1994 dallas federal reserve annual report

8/2/2019 1994 Dallas Federal Reserve Annual Report

1/36


2/36 5;

Nb }dc ctedoblcu }do} fcb eozz~ib |n}d ibc obi}dcz }dczc nu ibh~ ibc }dnbl}do} nu obm eob jc eifpozcm """ ucz{necuzcbmczcm obm zcecn{cm" Fobskoe&}szczu( ho|~czu( mie}izu( en{nh ucz{ob}u(jobaczu( fczedob}u( uonhizu( uihmnczu( oz}&nu}u( |izaczu( ohh ik su( used ou |c ozc """zcbmcz obm zcecn{c ucz{necu" N} nu nb }dcfohibc }do} {ohsc zcunmcu( obm bi} nb }dc """zo| fo}cznohu obm """ bo}szoh zcuiszecu """}do} }dc~ ps} }i |iza" Ibc |didou fizc }ohcb} zcbmczu fizc ucz{necu """kzif |dned n} kihhi|u }do} dc nu {ihsb}oznh~

lzob} cm o lz co }c z zcfsbc zo }n ib "Eopn}oh nu bi} ob oeesfsho}nib ik fo}c&znoh ijgce}u( mcpcbmcb} ib }dc mszojnhn}~ ikfo}}cz( js} ob oeesfsho}nib ik {ohscu( }do}nu( ik ucz{necu" Hnjcz}~ }cbmu nbc{n&

}ojh~ }i hcom }i }dc gsu} cqsn{ohcbec ik ucz&{necu( }i jznbl ojis} lzco}cz obm lzco}czcqsohn}~( }i zonuc ohh fcb sp }i }dc uofc(eibu}ob}h~ znunbl u}obmozm ik hn{nbl"

Kzmzne Jou}no} edofpnibcm zc{ihs}nib&

oz~ nmcou nb o zc{ihs}niboz~ olc" Jizb o}Jo~ibbc( Kzobec( nb ?40?( Jou}no} |ou ?= |dcb

Bopihcibu ozf~ kchh o} \o}czhii obm :> msz&nbl }dc Zc{ihs}nib ik ?450" Hn{nbl o} }dc dcnld}ik fczeob}nhnuf js} nbupnzcm j~ Omof Ufn}d

obm Gcob&Jop}nu}c Uo~( Jou}no} |izacm kc{cznudh~}i pzifi}c kzcc }zomc obm i}dcz fozac}&joucmceibifne pznbenphcu }do} upcenoh nb}czcu}u

uisld} }i ijueszc" Znunbl }i pzifnbcbec nb?4== spib }dc psjhneo}nib ik dnu knzu} pofpdhc}(

]dc Nbkhscbec ik Kzcbed obm Cblhnud ]oznkku ib}dc Ks}szc ik }dc ]|i Pciphcu( Jou}no} lonbcmo zcps}o}nib ou pczdopu }dc lzco}cu} ctpiun}iz

ik kzcc fozac} nmcou |di c{cz hn{cm" N} dou jccbuonm }do} Jou}no} anhhcm pzi}ce}nibnuf |n}d znmn&eshc" Nb ob is}pisznbl ik cuuo~u obm psjhne op&

pcozobecu( dc sucm ctollczo}nib }i ctpiuc }dckohhoe~ ik pzi}ce}nibnu} pihnencu" Hcuu oeabi|h&

cmlcm js} bibc}dchcuu unlbnkneob} |ou Jou}no}ucfpdounu ib ucz{necu ou }dc lzco} mcbifnbo&

}iz ik ohh {ohsc" Jou}no}u eozccz |ou es} udiz}

j~ nhhbcuu( obm dc mncm nb ?430 o} olc =>"

EIB]CB]

PZCUNMCB]U FCUUOLC

]DC UCZ[NEC UCE]IZ7 LN[C N] UIFC ZCUPCE]

]DC ^COZNB ZC[NC\ :

JIOZMUIK MNZCE]IZU :3

OM[NUIZ^ EISBENHU :

U]O]CFCB]IK USZPHSU 50

[IHSFCIK IPCZO]NIBU 5

IKKNECZU 5:

Kzm

zne Jou}no}

?40? ?430

]DC

JC]]FOBB

OZEDN[C


3/36 ?

zcfcfjcz |dcb }dc~ eohhcm }dcf ucz{nec u}o}nibu" \dcb

N u}oz}cm is} psfpnbl lou o} f~ momu u}o}nib( N sucm }i

edcea }dc inh obm |npc }dc |nbmudnchmu |dc}dcz }dc~

bccmcm n} iz bi}" N mnmb} abi| n} o} }dc }nfc( js} N |ou

poz} ik }dc ucz{nec uce}iz" C{cb ui( N eishm u}nhh }chh pciphc

|do} N mnm obm }dc~ abc| |do} N |ou }ohanbl ojis}" Iz( }dc~ eishm

gsu} hiia o} f~ knblczbonhu"

N}u fizc ofjnlsisu }dcuc mo~u" N lscuu Nf u}nhh nb }dc

ucz{nec uce}iz" Js} |dcb N do{c }i knhh nb }dc hn}}hc jhoba }do} ouau f~

ieespo}nib( N dozmh~ abi| |do} }i |zn}c" Ho}ch~( N gsu} ps} ecb}zoh

jobacz" Nb ob~ eouc( bc|upznb} dou zcphoecm eoz lzcouc ib f~ dobmu"

Edobecu ozc( ~iszc nb }dc

ucz{nec uce}iz( }ii" Fiu} pciphc ozc

}dcuc mo~u( oh}disld }dc~ fo~ bi} jc

o|ozc ik n} obm |ishm jc dozm&

pzcuucm }i mcknbc }dcnz gij nb o ucb&}cbec iz }|i" Eob ~is nfolnbc ct&

phonbnbl }i o ehouu ik }dnzm&lzomczu

|do} o jnilcbc}ne cblnbccz micu9 N}u

o hi} councz }i ctphonb }dc }oblnjhc

}do} ~is jsnhm disucu kiz o hn{nbl

}dob n} nu }i ctphonb }dc nb}oblnjhc

}do} ~is oboh~wc nb{cu}fcb} u}zo}c&

lncu }i nbezcouc }dc {ohscu ik ~isz

ehncb}u piz}kihniu"

Fob~ psbmn}u mib} ln{c }dcucz{nec uce}iz fsed zcupce}" Js} }do}

micub} uccf }i fo}}cz }i eihhclc

u}smcb}u |di ozc hiianbl kiz|ozm }i

cb}cznbl }dc ucz{nec uce}iz ou eif&

ps}cz pzilzoffczu( cblnbcczu( joba&

czu obm oeeisb}ob}u" Di| ik}cb mi

~is dcoz }do} ucz{nec |izaczu ozc ofibl }dc dnldcu} ponm obm }dc

jcu} cmseo}cm9 Nbu}com( |c dcoz }do} }dc eisb}z~ nu linbl }i dchh nb o

dobmjouac} jceosuc ucz{necu ozc zcphoenbl liimu nb isz is}ps} fnt"

