
4/28
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=
7/31/2019 Hmmm 05 Aug 2012
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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
7/31/2019 Hmmm 05 Aug 2012
6/28
:)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.html7/31/2019 Hmmm 05 Aug 2012
7/28
7/31/2019 Hmmm 05 Aug 2012
8/28
>)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
7/31/2019 Hmmm 05 Aug 2012
9/28
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-economy7/31/2019 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-.html7/31/2019 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=rss7/31/2019 Hmmm 05 Aug 2012
20/28
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
21/28
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
7/31/2019 Hmmm 05 Aug 2012
22/28
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.PNG7/31/2019 Hmmm 05 Aug 2012
24/28
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.gif7/31/2019 Hmmm 05 Aug 2012
25/28
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.pdf7/31/2019 Hmmm 05 Aug 2012
26/28
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-office7/31/2019 Hmmm 05 Aug 2012
27/28
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