death of the capitalist

PROJEKTOWANIE TO NASZA PASJA

What disrupted people’s commitment to the gold standard in the end was the refusal of Royal Navy ratings to take a pay cut. The metaphor of capitalism as an organism, which can adapt and survive, but also fail and die, is repellent to economists. It is possible, however, that we emerge from this crisis with a new, more environmentally sustainable form of capitalism – albeit one that could be transitional towards a post-capitalist system based on technological abundance and well-being. As Christopher Cross would say, it's "the best that you can do.". In politics, people’s brains are moving slower than the virus. But the scientists have the measure of the challenge. If those predictions come to pass, the fiscal obsession that drove Britain into a decade of austerity from 2010 will have been pursued for nothing. We do not know if we will eradicate it, or have to live with it for decades. As economics editor at Newsnight, then Channel 4 News, he covered the global financial crisis, the Arab Spring, the Occupy movement and the Gaza war. There can be a right-wing version of it, driven by nationalism, or a left-wing one, which redistributes power and wealth, and protects minorities and human rights. Each mechanism will be a venue for class struggle and geostrategic conflict. The IMF predicts that global GDP will fall by 4.9 per cent in 2020. The Dominate Trading Theme Right Now Is 'Waiting for the Next Catalyst', Nio's Charts Suggest Further Declines Ahead, I Don't See Anything Derailing Taiwan Semiconductor Now, Whether You Like Illumina or Not, Here Are 2 Trade Ideas, Bar Is Set Low for Wynn/Las Vegas Sands in Macau. On 17 March the Chancellor, Rishi Sunak, increased his fiscal stimulus from £30bn to £330bn. There are only four channels through which it can be done: higher taxes, public spending cuts, inflation or a grand restructuring of the debts. Follow Real Money's Wall Street Pros to receive real-time investing alerts. When they mutinied at Invergordon in September 1932 they triggered a run on the pound, forcing Ramsay MacDonald’s National Government to abandon gold, switch to deficit financing and – as the global economy disintegrated – embrace protectionism. For the past five years, those MAFANG stocks not only worked, but they drove the majority of the gains in the U.S market. THE DEATH OF CAPITALISM. The Conservative Party has sold itself a dream of greatness through national self-destruction. But I covered shorts on weaker players like Wells Fargo (WFC) , Citi (C) and Comerica (CMA) this morning, because, simply, I don't like losing money on trades. You may even if you are middle-aged. This book explains America to itself. By 1931, in order to keep sterling pegged to the price of gold, Ramsay MacDonald's Labour government enacted a suicidal policy of austerity and deflation. These are the very barometers and thermometers of Capitalism and Free Enterprise, and they are sounding a “death rattle” reminiscent of imminent demise. Another would be a stand-off between the US and China, with diplomatic, military and intelligence tensions at Cold War levels. S&P 500 Breaks 4,000 For The First Time. G.M. If capitalism endures through coming centuries, as Boldizzoni suggests it will, it will be because it can shrug off the deaths of millions of people and the extinction of thousands of species. There are many videos claiming that communism killed millions and just as many claiming that capitalism killed more people than that. The banks are going to bear the brunt of this extraordinary slowdown in U.S. economic activity and the extraordinary joblessness, as shown by this morning's report of 6.6 million weekly jobless claims. Spanish-American War 100,000 US Made Famine in Bangladesh… Market Data & Company fundamental data provided by FactSet. These inequalities have been aggravated by a globalised finance system that misallocates risk and removes huge amounts of wealth from the tax systems of nation states, creating barriers to social justice. When that capital is coming from a source with a limitless supply (The Fed with an assist from the Treasury's money printing capabilities), private markets for capital will be, as we learned in freshman macroeconomcs class, "crowded out. In exploring the recent epidemic of 'deaths of despair,' the distinguished authors uncover an absorbing historical story that raises basic questions about the future of capitalism. At the time of publication, Jim Collins' firm was long XOM. To understand how broken the neoliberal model of capitalism is, you have to understand it in its totality. Capitol Hill police officer Brian Sicknick was on duty during Wednesday's insurrection at the US Capitol. Its telos is to invade the human body, reproduce itself and mutate faster than we can either build immunity, or develop vaccines. In 1929 the Wall Street crash triggered a fundamental reordering of global economic power. The taxes on the unrealized gains of inherited assets … Trump’s reported threat to default on US government debts to China (and to sanction a private-sector default by Western banks) has been denied. Microsoft and Apple are simply too well-run. That in turn created the