Isz obbsoh zcpiz} cuuo~ }oacu nuusc |n}d }do} pinb} ik

{nc|" N} udi|u }do} isz ctpobmnbl ucz{nec uce}iz nu bi} o unlb ik

mcehnbc js} o hilneoh pdouc nb isz lzi|nbl pziupczn}~" Nb koe}( n} nu

}dc u}zcbl}d ik }dc ucz{nec uce}iz }do} dou kschcm }dc lzi|}d ik

}dc S"U" ceibif~ kiz }dc pou} uc{czoh ~cozuuifc}dnbl chuc }do}

doub} li}}cb }dc zcupce} n} mcucz{cu" N eohh n} }dc Zimbc~ Moblczknchm

zcei{cz~" Fob~ pciphc u}nhh }oha ojis} }dc zcei{cz~ kzif }dc hou}

zcecuunib ou nk n} |czc o {cz~ bc| obm {cz~ kzolnhc }dnbl( js} }dc

zcei{cz~ jclob nb ?>>?" Opznh ? |nhh foza n}u kisz}d obbn{czuoz~(

obm }do}u bi Opznh Kiihu giac"

C{cb }disld }dc zcei{cz~ li} ikk }i o uhi| u}oz} nb }czfu

ik gij lzi|}d( }do}u obencb} dnu}iz~ bi|" \c{c dom }dzcc ~cozu

ik liim is}ps} lzi|}d obm }|i ~cozu ik liim gij lzi|}d" ?>>=

|ou }dc jcu} ~coz ik ohh" ]dc ceibif~ u}zcbl}dcbcm }dzisldis}

}dc ~coz( |n}d zcoh LMP lzi|nbl o} o ="3&pczecb} obbsoh zo}c obm

sbcfphi~fcb} kohhnbl }i o 3"=&pczecb} zo}c o} ~cozu cbm" Kiz }dc

~coz ou o |dihc( zcoh LMP nbezcoucm = pczecb}( obm }dc ceibif~

lonbcm 5"3 fnhhnib bc| giju" ]dc eibusfcz pznec nbmct nbezcoucm

:"< pczecb} kzif Mcecfjcz }i Mcecfjcz kiz }dc uceibm ~coz nb

o zi|" ]dc fnucz~ nbmct( }dc nbkho}nib zo}c phsu }dc sbcfphi~&

fcb} zo}c( |ou o} n}u hi|cu} hc{ch nb fob~ ~cozu"

Fibc}oz~ pihne~ nb ?>>=

joeacm ikk kzif }dc ct}zoizmnboznh~

cou~ u}obec ik }dc pzc{nisu }|i

~cozu" ]dc 30 fpd dcom |nbmu }do}

dom gsu}nkncm }dc ct}zoizmnboz~ coucmnuunpo}cm obm }szbcm nb}i }onh |nbmu"

Fsed ik }dc uhoea hck} i{cz kzif }dc

zcecuunib lo{c |o~ }i eibmn}nibu

ouuieno}cm |n}d nbkho}niboz~ pzcuuszcu

nb }dc pou}" ]dc pihne~ omgsu}fcb}

|ou oppozcb}h~ useecuuksh( ou zcoh

lzi|}d zcfonbcm u}zibl obm nbkho&

}niboz~ pzcuuszcu do{c ~c} }i uszkoec

nb knboh eibusfcz pznecu"

\c o} }dc Kcmczoh Zcucz{c|nhh eib}nbsc isz {nlnhobec olonbu}

nbkho}nib( |dned sbmczfnbcu }dc {ohsc

ik isz fibc~ obm czimcu isz kon}d

nb isz li{czbfcb} obm n}u nbu}n}s&

}nibu" Dnu}iz~ dou }osld} su }do} n} nu

ibh~ }dzisld o uisbm( u}ojhc

ceibif~ }do} gij lzi|}d( pzimse}n{n}~ obm ippiz}sbn}~ |nhh cb&

mszc obm }dzn{c" N} dou ohui }osld} su }do} ou |c fi{c kzif fobs&

koe}sznbl }i ucz{necu( |c |nhh knbm bc| gij ippiz}sbn}ncu }do} ozc

ou liim iz jc}}cz }dob |do} |c{c hck} jcdnbm" ]dc hcuuib }i zc&

fcfjcz nu }do} n} nu isz kzcc cb}czpznuc u~u}cf }do} dou pzi{nmcm

su |n}d }dc dnldcu} u}obmozm ik hn{nbl ik ob~ bo}nib nb }dc |izhm"

]dnu uofc u~u}cf dou cbojhcm su }i foac }dc }zobun}nib }i o fizc

ucz{nec&izncb}cm ceibif~( o zckhce}nib ik o znedcz obm fizc pziu&

pczisu Ofczneo"

Pzcunmcb}u Fcuuolc

Zijcz} M" Fe]ccz( Gz"

Pzcunmcb} obm Ednck Ctces}n{c Ikknecz


4/36 :


5/36 5

fczneobu co} fizc fcohu }dob c{cz o} zcu}oszob}u

kzif }dc kojhcm Jzi|b Mczj~ nb Hiu Oblchcu }i

FeMibohmu nb Ohfiu} Ob~|dczc( S"U"O" ]dc~ }oac

}dcnz ehi}dcu }i }dc mz ~

ehcobczu( }dcnz eozu }i o

fcedobne( }dcnz milu obm eo}u }i

{c}cznboznobu" ]dc~ li }i o jozjcz

udip iz o jcos}~ uohib kiz donz

eozc" ]|i&eozccz kofnhncu mzip

~isbl ednhmzcb ikk o} mo~&eozc

ecb}czu"

Kiz }dcnz difcu( Ofczn&

eobu d n zc fonmu ( lozmcbczu (

phsfjczu( eozpcb}czu( chce}znenobu(

eozpc} ehcobczu( ednfbc~ u|ccpu(

ct}czfnbo}izu( nb}czniz mceizo&

}iz u( ozedn}ce}u obm ohozf&fibn&

}iznbl eifpobncu" Is}u nmc }dc

difc( uediih}coedczu( pihnec ik&

kneczu( fonh eozznczu( lozjolc eih&

hce}izu obm i}dcz psjhne ucz{ob}u

eib}znjs}c }i Ofcz neobu mo~&}i&

mo~ hn{cu" Ho|~czu( oeeisb}ob}u(

u}iea jziaczu( nbuszobec olcb}u(

knbobenoh phobbczu obm jobaczu

dchp accp knbobecu obm pczuiboh

okkonzu nb izmcz"

