Where's the Hue and Cry?

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ltlredwagon's picture
ltlredwagon
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Where's the Hue and Cry?

I'm sure I don't know a fraction of what is being done (by Chris and others) to try to ensure the federal government adopts policies which alleviate the current financial crisis rather than exacerbate it.   But when I see the government putting a gun to its head to cure the headache I'm wondering if there aren't any associations of economists, professors, etc. sounding the alarm to Obama, the feds and the press in the way that scientists (whether you agree with them or not) are sounding the alarm on global warming.   Where's the headline:  "Leading economists say current policies will bankrupt the nation?"  They probably exist and I just haven't seen them.

I know that citizens and congressmen in general just aren't educated, or are sure things will "work out eventually" and can be manipulated.  What about economists - authorities on economics?  Or is there just no agreement amongst economists - do a substantial number of them think bailouts, borrowing, and printing more money is a rational approach?   Is the passion, the protest there and I'm just not seeing it in the LA/NY Times?

strabes's picture
strabes
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Re: Where's the Hue and Cry?

Why do you think citizens don't get it?  It's pretty clear in polls the silent majority is livid.  Why do you look for someone certified as "educated" for the solution?

The problem is you're looking to the people that the media (the NY Times!!??) tell you are experts.  Yet those same experts and media types were the ones telling you for years that all this type of crap is great economic innovation.  Those experts are elitist professional manipulators.  I'm an economist and I can tell you most of the training in Ivy league macroeconomics programs (supposedly the best education) is simply banker-created BS that supports the Fed system, and Keynesian BS that supports an irresponsible Treasury.  So the elite, the experts, the media, the economists are all quite stupidly biased toward what's happening right now.  It's the supposedly uneducated that get it.

The only school of economics that gets it like a commoner does is Austrian economics.  Look that up.  It's really just an understanding of the reality of life without all the theoretical jumbo from ivy league BS'ers.  They're a bit off when it comes to money because the Austrian school was developed back in the day of currency and basic checking/savings accounts...today is completely different...since the 80's it's been a new game...some of today's orthodox Austrians have failed to let themselves get updated, the same way any person trained in orthodoxy gets stuck in the past (some people say Keynes would hardly be a Keynesian today, Luther would hardly be a Lutheran today, Freud would hardly be a Freudian today, but all the lame followers of them get stuck in their past).  Look to Peter Schiff and Marc Faber, Jim Rogers to hear some modern Austrians doing exactly what you're calling for.  But look to Steve Keen or Irving Fisher if you want to find experts who have written a lot about what's happening in this crash (Keen is today, Fisher was in the Depression).

Jarhett's picture
Jarhett
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Re: Where's the Hue and Cry?

Here are two mainstream articles from yesterday from economist about the banking bailout

 

http://finance.yahoo.com/tech-ticker/article/216311/Part-I-Geithner&comm...

 

 http://www.bloomberg.com/apps/news?pid=20601087&sid=ardgK6NSMTUk&refer=home

grl's picture
grl
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Re: Where's the Hue and Cry?

I really believe that the public doesn't really get it. Oh yeah, the "silent majority" is angry but they are angry over the wrong things. Understanding all of this takes some real time and brain power; most people just aren't interested enough to understand.

I certainly don't expect the "experts" or the mainstream economist or MSM to carry the banner! I don't think there will be a hue and cry until there is a critical mass of ordinary taxpayers who "get it." I have talked up Chris Martenson, I have sent out email blasts begging people to watch the Crash Course, I talk to everyone who is receptive about what's going on. My sense is that most people are very hesitant to think too hard about it. 

Just today I tried an new tact and sent out an email to my friends and family which I copied here. I think we all need to have the courage to exhort our fellow citizens to really get educated. 