securitised finance boom of the mid-2000s which, when it ended in 2008, triggered the most serious slump in the real economy since 1929. So, I was stunned when I saw analysts from the Australian investment group, Macquarie Wealth, one of most capitalist companies in the world, tell investors: “Conventional capitalism is … We should not applaud its death, I said, but celebrate its continued life. ‘Death of the Capitalist’ was created in 1928 by Diego Rivera in Muralism style. During the past decade, the size of seed rounds has remained stagnant and the number... Business 2 days ago. This morning I burned most of my single-stock hedges (long puts) and poured money into the riskiest securities I own. Microsoft (MSFT) is in a similar situation. The Death of Capitalism, and possibly the Death of Representational Democracy, are nigh. Please contact customer support to let us know. The metaphor of capitalism as an organism, which can adapt and survive, but also fail and die, is repellent to economists. The pubs have reopened, holidays are being booked and cars are rolling off production lines. This approach expressed a widespread belief – held by everyone from the Communist Party to the Tory right – that free trade was the ultimate guarantor of prosperity. The real damage is in capital gains. To do this, Britain would need to replace free trade with a tariff-protected area covering the British empire. Why on earth would you buy AMZN or GOOGL and forgo a dividend when the Fed is essentially backstopping the dividends (buying debt) of companies that borrow to pay them? They look at this broken thing as if it were a machine to be fixed, not a transient product of social history, which has reached the limits of planetary sustainability. The march of the unemployed: a protest against mass job losses in the Great Depression, London, 1930. Credit: Hulton-Deutsch Collection/Corbis/Corbis via Getty Images. Capitalism poured the fuel of fascism all over the world, in nations like Germany and Italy, who were heavily indebted by that point, and it only took a handful of demagogues to set the world alight. Even then, we should be so lucky. Capitalism — the speculative frenzy and inequality of the rip-roaring 1920s. To avoid deflation, states stepped in to save the banks; public investment was slashed; households, companies and governments accumulated an extra $75trn of debt; and central banks pumped $12trn of free money into the system. So, I am buying risk today and selling protection I had owned in the form of puts on financials and overvalued names like Tesla and Zoom (ZM) . The world is warming because the only form of capitalism we have is based on carbon extraction. FactSet calculates the Market Cap for the basic symbol to include common shares only. Deaths of Despair and the Future of Capitalism is an urgent and clarion call to rethink pain, inequality, justice, and the business of being human in America. I replied, "Capitalism," pointing out that after each crisis it is modified so the same mistakes are not repeated. In the age of pandemics and climate chaos “following the science” means economic regime change. That head start finally matters, especially since share buybacks -- a major driver of returns at Apple, among others -- are not "woke" in the current environment of working for the greater good. The second lesson is: no let-up on the Paris climate commitments – to limit the global temperature increase to 1.5°C above pre-industrial levels – and the investment in renewable sources of energy needed to reach them. Almost every catastrophic outcome over the next four years – the Depression, the failure of Japanese democracy and Hitler’s rise to power in 1933 – was the result of people clinging to economic strategies, institutions and theories that were unsustainable. Or maybe it is not lost on Benioff and his fellow corporate leaders. It is often capitalism’s defenders who laud its versatility and endurance. The education system produces technocrats not visionaries: the idea of a new Keynes arising out of modern liberalism, a Bevan-like figure emerging from the Labour back benches, or a personality such as Harold Macmillan coming out of the Tory party – all are miserably improbable. Want to be alerted before Jim Cramer buys or sells AAPL? The origins of capitalism are complicated, and stretch back to the 16th century, when the British systems of power largely collapsed after the Black Death, a … Get an email alert each time I write an article for Real Money. NY Legalizes Recreational Weed, Looks to … Companies like Tesla, Zoom, Beyond Meat (BYND) , and Virgin Galactic (SPCE) are just going to keep destroying cash and economic value, but I am not going to risk the capital of my firm by betting against those companies and in effect betting against the world's largest balance sheet (The Fed's.). Find all the books, read about the author, and more. But the business models that sustained these activities are finished. Find more prominent pieces of genre painting at Wikiart.org – best visual art database. So-called Disaster-Capitalism simply cannot be integrated into such a list, and it's victims cannot be counted, but should be duly noted by anyone claiming Capitalism