O} bnld} obm ib |cca&

cbmu( Ofczneobu uofphc }dc }ohcb}u ik o mowwhnbl {oznc}~ ik

cb}cz}onbczu }chc{nunib u}ozu( o}dhc}cu( oe}izu( eifcmnobu(

fsunenobu( }i usllcu} gsu} o kc|" Kiz }dcnz pczuiboh kshknhhfcb}(

}dc~ }szb }i kn}bcuu nbu}zse}izu( }s}izu( hnjzoznobu( pu~edneu( }isz

lsnmcu obm fsune }coedczu" \dc}dcz js~nbl o hiok ik jzcom iz

o bc| eoz( udippnbl fizc ik}cb }dob bi} zcqsnzcu ouunu}obec

kzif uohcuehczau"

Lc}}nbl kzif dczc }i }dczc( obm joea olonb( |ishm jc

o Hc|nu obm Ehoza om{cb}szc |n}dis} }zo{ch olcb}u( }neac}&

}oaczu( jollolc dobmhczu obm khn ld} o}}cbmob}u" ]i fonb}o nb

}dcn z dcoh }d obm |chh &jcnbl ( Ofcz neobu }szb }i mie}iz u(

bszucu( mcb}nu}u( uienoh |izaczu( fouuolc }dczopnu}u( pu~edno&

}z nu}u obm pdozfoenu}u" Bi fo}}cz di| |chh |c }oac eozc ik

iszuch{cu( c{cz~ibc c{cb}sohh~

|nhh bccm o ksbczoh mnzce}iz"

O h h }d n uobm fsed(

fsed fizc|c eohh }dc ucz{nec

uce}iz"

]dc ucz{nec uce}iz mifn&

bo}cu }dc S"U" ceibif~" N} foacu

sp }|i&}dnzmu ik }dc bo}nibu is}&

ps}" Bcozh~ kisz ik kn{c Ofczneobu

cozb }dcnz hn{chndiimu pzi{nmnbl

ucz{necu" Bi} uszpznunblh~( uifc&

}dnbl ui jnl nbupnzcu o diu} ik us&

pczho}n{cu" Ucz{necu nu }dc ceibif~u

kou}cu} lzi|nbl uce}iz" N} hcomu }dc

ceibif~ |n}d }dc fiu} uchk&cf&

phi~cm( }dc fiu} fiibhnld}czu(

}dc fiu } pciphc |di |iza o}

difc" Ucz{necu nu }dc ceibif~u

fiu} mn{czuc uce}iz( cbeifpouu&

nbl bcsziuszlcibu( eihhclc pzi&

kcuuizu( mchn{cz~&}zsea mzn{czu obm

mnud|oudczu" N} eib}onbu uifc ik

}dc bc|cu} pzikcuunibu obm uifc

ik }dc ihmcu}" N} nbehsmcu }dc fiu}

u}ojhc giju obm }dc hcou} u}ojhc

ibcu" Ucz{nec |izaczu ozc }dc dnldcu} ponm obm jcu} cmseo}cm(

obm }dc~ ozc }dc hi|cu} ponm obm hcou} cmseo}cm"

Obm }do}u bi} ohh"

Ucz{necu nu pzijojh~ }dc fiu} fohnlbcm obm hcou}

sbmczu}iim uce}iz ik }dc ceibif~" Ofczneobu dcoz }nfc obm

olonb }do} }dc ucz{nec uce}iz nu }dc cqsn{ohcb} ik |ccmu nb ob

ceibif~u lozmcb" Ucz{nec giju ozc hi|&po~nbl( hi| nb pzi&

mse}n{n}~( hi| nb u}o}suiz ui }dc hn}ob~ licu" ]dc~ ikkcz ibh~

ueob} pziupce}u kiz om{obecfcb} obm ezi|m is} }dc ceibif~u

liim giju"

Nk Lim dom fomc fob o uihn}oz~ obnfoh( c{cz~ibc |ishm hojiz kiz dnfuchk"

Js}( unbec fob nu o uienoh ezco}szc( ucz{necu ozc ctedoblcm kiz ucz{necu"

Mi }dnu kiz fc( obm N |nhh mi }do} kiz ~is" Kzmzne Jou}no}


6/36 =

]dc znuc nb ucz{necu kccmu kcozu ojis} fobskoe}sznblu

mcehnbc obm ojis} }dc bo}nibu liim giju linbl i{czucou"

Bo~uo~czu |ozb ik ob ceibif~ |diuc is}ps} nu nbezcounblh~

mc{inm ik ob~ fo}cznoh usju}obec" ]dc }zobun}nib }i ucz{necu(

}dc~ eib}cbm ( |nhh hco{c fob~ Ofcz neobu u}sea nb mcom&cbm

giju( piizcz }dob }dcnz pozcb}u( uommcbcm j~ Ofcz neou hiuu ik

bo}niboh pzcu}nlc" Eib{nbecm ik

nfpcbmnbl mcfnuc obm hiianbl }i

phoec }dc jhofc( ezn}neu uszfnuc}do} }dc kosh} hncu |n}d isz kzcc

cb}czpznuc u~u}cf" ]dc fozac}

ceibif~ dou ko n hcm }i accp

Ofczneobu ib }dc ziom }i pziu&

pczn}~" N}u }szb }i|ozm ucz{necu

dou hcm su ou}zo~"

Ibc ps}mi|b pczdopu

jcu} eop}szcu }dc cuucbec ik ucz&

{nec&uce}iz pdijno7 \czc jc&

eifnbl o bo}nib ik dofjszlcz

khnppczu $Ctdnjn} ?." ]dnu lhiif~

{nunib ik o bo}nib ik dofjszlcz

khnppczu dou jccb zcpco}cm ui

ik}cb n}u susohh~ oeecp}cm |n}d

hn}}hc qscu}nib" ]do}u o fnu}oac" Nk

Ofczneobu ozc linbl }i sbmczu}obm }dc ceibifne kizecu

udopnbl }dcnz hn{cu( }dc~ udishmb} ehiuc }dcnz fnbmu o} }dc

uisbm ik o eo}ed~ pdzouc"

Fsed ik }dc jom&fis}dnbl ik }dc ucz{nec uce}iz

ofisb}u }i ibh~ dohk&}zs}du" O fizc }dizisld oboh~unu zc{cohu

}do} }dc lzi|}d ik ucz {necu nu bcn}dcz o unlb ik konhszc biz o

zcouib kiz miif obm lhiif" N} nub} }dc zcush} ik o bckoznisu

phi} j~ kizcnlbczu iz uifc jsblhnbl j~ pihne~foaczu" Zo}dcz(

}dc znuc ik ucz{necu( pzipcz h~ sbmczu}iim( fczch~ zckhce}u }dc

c{ihs}nib ik |do} |c eibusfc obm di| |c pzimsec" N}u gsu}

pzilzcuu}dc pzilzcuunib ik isz }ou}cu obm isz }iihu" Obm

Ofczneobu hn{nbl u}obmozmu eob eib}nbsc }i znuc nk |c jsnhm

}dc bcecuuoz ~ dsfob eopn}oh nb}chhce}soh eopn}oh bccmcm kiz

}dc Nbkizfo}nib Olc "

C T D N J N ] ?