My Email:

I try not to do this too often but I am going out on a limb here -
I am sorry for blasting everyone but I just can't take it anymore. I
understand what is going on in with our economy and if you don't, I
want you consider educating yourself.  I think it is a moral obligation
that we all become financially literate and understand what is
happening with our economy. My journey to understanding leads me to
honestly believe that we. the taxpayers, are being (figuratively) gang raped and robbed.
This has been happening way before the present administration so don't
think I am on a partisan attack. (and for those of you who got my last
missive, you know I was blasting the Bush Administration for the
bailout proposals) The Bush administration started it, the Obama
administration continues it. And this isn't about AIG bonuses....folks
that was just political grandstanding to divert your attention from the
real robbery that is going on.

This is just too important for this country, for our futures, for
our children's futures to hide behind ignorance, fear, or because we
are too busy, too lazy, too optimistic, or whatever. I strongly believe
that it's not going to be okay....and everything that has and is being
done to "correct" it is nothing more than transfers of wealth from
elites to elites and from taxpayers to elites. If anything....EDUCATE
YOURSELVES.

A recent article in the Rolling Stone put it very well:
"As complex as all the finances are, the politics aren't hard to
follow. By creating an urgent crisis that can only be solved by
those fluent in a language too complex for ordinary people to
understand, the Wall Street crowd has turned the vast majority of
Americans into non-participants in their own political future.
There is a reason it used to be a crime in the Confederate states
to teach a slave to read: Literacy is power. In the age of the CDS
and CDO, most of us are financial illiterates
. By making an already
too-complex economy even more complex, Wall Street has used the
crisis to effect a historic, revolutionary change in our political
system — transforming a democracy into a two-tiered state,
one with plugged-in financial bureaucrats above and clueless
customers below."

I am begging all of you to forsake your TV (or whatever) for awhile and become financially literate.
We must wake up as a nation, if you don't really understand what is
going on, you are but a slave to the elite powers (D.C. and "Wall St")
in this country who are robbing us, our children, our grandchildren and
our country blind. I urge you to read this article in Rolling Stone
"for the most outstanding explanation of how truly corrupt the
situation
is, and capturing the hubris and entitlement that infuse our entire
power structure." (quote by other) Warning: The article uses crude
language but I think it is appropriate to the subject. If you read nothing else, read this one, the whole thing: http://www.rollingstone.com/politics/story/26793903/the_big_takeover/print

This week the Obama administration came out with a toxic asset bank
rescue plan. Guess who is going to be holding the bag? You got it - the
taxpayers. It's a sweetheart deal for Wall Street but what no one wants
the general public to know is these big banks (certainly Citi, probably
BofA and Wells Fargo) holding the toxic assets are INSOLVENT. This plan
is an attempt to hide that by the govt (read: taxpayers) subsidizing the
purchase of those toxic assets by Wall Street players. Guess who stands
to win, guess who stands to lose. I posted a short article with the
answer below. It's the same ol' thing. Every bail out, every program
etc. is in one way or another the taxpayer taking the loses for Wall Street.
Some of you might think that we have to do this or the world economy
will collapse. That is another story altogether and I can discuss that
one at length but this email is long enough. Just please, before you
come to conclusions, make sure you understand what is going on...it's
only a matter of educating yourself.

A day after Tim Geithner's plan for toxic assets spurred a huge rally, the stock market was down modestly Tuesday afternoon as investors and pundits continued to mull the details of the scheme.

The plan is extremely complex (intentionally so says Clusterstock's John Carney)
and its success or failure, hinges upon multiple variables. Most
critically: What price are investors willing to pay for toxic assets
and what price banks are willing to sell them for - most likely at a
loss?

Before we get into the nitty-gritty, consider the following quotes, from two highly respected sources:

  • "This
    is perhaps the first win-win-win policy to be put on the table and it
    should be welcomed enthusiastically," Pimco founder and co-chief
    investment officer Bill Gross told Reuters.
    "We are intrigued by the potential double-digit returns as well as the
    opportunity to share them with not only clients but the American
    taxpayer."
  • "Quite frankly, this amounts to robbery of the American people," Columbia University's Nobel Prize-winning economist Joseph Stiglitz told Reuters.