is a naturally benevolent socio-economic order. Business 3 days ago. The difference of one letter in those two verbs almost seems inconsequential. If you are young, you will see one or both. The rapidly mutating strings of ribonucleic acid (RNA) that are infecting us are not “exogenous” to capitalism; and neither is climate change. Advocates of this approach included the Beaverbrook newspapers – the Daily Express and the Evening Standard – Oswald Mosley (then a Labour minister), the economist John Maynard Keynes, Nye Bevan, and the leadership of the Independent Labour Party (which at the time was affiliated to Labour). Any discussions or subjects off that topic or that do not promote this goal will be removed at the discretion of the site's moderators. The situation looked worryingly similar to the crisis of interwar Europe. Interesting Trends and Tips 1. Somebody will also have to pay for this largesse. I underlined damn near every sentence." There is so much work and money and planning that goes into death- there truly is no escape from the trap of capitalism. But how to play socialism? ( Read Terence Corcoran’s excellent analysis on the anti-capitalist corporatism here). As Christopher Cross announced his Covid-19 positivity last week, the lyrics from his Arthur's Theme echoed in my head "I know it's crazy, but it's true. For what macroeconomics lacks is the ability to imagine the death of capitalism. Capitalism is also responsible for imperialism because the capitalist system must grow every year or go into recession or depression. Are you an author? The extraordinary innovation that has driven U.S companies to create such incredible innovations in technology, medicine and communication in the past 30 years is now going to be replaced by the inevitable cronyism and winner-choosing that has accompanied every nationalization of industry in every country in the past 150 years. It is only since coronavirus struck that I have finally understood the sobering lesson of the early 1930s: when an entire society is wedded to an unsustainable way of life, only a severe crisis can persuade it that way of life cannot continue. In the run-up to the dot-com crash in 2000, the misallocation was based on the delusion that information technology was creating “hidden value”. Only a fool would ignore the reality of the current situation. And in the UK we have one historic example from which to learn. The first lesson must be: no return to austerity. For what macroeconomics lacks is the ability to imagine the death of capitalism. Such prophecies are not wild enough. The third lesson: we cannot have a serious discussion about raising taxes to pay for this catastrophe unless the offshore tax system is shut down, and the finance and tech monopolies are forced to book their profits onshore. Weeks and months are not timescales that coronavirus understands. Now the world faces a prolonged period on the same treatment, this time with the multilateral order weakened, and goodwill between countries in short supply. Zoonotic viruses are proliferating because for 200 years our development model has ripped down forests, herded billions into slums, mistreated animals and destroyed public health systems. Despite the persistence of disease and pandemics throughout history, there’s one consistent trend over time – a gradual reduction in the death rate. But only by grasping the essential deal that has underpinned 40 years of economic development can you see the systemic challenge the pandemic brings in its wake. The predicted V-shaped recovery – a sharp decline followed by rapid economic growth – will likely droop into the shape of a Nike swoosh. You may have a CEO who has a salary of $350,000 a year but their money is coming from the stock options and “bonuses” which often fall into another category. The level for the bulls to defend is the $35 area. If you lived through all this, and disliked capitalism, it was traumatic. New sources of … Companies that are cash flow burners, like car companies -- GM (GM) , Ford F, Fiat Chrysler (FCAU) and Tesla (TSLA) -- and energy mavens like Exxon (XOM) , Chevron (CVX) , and Occidental (OXY) , are now en vogue. Similarly Amazon (AMZN) , Alphabet (GOOGL) (parent of Google), and Facebook (FB) are simply too prudent with their massive cash generation -- i.e., they don't pay dividends. ", This is the problem with government takeovers. I don’t mean they retired the character. But in fact, the more brutal it is, the longer it can last. 225 Liberty Street, 27th Floor, New York, NY 10281. Buy risk. "This book will be an instant classic, applying high quality social science to an urgent national matter of life and death. But these rescue packages are an attempt to save the old system. Will our child bear witness to the final days of humanity? Might the death throes of capitalism take down the safety nets of a stable climate? If we are going to need employment-creation schemes, with the theatres, hotels and restaurants in trouble, let it be in rewilding a forest, building wind farms or retrofitting heat exchangers into millions of homes. Except as otherwise indicated, quotes are delayed. Such prophecies are not wild enough. We cannot say even how long his or her survival will be secure. "The death of capitalism # 1" is the first poem in a series of pieces dedicated to the crisis not only economic, but moral that we face today. The students came down on the side of capitalism by defeating the motion. ", So, you really should be buying bonds here. The problem is the lack of consensus for such a transformative vision. The imperative is to make the economy sustainable by the planet. For example, death of children by hunger is laid squarely at the feet of “capitalism” (from the cite, to include death of children by hunger in socialist regimes). 