Kou}&Kiim Zcu}oszob}Cfphi~ccu( ?>=4>=

Fnhhnibuikcfphi~ccu

0

"3

?

?"3

:

:"3

5

>=43 fnhhnib Ofczn&

eobu( iz zisldh~ }dzcc&kisz }du ik }dc |iza kizec( |iza nb ucz&

{nec nbmsu}zncu $Ctdnjn} :." ]dc jnllcu} pzi{nmczu ik ucz{nec giju

ozc zc}onh obm |dihcuohc }zomc( li{czbfcb}( dcoh}d eozc obm

}dc jsunbcuu pzikcuunibu" ]dc bsfjcz ik ucz {nec eifpobncu nu

jiifnbl" Ucz{nec&pzimsenbl cu}ojhnudfcb}u do{c lzi|b ibc&


7/36 3


8/36 ;

}dn zm kou}cz }dob liimu pzimsecz u unbec ?>40" \do}u fizc(

j~ ?>>? }dc ziu}cz ik ucz{nec knzfu cteccmcm 3 fnhhnib( kn{c

}nfcu }dc eisb} kiz liimu" ]dc ucz {nec uce}iz hcbmu n}uchk }i

ufohh&ueohc cb}zcpzcbcszu" ]dc o{czolc ucz{nec knzf cfphi~u

gsu} ?= |izaczu( hcuu }dob ibc&}dnzm }dc bsfjcz kiz o }~pneoh

fobskoe}sznbl eifpob~"

O{czolc po~ nb ucz{nec&pzimsenbl giju nu -?0": pczecb} ik Ofcz neobu |izanbl ib

kozfu" O} }dc u}oz} ik }dc ?>00u( olznesh}szc |ou u}nhh }dc pzn&

foz~ ieespo}nib( cfphi~nbl =0"= pczecb} ik Ofczneobu( obm

ucz{necu( nbehsmnbl li{czbfcb} giju( fomc sp 5?"= pczecb} ik

S"U" cfphi~fcb}" J~ ?>50( }dc liimu&pzimsenbl nbmsu}zncu

fobskoe}sznbl( fnbnbl obm eibu}zse}nibdom cehnpucm olzn&

esh}szc ou o uiszec ik cfphi~fcb}" c} ucz {necu( hozlch~ nlbizcm

nb }dc kobkozc i{cz }dc Nbmsu}znoh Olc( ohzcom~ dom lzi|b }i

fizc }dob dohk }dc |iza kizec" J~ }dc cbm ik }dc ?>;0u( }dc

ucz{nec uce}iz cfphi~cm }|i&}dnzmu ik S"U" |izaczu" ]dc pzi&

Cfphi~fcb} j~ ieespo}nib $nb }disuobmu.

Foednbc Dobmhczu(Pzcenunib ipcz& cqsnp&

Ctces}n{c( ]cedbn& Omfnbnu& pzimse& o}izu( ]zobupiz& fcb}omfnbnu& enobu }zo}n{c }nib( ouucf& }o}nib ehcobczu( Kozfnbl(

}zo}n{c Pzikcu& obm usppiz}( ezok} jhczu obm dchpczu kizcu}z~

]i}oh obm uniboh zcho}cm nbehsmnbl I}dcz obm obm fo}cznoh obm obmNbmsu}z~ cfphi~cm fobolcznoh upcenoh}~ usppiz} Uohcu ehcz neoh ucz{necu zcponz nbupce}izu fi{nbl hojizczu k nudnbl

]i}oh cfphi~cm ?:=(4>< ?;(:0 ?3(0;3 ?4(= ?;( 40 30 ?= ?


9/36 35 }i

hcuu }dob ?; pczecb} }imo~" ]disuobmu ik giju nb dnld&po~nbl

nbmsu}zncu used ou u}cch obm os}ifijnhc pzimse}nib do{c jccb

hiu} nb }dc pou} mceomc iz ui( fiu} hnach~ kizc{cz" ]dc nbezcouc

nb }dc bsfjcz ik ucz{nec giju nb zcecb} mceomcu fo~ foac n} hiia

ou nk }do} uce}iz nu hii}nbl fobskoe}sznbl ik n}u hojiz zcuiszecu"

]dczc ozc( di|c{cz( i}dcz loslcu ik fobskoe}sznbl

}do} piz }zo~ bi mceh nbc o} ohh" Is}ps} nb fobskoe}sznbl( kiz

ctofphc( eib}nbscu }i znuc( ~coz ok}cz ~coz $Ctdnjn} =." Nb ?>>:(

}dc bo}nibu koe}izncu edszbcm is} -?"0; }z nhh nib nb liimu( sp

ob nbkho}nib&omgsu}cm :3; pczecb} kzif ?>=< obm fizc }dob

:< pczecb} kzif ?>40" Ou o pzipiz}nib ik LMP( fobskoe}sznbl

uhnppcm }i zisldh~ ?> pczecb} nb ?>>:( |dned nu fizc o }znjs}c

}i ucz{necu pdcbifcboh ctpobunib }dob }i o hiuu ik fobskoe&

}sz nbl is}ps}" ]dc eisb}z ~ nu bi} fobskoe}sznbl hcuu " _sn}c

}dc eib}zoz~( n}u fobskoe}sznbl fizc( gsu} |n}d kc|cz pciphc"

piz}nib ik giju nb liimu&pzimsenbl nbmsu}zncu dom ohzcom~

zcoedcm n}u pcoa nb }dc cozh~ ?>30u" Nb }dc pou} }|i mceomcu(

}dc }zobun} nib }i|ozm ucz {nec giju eib}nbscm }i fi{c u}comn h~

kiz|ozm" Ibc sbmcbnojhc hcuuib ik }dnu dnu}iz ~7 }dc znuc ik ucz&

{necu nu bi} uifc eszniun}~ ik fimczb }nfcu" N}u uifc}dnbl ctpc&

zncbecm j~ isz lzobmpozcb}u( obm c{cb }dcnz kizcjcozu ( obm n} eofc

nb }obmcf |n}d znunbl S"U" u}obmozmu ik hn{nbl"\do}( }dcb( ik }dc bo}nib ik dofjszlcz khnppcz u9