In a nutshell, Gross' view represents that of the institutional money management community and Wall Street generally. The plan is very good for them
because it calls for the government to provide most of the capital and
shoulder any future downside risk. After putting up a relatively small
amount of capital, institutions like Pimco, BlackRock, Legg Mason,
Invesco and others of that ilk would have the opportunity to
participate in 50% of future upside, should it occur. That, in turn,
might entice them to pay above-market rates for the assets, which is
very good for the banks.

But it's hard to imagine any
transaction where "everybody" wins - banks, investors and taxpayers
alike. The bottom line is Geithner's plan represents a massive shift of risk away from Wall Street and onto the back of the American taxpayer.

----------------

Thanks to those who got this far.
All the best,
Lisa

 

 

 

 

silverseeker's picture
silverseeker
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Re: Where's the Hue and Cry?

Dear Lisa,

It takes a lot of courage to send an e-mail of that sort to your whole family and friends. Its an excellent write up! I've had limited success, starting last year, but am seeing a definite change in attitude and interest recently. Initially, during the 2008 primaries, it was not so much because they didn't believe it or listen, instead I think they held a residual trust that the system wouldn't implode, and that they were still participating in an honest system. I hope you will get some positive responses and can shorten their learning curve time with your guidance. No doubt, The Crash Course has been one of the best early links to send and I've had some great discussions with family, friends and co workers spurred by their taking the Crash Course.

I've been drawing down my depleted 401k's, etc and trying to average into hard assets and preps as fast as I practically can. Knowing everything you mention in your e-mail and more, do you have an action plan regarding what you are doing or will suggest that others do if asked?

joe2baba's picture
joe2baba
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Re: Where's the Hue and Cry?

imho there is no silent majority. there is a silent minority.

the majority voted for obama. he has a free pass. the rest of the sheeple are too stupid or locked into the matrix to know which way is up. i have a friend i have known for 46 years. he is a sales rep for a major camera company. i tried to talk to him about what was happening years ago. he told me flat out "dont talk to me about it because i am in the system."

never underestimate the power of the matrix.

the people on this site are so far ahead of the curve in understanding we will be shortly looking for the next curve while the sheeple are watching cnn and listening to npr (national propaganda radio)

they have laid down their cards so it is too late for hue and cry it is time for readem and weep.

you have only two choices you can be a willing serf or an unwilling serf but serf you are and serf you will be.

keep your powder dry

grl's picture
grl
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Re: Where's the Hue and Cry?

Joe, I am afraid you are correct. I go in between hope (not the Obama kind) and apathy (or maybe it is despair). It is so hard for me to give up the ship because I have children and they are the unfortunate heirs to this mess. I hold out hope that some good will come of it.

But I think you are right, most everyone is hooked into the system, they trust the system and they don't want to leave the system. I keep thinking that maybe they will care, maybe they will try to understand but ... maybe I am just a fool. Or....maybe they are right. Surprised In the meantime, my friends and family just think I'm a crackpot.

grl's picture
grl
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Re: Where's the Hue and Cry?
silverseeker wrote:

Dear Lisa,

It takes a lot of courage to send an e-mail of that sort to your whole family and friends. 

 Knowing everything you mention in your e-mail and more, do you have an action plan regarding what you are doing or will suggest that others do if asked?

Silverseeker,

Thanks for acknowledging that it is kind of brave to send out such an email. Unfortunately probably fruitless too. But I just cannot in good conscience keep this to myself. I almost feel like a religious proselytizer and that is kind of scary since I am not a believer in much of anything.

In answer to your direct question: Yes, I have nascent action plans; I wish they were more developed but because, like many of us, I live in an urban area and have obligations to children and work, plus I am single, it is not that easy to act upon my plans. I do have a community we are building here that is centered around the Crash Course. About eight of so of us who meet regularly and are making  and implementing plans. As for finances, that is more difficult but suffice it to say that precious metals are part of it.