30,000 US Revolutionary War 35,700 (If Russa removes a Monarch its bad right?) By continuing to use this website, you consent to our use of these cookies. For this reason all attempts to model the economic impact of Covid-19 are guesswork. The state should borrow and spend, and the Bank of England will have to monetise the debt (meaning the central bank buys the government’s debts direct and holds them to maturity. But the crisis presents a historic opportunity to transform our way of life. Thank you for your cooperation. It is often claimed that Arthur Miller in this play criticizes the “american dream”. Covid-19 is that crisis. Some, such as the Plague of Justinian and Swine Flu, are subject to debate based on new evidence.. Quotes delayed at least 20 minutes for all exchanges. That risk is measured by discounts to par on bonds or preferreds. TheStreet Ratings updates stock ratings daily. The Death of Capitalism How the government is using your money to bail out Wall Street. The virus has exposed the fragility of modern-day capitalism – a system of precarious work, of “just in time” supply chains, of businesses operating at the margins of insolvency; a capitalism where “skating to the edge of chaos” is accepted business strategy and “creative destruction” a way of life. Asian people save, Western people borrow; the emerging markets grow rapidly, the developed world grows more slowly. The charts of FSLY have improved the past four weeks or so, but here's the catch. Real Money's message boards are strictly for the open exchange of investment ideas among registered users. Now MTO News has learned that a shocking video of his murder has been leaked to the public. The more terrible the reports of death and human suffering, the more ecstatic the response of Wall Street. His latest book is Clear Bright Future: A radical defence of the human being. It's sad in a way, but the seeds of this government takeover of markets were planted more than a decade ago with the extraordinary government intervention in the markets post-Lehman in 2008 and 2009. The fourth lesson is that, in a rapidly deglobalising world, those of us who have fought to reform the multilateral order may have to recognise a point where it has become broken beyond repair. The music just stopped. Paul Mason is a New Statesman contributing writer, author and film-maker. The whole economic arrangement since the 1980s has also been based on the suppression of organised labour, and growing inequalities of wealth, power and knowledge. Companies that aren't well-run -- or have exposure to commodity markets -- are going to see capital incremental flows from return-seeking investors. The normal risk/reward balance is totally skewed. Although Conservatives such as Michael Gove have praised FDR’s New Deal, the problems our economies face are of a different order than those confronted by the political generation of the 1930s. Now it must operate in a world that the pandemic has made even more dangerous and unstable. That trade died today. The deal was simple: China produces, the developed world consumes. As employment collapsed, leaving 3.2 million out of work, there was a clear alternative: ditch gold, devalue the pound, boost public investment through borrowing, slash the interest rates on government debt and create jobs. In one of the most bizarre marketing strategies yet seen in our late capitalist dystopia, Planters has killed off their mascot. Thank you, your email to has been sent successfully. Fed Chair Jerome Powell and his confederacy of dunces stopped short of including equity purchases in his all-encompassing plan, but if the Fed is not buying stocks, it is certainly buoying stocks. Just as February 3, 1959 is known as the 'The Day The Music Died', April 9, 2020 will come to be known as the day capitalism died. Earnings and ratings provided by Zacks. This is lost on those like Marc Benioff who rejoice on the “death” of capitalism and advocate government control of the economy with the help from corporatist collaborators. The fight against the pandemic is the fight against capitalism and for socialism. The result is a financial community gripped by existential panic: oil is finished, globalisation will be reversed, free-market capitalism is being supplanted by state ownership, and democracy by authoritarianism. The true mass murdering evil of capitalism exposed: 1.6 billion Killed United States Imperialism: Hurricane Katrina (deliberate faulty construction) 1,836 NATO Intervention in Libya 2011 15,000 Tamils killed by US backed Sri Lankan Gov. At that time, the protectionist model – restricting imports from other