N} fnld} uccf }do} kou}&kiim |izaczu ozc nbmccm }dc u}obmozm

ik }dc ucz{nec uce}iz" Nb ?>=4( }dczc |czc o fczc >(

fnhhnib( foanbl n} ibc ik }dc fiu} zopnmh~ lzi|nbl ieespo&

}nibu nb }dc piu}|oz cz o" ]dc po~ nub } jisb}cisu " O Jszcos ik

Hojiz U}o}nu}neu usz{c~ kisbm o{czolc |olcu nb kou}&kiim is}&

hc}u ibh~ 30 ecb}u oji{c }dc kcmczoh fnbnfsf |olc ik -=":3

nb =5 u}o}cu obm fiu} fc}zipihn}ob ozcou" ]dc }ip&po~nbl phoecu

o{czolc gsu} -3"30 ob disz"\do} ezn}neu nlbizc( di|c{cz( nu }do} }dcuc giju ozcb}

zcohh~ }~pneoh ik ucz {necu" Kou}&kiim zcu}oszob}u zch~ dco{nh~ ib

}ccbolcz u( }cfpizoz~ cfphi~ccu obm |izaczu |n}d hn}}hc iz

bi gij ctpczncbec" Bcozh~ " Ou o piz}nib ik cfphi~&

Pczec

b}ikcfphi~fcb}

C T D N J N ] 5

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10/36 4


11/36 >

Ou |c suc hcuu hojiz }i foac }dc liimu |c |ob}( fizc |iza&

czu eob jc upozcm kiz }dc pzimse}nib ik ucz{necu" ]dc zcush} kiz

Ofczneobu7 |c eob eibusfc ji}d fizc liimu obmfizc ucz&

{necu $Ctdnjn} 3." ]i ozjn} zoz nh~ zcu}izc }i }dc S"U" ceibif~ }dc

5 fnhhnib fobskoe}sznbl giju hiu} unbec ?> |ishm zcqsnzc zih hnbl

joea }dc nfpzcuun{c pzimse}n{n}~ lonbu fomc msznbl }dc pou}

?3 ~cozu" ]dc eisb}z ~ |ishm jc fsed piizcz kiz n}"

]dczcu jccb fsed |izz~ i{cz }dc eisb}z~u pcz&

unu}cb} mcknen}u nb fczedobmnuc }zomc( nbehsmnbl fizc }dob -?=0

jnhhnib nb ?>>=" Nb}czbo}niboh } zomc( di|c{cz( jcbckn}u }dc Sbn}cm

U}o}cu j~ ohhi|nbl pciphc obm i}dcz zcuiszecu }i mi |do}

}dc~ eob mi jcu}" ]dzisldis} n}u dnu}iz ~( isz bo}nib dou udnk}cm

}i dnldcz }cedbihil~ obm }i ucz {necu( nb |dned Ofczneob eif&

pobncu obm |izaczu do{c o eifpozo}n{c om{ob}olc" Nb bcozh~

c{cz~ poz} ik }dc |izhm( S"U" knzfu ozc uchhnbl fi{ncu( nbusz&

obec( knbobenoh ucz{necu( fcmneoh eozc obm fsed fizc" Nb ?>40(

i{czucou uohcu ik fczedobmnuc cteccmcm ucz{necu j~ 3 }i ?1 j~

?>>=( }dc zo}ni dom mcehnbcm }i 5 }i ?" ]dc Sbn}cm U}o}cu zsbu

o fisb}nbl ucz{necu uszphsu ojis} -;0 jnhhnib hou} ~coz"

Obi}dcz f~}d nu }do} fobskoe}sznbl giju ozc ohfiu}

oh|o~u jc}}cz }dob ucz{nec giju" ]dnu gsu} micub} u}obm sp"

\izaczu nb ucz {necu( kiz ctofphc ( ozc hcuu hnach~ }i koec sbcf&

phi~fcb} jceosuc mcfobm nb }diuc nbmsu}zncu nu u}comncz"

\iza|ccau ozc lcbczohh~ udiz}cz 1 gij edoblcu ozc kc|cz" ]dc

hi| |olcu nb ucz{necu( fizci{cz( zckhce} fonbh~ }dc hi| po~ nb

zc}onhnbl( o uce}iz }do} o}}zoe}u poz}&}nfczu obm gij&dippczu

ok}cz o hn}}hc upcbmnbl fibc~" Fob~ pciphc ozcb} uccanbl

giju |n}d hibl diszu" \dczc mi }dc~ knbm |iza9 Bi} nb fobs&

koe}sznbl" Ib o{czolc( koe}iz~ cfphi~ccu |iza i{cz}nfc" Nb

zc}onh }zomc( pciphc knbm giju |n}d udiz}cz obm fizc khctnjhc

diszu( councz |izanbl eibmn}nibu obm( bo}szohh~( hi|cz po~"

Fob~ fobskoe}sznbl giju ozc mshh( mnz }~( moblczisu obm mcom&

cbm( cupcenohh~ kiz }dc hi| uanhhcm" ]dc ucz{nec uce}iz dou n}u

udozc ik sbmcunzojhc }ouau( js} }dc~ udishm jc eifpozcm |n}d

}dc |izu} koe}iz~ gijubi}( ou ui ik}cb nu }dc eouc( |n}d }dc

jcu}" Uezsjjnbl khiizu fo~ hco{c o gobn}izu joea oednbl( js}

dchh lc} hn}}hc u~fpo}d~ kzif ob foednbc ipczo}iz |di upcb}

cnld} diszu edoblnbl upiihu ik ~ozb nb }dc binuc obm msu} ik o

}ct} nhc fnh h"

\do}u fizc( }dc |olc cmlc kiz fobskoe}sznbl udi|u

LMPZo}ni(

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Uc}}nbl ounmc zc}onhnbl( S"U" ucz{nec&pzimsenbl giju bi| oe}sohh~

po~ ob diszh~ |olc }do}u 3 pczecb} dnldcz( ib o{czolc( }dob fobs&

koe}sznbl $Ctdnjn} ;."]dczcu bi zcouib }i jchnc{c }dc }zcbm }i|ozm

dnldcz ucz{nec nbeifcu |nhh zc{czuc n}uchk" Nb koe}( }dc fiu} zc&

ecb} c{nmcbec usllcu}u }do} ucz{nec ieespo}nibu ozc ikkcznbl

jc}}cz po~ obm jcbckn}u }i pshh hojiz is} ik liimu pzimse}nib"

O ?>>= u}sm~ j~ }dc S"U" Mcpoz}fcb} ik Hojiz kisbm }do}

fiu} giju ezco}cm unbec }dc cbm ik }dc hou} zcecuunib nb ?>>:

ponm fizc }dob }dc bo}niboh o{czolc ik -??":= ob disz" Unlbnkn&

eob}h~( ohh }dc lonbu eofc nb ucz{nec nbmsu}zncu( |dned ommcm

fobolczu( pzikcuunibohu obm uohcupciphc" Liimu&pzimsenbl

nbmsu}zncu dom bc} mcehnbcu nb cfphi~fcb}" ]dc ji}}if hnbc7 }dcucz{nec uce}iz nub} gsu} pzimsenbl }dc giju" N}u ezco}nbl liim giju"

Uifc}nfc nb }dc ?>>0u }dc ezn}neu pzijojh~ |nhh do{c }i zc}dnba

}dcnz piun}nibu ou ucz {nec giju jceifc( ib }dc |dihc( jc}}cz po~&

nbl }dob fobskoe}sznbl |iza"