Take care,

Lisa

strabes's picture
strabes
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Re: Where's the Hue and Cry?
Lisa wrote:

Oh yeah, the "silent majority" is angry but they are angry over the wrong things.

You're totally right.  Thanks for setting me straight...sometimes I get caught up in my brainwashing about the "land of the free and home of the brave."  Yeah right...not anymore.

I'm impressed you sent that letter.  I won't send anything like that because I'm like "what's the point...they'll just think I'm the next unabomber nutjob."  It's really hard to be in the position of being able to see beyond the matrix...it's very lonely.

 

machinehead's picture
machinehead
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Re: Where's the Hue and Cry?

Here are a couple of more quotes from the Matt Taibbi article in Rolling Stone, linked by LisaG above --

The reality is
that the worldwide economic meltdown and the bailout that followed
were together a kind of revolution, a coup d'état. If you look at it in purely
Machiavellian terms, what you see is a colossal power grab that
threatens to turn the federal government into a kind of giant Enron
— a huge, impenetrable black box filled with self-dealing
insiders whose scheme is the securing of individual profits at the
expense of an ocean of unwitting involuntary shareholders,
previously known as taxpayers.

What's happening in the Fed amounts to something truly
revolutionary — a kind of shadow government with a budget
many times the size of the normal federal outlay, administered
dictatorially by one man, Fed chairman Ben Bernanke. "We spend
hours and hours and hours arguing over $10 million amendments on
the floor of the Senate, but there has been no discussion about who
has been receiving this $3 trillion," says Sen. Bernie Sanders. "It
is beyond comprehension."

I would suggest that this decade has featured two coups
d'etat -- the 9/11 attacks and the financial crisis. The first one
implemented de facto martial law via the Patriot Act. The government
now has emergency police powers to do basically anything. The second,
economic crisis gave emergency financial powers to the federal
government.

All of these emergency powers can be implemented by decree, with no democratic vote or oversight.

These events are extremely difficult for adults to process, because
it means everything they learned about civics in school is obsolete.
This is not a free, democratic country anymore.

Given these changed facts, several approaches need to be considered going forward.

One is survival in an unfree, corrupt system. This certainly
requires education, and rethinking what life is going to be like in an
impoverished, looted command economy whose confetti dollars no longer command
automatic respect abroad.

A second approach is escape. No place on earth is really free. They
all have paper money, and most have a plenitude of victimless crimes on
the books. But given that the U.S. was the epicenter of the financial
fraud and the coups d'etat, some places on the global fringes may offer
less repression.

The third, of course, is resistance. Acting through 'established
channels,' which treat even your KongressKlown like a serf, is a
complete waste of time. Monkeywrenching the system may be possible,
though. Cut off the Beast's flow of tax withholding, and it would
die within hours.

Gadfly's picture
Gadfly
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Re: Where's the Hue and Cry?

 

[Ed. note:  Removed]

MarkM's picture
MarkM
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Re: Where's the Hue and Cry?
 What's your beef Gadfly?
From Webster's:
courage : mental or moral strength to venture, persevere, and withstand danger, fear, or difficulty
I would say her actions fit the definition.  Nothing in Webster's about soldiers or oppression.
Tim_P's picture
Tim_P
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Posts: 298
Re: Where's the Hue and Cry?

Lisa,

That is a great message to send.  I have sent something similar and only wish I were as eloquent as you.  I've been frustrated in that I see these things happening and yet nobody seems to care. 

I feel like I am on a beach with my whole family and notice that the tide is suddenly retreating.  I point it out, but they continue to lie there with eyes closed, enjoying the sunshine and say it's nothing.  I observe that the horizon looks funny and ask them what they think.  Again, they say it's nothing without opening their eyes and continue to sunbathe.  I tell them I think a tidal wave is approaching, but they ignore me and ask me to pass them a beer.  I now feel like I need to grab them and drag them to safety, but just wish to hell that they would make some attempt to help themselves.