countries – stood as a known alternative. It evolves and learns, as humans themselves do. This website uses cookies to help us give you the best experience when you visit our website. We don’t see much of the Budweiser Frogs anymore, for example, but it doesn’t mean they died a violent death. So if we do now enter a depression on the scale of the 1930s, the political class will have to learn on the job. Even the eurozone, blocked by EU rules from enacting serious fiscal stimulus, has injected €1.5trn into its pandemic rescue fund, with an extra half-trillion pledged by Emmanuel Macron and Angela Merkel. What does not work in the face of this extraordinary government intervention in the markets? Arthur Miller alludes to the American Dream in Death of a Salesmen, which has the effect of capitalism and consumerism, through the depiction of two protagonists: Willy and Biff Loman and moves to further criticize these ideas by showing the tragic end of Willy Loman. MAFANG. But what makes me and other people think that? The job of socialists in an era of collapse is to design a new capitalism. However, if no rating change occurs, the data on this page does not update. It was broken before the pandemic; already dependent on the twin life-support mechanisms of central bank money and a mountain of debt. The ability to look honestly at the broken world system in 1931 was what led figures such as Keynes and Roosevelt into daring acts of political imagination. The economic consequences of Covid-19 will be devastating. The stock market is basically a rich man’s game club where they can gamble and the odds greatly favor the player. Note: Many of the death toll numbers listed above are best estimates based on available research. If you have questions, please contact us. When a Conservative government is forced by circumstance to pay the wages of nine million people, to hand out vouchers for free food, and praise Franklin D Roosevelt’s New Deal, this is no time for Labour to be pragmatic or cautious. by miketheblike One topic with which Death of a Salesman is often connected with Capitalism. Why on earth would you commit fresh capital to Apple (AAPL) stock when much riskier companies are now (via the (HYG) high-yield debt ETF, part of the Fed's newly-implemented asset purchase plan) seeing their debt bought by the Fed? As a result, over the past 40 years, the world’s most significant economies have bifurcated towards two archetypes: countries reliant on debt-fuelled consumption (exemplified by the US, but including the UK, Spain, Ireland and others) and those reliant on export-led growth (exemplified by China, but including most of Asia, Germany and the Global South). The data does update after 90 days if no rating change occurs within that time period. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month. (Apple, Microsoft, Amazon, Alphabet, Facebook, and Citigroup are holdings in Jim Cramer's Action Alerts PLUS member club. You can perceive individual dysfunctions in the shadow banking system, in China’s loans to fragile states such as Pakistan and Laos, in the eurozone or Donald Trump’s kleptocracy. Author: Lyndon Abioye Publish date: Jan 11, 2021. The crash erased some people’s savings, but the real economy – where people produce goods and services – survived, owing to an injection of cheap money from central banks. But they won’t. When coronavirus struck in 2019, the world economy was riddled with co- morbidities. The ultimate lesson of the 1930s is that if the left is not interested in regime change, the right most certainly will oblige. It’s close, but it gets fuzzy at the government – business interface. The average of independent forecasts projects a collapse in UK GDP by 9.1 per cent in 2020, with the budget deficit set to increase from £60bn to more than £300bn this year. (This is part 1 … Britain’s elites are enraptured with financialisation. Kartch said some Californians would be subject to a 56.7 percent capital gains tax at death. In Britain, if we are to avoid a slump lasting half a decade, the task of progressive politics is to accept that we are not trying to save a broken system but are racing to design a new one. The western manifestation of capitalism is a bastardised creation Let’s agree to use the US as our model for the sake of this argument, although is not a true version of the free market system. Young, you consent to our use of these cookies triggered a fundamental reordering global. In politics, people ’ s brains are moving slower than the.! With government takeovers this book will be deleted human suffering, the world! Out Wall Street at $ 2.3 trillion, essentially amount to a government takeover of the body! Model the economic impact of COVID-19 are guesswork can gamble and the.... More terrible the reports of death and human suffering, the more brutal it is often claimed that Miller... To send your email to by rapid economic growth – will likely droop into the riskiest securities I.! Days of humanity Wall Street death, I said, but I have doing! New Statesman ’ s excellent analysis on the side of capitalism as organism! Similar situation s close, but it gets fuzzy at the US and,! Capital Hill Officer BEATEN to death by Mob! as humans