LZI\]D NB UCZ[NECU7 ]DC ZIHC IK ]OU]CU

\c {ohsc dnldh~ |do} ucz {necu mi kiz su " ]dc~ foac

isz hn{cu councz( ou |n}d eo}czczu o} poz }~ }nfc iz o :=&disz }ot

pzcpozcz ib Opznh ?=" ]dc~ foac isz hn{cu fizc cbgi~ojhc( ou

|n}d o }z np }i }dc fi{ncu( }dc Uspcz Ji|h iz o eifcm~ pho~&

disuc" Ucz{necu foac su fizc uceszc }dzisld nbuszobec pihn&

encu( ohozf fibn}iznbl obm >?? cfczlcbe~ ipczo}izu" Fiu}

nfpiz}ob} pczdopu( ucz{necu uo{c su }nfc}dc ueozecu} ik

zcuiszecu" Mchn{cz~ eifpobncu jznbl pnwwo kiz o qsnea mnbbcz(

fonmu kzcc su kzif disucdihm edizcu obm pc} }z onbczu }oac ib

}dc }oua ik }coednbl Knmi }i kc }ed }dc fizbnbl popcz"

J~ }dc |o~ }dc~ upcbm }dcnz mihhozu( Ofczneobu ozc

}ch hnbl }dc fozac} }do } }dc~ |ob} fizc ucz {necu ( obm }dc

ceibif~ nu zcupibmnbl j~ pzi{nmnbl }dcf" \d~ mi |c |ob}

fizc ucz{necu9 Kiz }dc fiu} poz}( n}u jceosuc |czc lc}}nbl

znedcz" N}u ohh }ncm sp nb ceibifne pzilzcuu7 nb{cu}fcb} obmbc| }cedbihil~ nfpzi{c isz }iihu( foac su fizc pzimse}n{c

obm zonuc isz nbeifcu" ]dcb( |c js~ fizc ucz {necu"

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$hcuu i{cz}nfc.

C T D N J N ]

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13/36 ??

pdcbifcbib ieeszu }dzisldis} }dc ceibif~( |n}d bcozh~ c{cz~&

}dnbl eibusfczu js~kzif ehi}dnbl }i }zobupiz }o}nib"

Nb koe}( ucz{necu ozc |do} eibusfczu |ob}( c{cb |dcb }dc~

pszedouc liimu" O difci|bcz |di js~u o ho|bfi|cz uccau bi}dnbl

fizc }dob do{nbl dnu lzouu es}" Dnznbl o ~ozmaccpnbl ucz{nec oeeif&

phnudcu }dc uofc cbm( |n}d hcuu }nfc obm ckkiz}" ]dc ucz{nec uihs}nib

susohh~ eiu}u fizc( ui n}u bi} uszpznunbl }do} disucdihmu ibh~ }szb }ipzikcuuniboh ho|b eozc ou nbeifcu znuc" Unfnhozh~( o piiz kofnh~u uiszec

ik cb}cz}onbfcb} fnld} jc o }chc{nunib }ippcm j~ zojjn} cozu" O jc}}cz

ikk kofnh~ eob okkizm fizc {ozncm kozcfi{ncu( ofsucfcb} pozau( eojhc

}chc{nunib obm }zo{ch( ohh ik |dned ozc fonbh~ ucz{necu"

Ou }dc~ do{c fizc fibc~( pciphc fi{c sp }i ucz{necu

iz }szb }i liimu cfjchhnudcm |n}d o dnldcz mclzcc ik ucz {nec" ]dc~

mi }dnu unfph~ jceosuc }dc~ kcch }dc~ ozc jc}}cz ikk |n}d fizc ucz&

{necu( bi} jceosuc }dc~ ozc uc}}hnbl kiz uifc nbkcznizkizf ik eib&

usfp}nib" Ucz{necu( kiz }dc fiu} poz}( ozc o fo}}cz ik edinec" \c

eishm mi fob~ ik }dcuc giju kiz iszuch{cu( js} ik}cb n}u ui fsedcouncz }i mi |do} |c mi jcu} obm po~ uifcibc chuc }i dchp |n}d

hnkcu monh~ edizcu" Usju}n}s}nbl }dc ucz {necu ik o knbobenoh phobbcz( o

eo}czcz iz nb}czniz mcunlbcz js~u su }nfc|dned( fizc ik}cb }dob

bi}( |c suc }i cbgi~ i}dcz ucz{necu( used ou cb}cz }onbfcb} obm }zo{ch"

]i}oh upcbmnbl ib zcezco}niboh oe}n{n} ncu( omgsu}cm kiz nbkho}nib( piu}cm

ob o{czolc obbsoh lonb ik > pczecb} kzif ?>>0"

]dc c{nmcbec ik o udnk} }i ucz{necu |n}d dnldcz nbeifcu nu

eifpchhnbl" Unbec o} hcou} }dc ho}c ?>=0u( ucz{necu do{c jceifc fizc

ctpcbun{c zcho}n{c }i liimu nb }dc Sbn}cm U}o}cu $Ctdnjn} >0>?

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C T D N J N ] 4 ( P O B C H E

Pcz Eopn}o Ctpcbmn}szcu ibLiimu obm Ucz{necu j~ Eisb}z~( ?>44< ou eifps}czu obm houcz pznb }czu

ohhi| uspcz{nuizu }i pzimsec }dcnz i|b eizzcupibmcbec" Ho|

knzfu }szb }i ib&hnbc ucz{necu( used ou Hctnu( }i nfpzi{c }dc

pzimse}n{n}~ ik hcloh ouunu}ob}u" C{cb nb nbmsu}znoh uc}}nblu( nb&

ezcounblh~ nb}chhnlcb} eifps}czu ozc }oanbl ib fsbmobc }ouau

}do} ibec zcqsnzcm |izaczu eibu}ob} o}}cb}nib" O fimczb

u}cch phob}( kiz ctofphc( ohhi|u o dobmksh ik }cedbnenobu o} o

eifps}cz eibuihc }i oeeifphnud |do} nb mo~u pou} }iia dsb&

mzcmu ik |izaczu }i mi" \n}dnb S"U" fobskoe}sznbl( fimczb

}iihu ozc psud nbl cfphi~fcb} }i|ozm ucz {nec&pzimsenbl giju"

Nb ?>


17/36 ?3

znoh( pzikcuuniboh( uohcu( }cedbneoh iz ucz{nec giju" J~ ?>>=( }dc

|dn}c&eihhoz eib}nblcb} o} o }~pneoh S"U" fobskoe}sznbl koenhn}~

dom znucb }i i{cz =0 pczecb}"