I really do think they are starting to see me as something akin to a Y2K alarmist and they are sure this will all pass over.  I would not mind so much if they looked at what I am looking at before dismissing it.  How can so many people live in such a complete state of denial?  I have been making some inroads and would like to ask your permission to send your message to others.

In the meantime, I am preparing my family the best I can.  I'm selling off junk that I know I will not need and buying stuff I know I will.  Durable goods and tools make sense right now.  That big open area of the back yard that gets lots of sun is about to become the potato patch (among other things).  The old .22 rifle I've had since I was a kid has been joined by several other high power rifles and I'm teaching my sons (and myself again) how to shoot.  I don't expect to fire on hoards of zombies, but do think we could see the day were putting meat on the table happens more often if you know how to hunt.

It is, indeed, going to be an interesting decade.

 Tim

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grl
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Re: Where's the Hue and Cry?

Tim,

Thanks for the compliment although I actually would have liked to have honed it into a more comprehensible email. But I wrote it on the spur of the moment after reading a few articles and just not being able to stand it anymore. The message of my email was to exhort people to educate themselves. (I don't believe a single person who read my email knows what quantitative easing means, what it means that the USD is a reserve currency, that the big banks are insolvent, etc etc etc) Believe it or not, I already got attacked for the email - people will read what they want into it and a certain person in my family seemed to want to read into it that I was attacking Obama.

I, too, am frustrated that no one cares all that much. It is disheartening also that most of my friends and family just think this is my kookier side. I am having a hard time giving up on the hope that if enough people  really educated themselves - and I don't mean they need to be an expert in economics - but just if they understood the basics of what is going on, we would have some hope for change (omg that sounds like a familiar slogan). As it is though, I believe it looks like the only outcome is a total systemic failure which is somewhat of a frightening prospect (at least for a good portion of the rest of my life).  Indeed, it seems as though the train is already out of the station and barreling down the tracks; maybe ignorance is bliss (until the train wreck).

Thank you for asking even though I have no rights to my words that are posted on the Internet - of course you can use whatever part of my email you wish for whatever purpose you wish.

Machinehead, I believe you are correct and my fear is that I will end up as collateral damage.

Gadfly's picture
Gadfly
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Re: Where's the Hue and Cry?
MarkM wrote:
What's your beef Gadfly?

 

Good question MarkM.  It is a pet peeve of mine when I see someone with such a lack of humility.  I will always question the motives to their actions when I see that. 

grl's picture
grl
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Re: Where's the Hue and Cry?

.

MarkM's picture
MarkM
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Re: Where's the Hue and Cry?

Gadfly,

Two different perspectives, I suppose.  We agree on lack of humility being a pet peeve, however.  Have a good day.

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WendyT
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Re: Where's the Hue and Cry?

Hi Lisa,

I also admire your courage in sending out your email to friends and family. I've authored many an email to my friends and family; "call to action" missives on political issues (US invasions, etc.), invariably counter-status quo.  It's definitely not for the faint of heart.  When I tried sharing Chris Martenson's early Alerts about the emerging financial-economic crisis, I really got hammered by some of my family. They just didn't want to know. They either thought they knew everything they needed to know already or were insulted with my "imposing" my "financial agenda" on them. Gad zukes!!  That was it. My final straw. No more emails from me on such things. I just let it go. I think it's worth a try once or twice, then move on to more open minds. This stuff is so threatening (and so complicated) and people feel so helpless to influence outcomes, that they just go into denial of one form or another, and will sometimes lash out at the messenger.

But slowly, slowly, I think the overall consciousness will rise. More and more bits of truth are surfacing in the MSM or are becoming self-evident despite the MSM (the fallibility of the FED and all the "experts," the extent of corruption, the fuzziness of government economic data, government incompetence and bias toward protecting the elite at the expense of the rest of us).  I don't expect it will rise enough to galvanize a turnaround, mind you. I'm one of those who believes that the changes we most desparately need won't come until and unless a lot more pain is felt by a lot more people.  Unfortunately.  I'd love to see Chris' aspiration for the Crash Course helping to precipitate a real watershed shift in understanding with corresponding shifts in the way we organize our economy. 