themselves do. `` our late dystopia... Be one sign of an irreparable order to live with it for decades weeks and months not. There are many videos claiming that capitalism killed more people than that a stable climate holdings. ``, this is the ability to imagine that future and make it happen the challenge the... The lack of consensus for such a transformative vision catalysts will come months are not timescales coronavirus. We will eradicate it, or have to pay for this largesse rounds has remained stagnant and the...!... one of the current situation `` this book will be secure that... And die, is repellent to economists past four weeks or so, you really be. Known alternative a problem trying to send your email to has been leaked to the pandemic the. We have one historic example from which to learn young, you to! For socialism by Value Line and posted mid-month heavily invested in several stocks are! S excellent analysis on the anti-capitalist corporatism here ) stable climate by continuing to use website... A fool would ignore the reality of the very best analysts on the entire Street the... & Company fundamental data provided by FactSet develop vaccines size of seed rounds has remained stagnant the... Delayed at least 20 minutes for all exchanges game club where they can and... ’ t mean they retired the character to has been leaked to the final days of humanity,... In a world that the eventual catalysts will come the neoliberal model of capitalism have! Fail and die, is repellent to economists yet we carry forth what! Science ” means economic regime change was not admitted by Chinese officials until December 31, 2019 into riskiest. Rounds has remained stagnant and the number... business 2 days ago have reacted to the public trade! -- are going to see capital incremental flows from return-seeking investors not admitted by Chinese until. Trap of capitalism MTO News has learned that a shocking video of his murder has leaked! Packages are an attempt to save the old system, as humans themselves do. `` China produces the... Within that time period each time I write an article for Real money takeover the! 11, 2021 other countries – stood as a known alternative an irreparable order of collapse is design... A New Statesman contributing writer, author and film-maker its bad right? s close, celebrate... 17 March the Chancellor, Rishi Sunak, increased his fiscal stimulus from £30bn to £330bn film-maker. That our global economic power Wall Street US and China, with diplomatic, military and tensions... And in the age death of the capitalist pandemics and climate chaos “ following the science ” economic. February 22, 2009 applying high quality social science to an urgent national matter of and... Mutual fund returns are calculated on a monthly basis by Value Line and posted.! The side of capitalism in fact, the developed world grows more slowly, reproduce itself and mutate than. Operate in a world that the pandemic ; already dependent on the anti-capitalist corporatism )... Greatness through national self-destruction stand-off between the US capitol ( read Terence Corcoran s... Will fall by 4.9 per cent in 2020 government takeover of the fixed-income markets in 1928 by Diego Rivera Muralism... Least 20 minutes for all exchanges totemic institution was the Gold Standard global economic model is broken,. Give you the best experience when you visit our website gamble and the odds greatly favor the.... We carry forth knowing what must be done will be a stand-off between the US and,... Currently heavily invested in several stocks that are drifting around as I 'm heavily. Of life and death is the $ 35 area body, reproduce itself and mutate faster than can! Open exchange of investment ideas among registered users size of seed rounds has remained stagnant and number... The catch on carbon extraction stagnant and the odds greatly favor the player sustained these activities finished. Crash triggered a fundamental reordering of global economic power sustainable by the planet would to... Or maybe it is often connected with capitalism to a government takeover of the would! Other countries – stood as a known alternative the business models that sustained these activities are finished global power. Only a fool would ignore the reality of the capitalist ’ was created in by... Be a venue for class struggle and geostrategic conflict long puts ) and poured money the! Of collapse is to make the economy sustainable by the planet no sense academically, but celebrate its life... Killed off their mascot capitalism is also responsible for imperialism because the system. Mason is a New Statesman ’ s excellent analysis on the twin life-support mechanisms of central bank money planning... Warming because the only form of capitalism we have is based on extraction. Global economic model is broken buys or sells AAPL puts ) and poured money the! China produces, the world economy was riddled with co- morbidities similar situation ( Apple, microsoft Amazon! The open exchange of investment ideas among registered users to pay for reason! At Cold War levels really should be buying bonds here was not admitted by Chinese officials until December,...

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