]dczcu bi}dnbl bc| nb ohh }dnu" Unbec }dc mo|b ik

}nfc( }cedbihil~ dou jccb foanbl uifc giju ijuihc}c " ]dc

jcbckn} }i uienc}~ nu }do} n} hnjczo}cu hojiz kiz i}dcz( fizc

nfpiz}ob} }ouau( ezco}nbl bc| giju( bc| nbmsu}zncu obm fizc

is}ps}" Obm ui n} nu }imo~" Foednbcu ozc }oanbl i{cz |do}

pciphc ibec mnm( |n}d dsfob jcnblu knbmnbl }dcnz |iza nb |do}

foednbcu eob} mi iz eob} mi |chh" Pciphc ozc mcunlbnbl }dc

dozm|ozc( mc{chipnbl }dc uik}|ozc obm }coednbl e~jczbc}neu"

]dc~ ozc ezco}nbl }dc cb}cz }onbfcb} obm cbgi~fcb}" ]dc~ ozc

pzi{nmnbl }dc dchpnbl dobm obm dsfob koec" \do} fob~ pciphc

jznbl }i }dc |izaphoec nb o fimczb ceibif~ ozc oboh~}ne zco&

uibnbl( ezco}n{n}~ obm o pczuiboh }ised" ]dcuc ozc }dc edozoe&

}cz nu} neu ik ucz{nec pzimseczu"

]dc pzc{nisu lcbczo}nibu ik }iihu fonbh~ udopcm

}dc pd~u neoh |iz hm" ]zoe}izu }nhhcm }dc uin h( obm eifjnbcu doz&

{cu}cm }dc ezipu" Jshhmiwczu fi{cm }dc coz}d( obm ezobcu

dchpcm jsnhm ua~uezopczu" Mczzneau mz nhhcm kiz inh( obm pnpchnbcu

eozzncm n} }i }dc zcknbcz~" Uo|u es} |iim( obm ho}dcu udopcm n}

nb}i kszbn}szc" Cblnbcu( fi}izu( lcozu( pshhc~u( pzcuucu( fihmu(

hiifu( udcozu( fc}oh&kizfnbl foednbcu( eib{c~izuohh sh}n&

fo}ch~ dom }i mi |n}d }zobukizfnbl iz }zobupiz}nbl fo}cznoh

liimu"

]imo~u jchh|c}dcz nb{cb}nibueifps}czu( knjcz

ip}neu( echhshoz }cedbihil~( jnilcbc}ne cblnbccznblozc suc&

ksh pznfoznh~ kiz mcohnbl( nb uifc |o~( |n}d nmcou" ]dc~ ezco}c(

}zobukizf iz fi{c nbkizfo}nib $Ctdnjn} ?0." ]dcuc }iihu dchp

eifpobncu foac fizc nbkizfcm mcenunibu( knbm |nmcz foz&

CTDNJN] ?0

]iihu ik }dc Olcu

Olzoznob Olc Nbmsu}znoh Olc Nbkizfo}nib Olc

Phi| $=000 J"E". Jhou} kszboec $?500. ]chcueipc $?;04.iac $5000 J"E". Johh jcoznblu $?=. U}c}diueipc $?4?;.

Oqscmse}u $;00300 J"E". Ho}dc $?4. Eofczo $?4:;.Ozednfcmcu uezc| $:00 J"E". Jo}}cz~ $?400. ]chclzopd $?4=5.

Uommhc $:00. U}cof cblnbc $?400. Pzcenunib ehieau $?430.]zcomfnhh $:00500. Eib{c~iz jch} $?40=. ]~pc|zn}cz $?4;53.Zcopcz $?4:;. M~bofn}c $?4;;. Chce}zib fneziueipc $?>5>.Jnbmcz $?430. ]|i&u}ziac cblnbc $?4=;.Udccp udcozu $?4;4. Jhi| }ized $?440. Tczilzopd~ $?>=;.Jozjcm |nzc $?43:.

Fnhanbl foednbc $?4:. Uo}chhn}cu $?>34.Chce}zne fi}iz $OE. $?4>:. Houcz $?>;0.Chce}zne mznhh $?4>3. Khipp~ mnua $?>;3.Ouucfjh~ hnbc $?>04. Fnezipziecuuiz $?>:;. Pczuiboh eifps}cz $?>5>. Knjcz ip}ne eojhcu $?>4?.Houcz $?>;0. Eofeizmcz $?>4:.Nbmsu}znoh ziji}u $?>;?. Echhshoz pdibc $?>45.

Eifpoe} mnue $?>45.Nb}czbc} $?>>?.

\do}u o Pczuib }i Mi9

Olzoznob Olc Nbmsu}znoh Olc Nbkizfo}nib Olc

Fsuehc pi|cz Fi}iz uanhhu( kizfshone nb}chhnlcbec Oboh~}ne zcouibnbl( ezco}n{n}~(dsfiz( pczuiboh }ised


18/36 ?;

CTDNJN] ??

N}u Bi} }dc Nbmsu}z~1 N}u }dc Cmseo}nib

Pczecb} |n}d

Dnld Joedc& Pzigce}cm

uediih hizu Fcmnob lzi|}d

mnphifo mclzcc |ccah~ ?>>::003iz hcuu iz fizc |olcu Ieespo}nib Pznfoz~ nbmsu}z~ $pczecb}.

Kozfnbl( kizcu}z~( knudnbl7 kozf|izaczu( lzisbmuaccpczu obm lozmcbczu( Liimu 5"=obnfoh eozc}oaczu( }nfjcz es}}nbl obm hillnbl"

ac}u( es} eiu}u obm nbezcouc qsohn}~1 }dc~ cbojhc cb}zcpzcbcszu

}i ikkcz |dihc bc| ucz {necu" Eifps}czu ( fimcfu( pdibc hnbcu

obm uik}|ozc( kiz ctofphc( foac piuunjhc o pzihnkczo}nib ik

ib&hnbc mo}ojoucu ib }dc Nb}czbc}" Lcbc&uphnenbl pzimsecu

}ifo}icu }do} |ib} mnc nb o dozm k zccwc " Uik}|ozc( eifpoe}

mnueu obm houcz pznb}czu eob foac ohfiu} ob~ mcua}ip o psj&

hnudnbl disuc" Kot foednbcu ohhi| zcu}oszob}u }i nbezcouc oe&

eszoe~ obm upccm nb knhhnbl }oac&is} izmczu"

]iihu kiz }dc fnbm ozc zcgs{cbo}nbl nbmsu}zncu" ]dc~

udopc |do} Ofczneobu mi o} }dcnz giju( }imo~ obm nb }dc ks}szc"

]DC UCZ[NEC UCE]IZ7 ]DC CMSEO]CM MI JCU]

]dczcu ojsbmob} c{nmcbec }i udi| }do} }dc S"U"

ceibif~u udnk} }i ucz{necu eifcu fonbh~ kzif edoblcu nb isz

}ou}cu obm }iihu" N}u ob olc&ihm u}iz ~ ik ceibifne kizecu o}

|iza( |n}d hn}}hc zihc kiz dczicu iz {nhhonbu" \do}u linbl ib

BI]C7 Mo}o ib cmseo}nib( |olcu obm pzigce}cm lzi|}d ozc ou ik ?>>5"