It all helps. Every little act, conversation, example-setting.

I like to remind myself of this saying attributed to a Hopi elder in the 90's:

"There is a river, flowing now very fast.

It is so great and swift that there are those who will be afraid.

They will try to hold on to the shore.

They will feel they are torn apart and will suffer greatly.

Know the river has its destination.

The elders say we must let go of the shore, push off into the middle of the river, keep our eyes open, and our heads above the water.  And I say, see who is there with you and celebrate.

At this time in history, we are to take nothing personally, least of all ourselves.

For the moment that we do, our spiritual growth and journey comes to a halt.

The time for the lone wolf is over. Gather yourselves.

Banish the word struggle from your attitude and your vocabulary.

All that we do now must be done in a sacred manner and in celebration.

We are the ones we have been waiting for."

 

Whether one ascribes to "spiritual growth" or doing the mundane with an attitude of the sacred, there's good stuff in there for us I think. It isn't easy to be a Cassandra in any era of culture.  So we find good communities such as the one here at CM's site, and your group formed around the Crash Course, and we do what we can.

Best,

Wendy

 

WendyT's picture
WendyT
Status: Bronze Member (Offline)
Joined: Sep 26 2008
Posts: 39
Re: Where's the Hue and Cry?

Hi Lisa,

I also admire your courage in sending out your email to friends and family. I've authored many an email to my friends and family; "call to action" missives on political issues (US invasions, etc.), invariably counter-status quo.  It's definitely not for the faint of heart.  When I tried sharing Chris Martenson's early Alerts about the emerging financial-economic crisis, I really got hammered by some of my family. They just didn't want to know. They either thought they knew everything they needed to know already or were insulted with my "imposing" my "financial agenda" on them. Gad zukes!!  That was it. My final straw. No more emails from me on such things. I just let it go. I think it's worth a try once or twice, then move on to more open minds. This stuff is so threatening (and so complicated) and people feel so helpless to influence outcomes, that they just go into denial of one form or another, and will sometimes lash out at the messenger.

But slowly, slowly, I think the overall consciousness will rise. More and more bits of truth are surfacing in the MSM or are becoming self-evident despite the MSM (the fallibility of the FED and all the "experts," the extent of corruption, the fuzziness of government economic data, government incompetence and bias toward protecting the elite at the expense of the rest of us).  I don't expect it will rise enough to galvanize a turnaround, mind you. I'm one of those who believes that the changes we most desparately need won't come until and unless a lot more pain is felt by a lot more people.  Unfortunately.  I'd love to see Chris' aspiration for the Crash Course helping to precipitate a real watershed shift in understanding with corresponding shifts in the way we organize our economy. 

It all helps. Every little act, conversation, example-setting.

I like to remind myself of this saying attributed to a Hopi elder in the 90's:

"There is a river, flowing now very fast.

It is so great and swift that there are those who will be afraid.

They will try to hold on to the shore.

They will feel they are torn apart and will suffer greatly.

Know the river has its destination.

The elders say we must let go of the shore, push off into the middle of the river, keep our eyes open, and our heads above the water.  And I say, see who is there with you and celebrate.

At this time in history, we are to take nothing personally, least of all ourselves.

For the moment that we do, our spiritual growth and journey comes to a halt.

The time for the lone wolf is over. Gather yourselves.

Banish the word struggle from your attitude and your vocabulary.

All that we do now must be done in a sacred manner and in celebration.

We are the ones we have been waiting for."

 

Whether one ascribes to "spiritual growth" or doing the mundane with an attitude of the sacred, there's good stuff in there for us I think. It isn't easy to be a Cassandra in any era of culture.  So we find good communities such as the one here at CM's site, and your group formed around the Crash Course, and we do what we can.

Best,

Wendy

 

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