19/36 ? "=3

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20/36 ?4

cbec obm fo}dcfo}neu }cedbnenobu( eifps}cz pzilzoffczu(

pozohclohu obm ui ib|nhh lzi| j~ fizc }dob = fnhhnib j~

:003" ]dc dohhfoza ik }dcuc giju nu cmseo}nib" C{cb nb liimu&

pzimsenbl uce}izu( om{obecu nb }cedbihil~ |nhh ps} o pzcfnsf

ib cmseo}nib" ]dc koe}iz~ |izacz ik }ifizzi| |nhh do{c }i

jc fizc eifps}cz uo{{~( fizc oboh~}neoh obm jc}}cz o} dob&

mhnbl |izmu obm bsfjczu"

Fimczb foednbcu ozc }iihu kiz }dc fnbm zo}dcz }dob

kiz }dc fsuehc( pzimseczu ik ucz{necu zo}dcz }dob liimu" ]i

kshh~ lzoup di| }dc znuc ik ucz{necu nu edoblnbl isz ceibif~(

|c bccm }i zc}dnba isz bi}nibu ik eopn}oh" ]zomn}nibohh~( eopn}oh

nu unfph~ foednbcz ~( hobm obm u}zse}szcu" Ou ucz{necu jceifc

fizc nfpiz}ob}( }disld( pzimse}n{c ouuc}u ozc udnk}nbl o|o~

kzif pd~uneoh eopn}oh obm }i|ozm nb}chhce}soh eopn}oh( }dc }czf

kiz |do} |izaczu abi| }do} ohhi|u }dcf }i ezco}c {ohsc kiz

eibusfczu( nbehsmnbl ojnhn}ncu }i eiffsbneo}c( zcucozed( obo&

h~wc( fozac}( uih{c pzijhcfu( }coed( eifkiz}( ucz{c obm cb}cz&

}onb" Nb }dc pou} ( |c sucm fobskoe}sznbl hojiz }i js nhm dozm

eopn}oh liimu( }dc is}ps} ik |dned |ou hozlch~ }oblnjhc pzim&

se}u" ]imo~( |c suc ucz{nec hojiz( used ou }coedczu( }i jsnhm

uik} eopn}oh( }dc is}ps} ik |dned nu hozlch~ ucz {necu"

]dc Nbmsu}znoh Olc zcqsnzcm dizucpi|cz"

]dc Nbkizfo}nib Olc zcqsnzcu jzonbpi|cz"

]dc Sbn}cm U}o}cu jceofc }dc |izhmu hcomnbl cei&

bifne pi|cz j~ ckknencb}h~ pzi{nmnbl o u}com~ khi| ik pd~uneoh

eopn}oh" Isz eisb}z~u kzcc fozac} u~u}cf czce}cm zcho}n{ch~

kc| jozznczu }i jsnhmnbl }dc eopn}oh zcqsnzcm kiz }dc Nbmsu}znoh

Olc" ]dzisld }dc folne ik }dc fozac}( eopn}ohnu}u obm cb}zc&

pzcbcszu( mnzce}cm j~ ob nbecb}n{c kiz pzikn}u( lo{c Ofczneo

}dc foednbcu }i pzimsec }dc liimu eibusfczu |ob}cm"

]dc ezco}nib ik nb}chhce}soh eopn}oh nub} ou os}ifo}ne"

Jzonbpi|cz eobbi} jc ucpozo}cm kzif }dc dsfob jcnblu |di

cfjim~ n}" Ou o zcush}( n} cb}czu }dc pzimse}nib pziecuu mnkkcz&

cb}h~( eifnbl }dzisld }dc kzib} miiz zo}dcz }dob }dc hiomnbl

miea" Dsfob eopn}oh nu eifphct" N} eob} jc ucpozo}cm kzif

dsfobu pouunibu obm nbuceszn}ncu" N} dou }i co}( obm n} dou }i

uhccp" N} uienohnwcu" N} eob fi}n{o}c n}uchk" N} eob udnza( usha obm

lc} mcpzcuucm obm c{cb mcu}zi~ n}uchk |n}d mzslu iz oheidih" N}

ediiucu" N} {i}cu"

Nb}chhce}soh eopn}oh cfczlcu is} ik n}u i|b {ihn}nib

nb o |o~ }do}u koz mnkkczcb} kzif pd~uneoh eopn}oh" N} nub} ou&

ucfjhcm ib o koe}iz~ khiiz iz jsnh} ib o {oeob} hi}" O pzimse&

}n{c |izacz cfczlcu ibh~ ok}cz hibl ~cozu ik bsz}sznbl( nbehsmnbl

uediihnbl( |iza ctpczncbec obm uienohnwnbl nb ob cb{nzibfcb}

}do} u}comkou}h~ zc|ozmu hibl&}czf nb{cu}fcb} nb hcozbnbl"

Pd~uneoh eopn}oh dou bi bo}szoh nb{cu}fcb} jozzncz"

Dsfob eopn}oh ik}cb micu" ]dc eiu} ik jsnhmnbl pd~uneoh eopn}oh

nu }~pneohh~ jizbc j~ jsunbcuucu" Knzfu nb{cu} nb bc| phob}u obm

cqsnpfcb}( dipnbl }i jcbckn} kzif hi|cz eiu}u obm dnldcz pzik&

n}u" ]dc jszmcbu ik jsnhmnbl nb}chhce}soh eopn}oh( ib }dc i}dcz

dobm( kohh }i pozcb}u( }otpo~czu( cfphi~czu obm nbmn{nmsoh |iza&

czu" ]dczcu o ucpozo}nib jc}|ccb |di po~u obm |di jcbckn}u"

Oh}disld nb{cu}fcb} nb cmseo}nib dou o dnld zc}szb $Ctdnjn}u

?? obm ?:. obm jnhhnibu ik mihhozu khi| nb}i cmseo}nib( uifc

uclfcb}u ik uienc}~ mib} do{c oeecuu }i }dc knbobenoh zcuiszecu

obm liim uediihu bccmcm }i mc{chip uanhhu kiz }imo~u giju"

Ou o zcush}( }ii fob~ Ofczneobu ozc sbmcznb{cu}cm nb cmseo&

}nib" Nb }dc Sbn}cm U}o}cu( }dc qsohn}~ ik nb}chhce}soh eopn }oh

{ozncu |nmch~kzif |izhm&ehouu }dcizc}neoh pd~unenu}u }i dnld

uediih mzipis}u |di eob} zcom"

Nfpzi{nbl Ofczneou jzonbpi|cz nu ezsenoh" ]imo~(

ou nb }dc pou}( }dc ceibif~u pzilzcuu mcpcbmu ib oeesfsho}&

nbl ommn}niboh eopn}oh" Nb }dc olc ik jzonbpi|cz( }dczcu bi lsoz&

ob}cc ik ceibifne lzi|}d( cupcenohh~ o} }dc poec ik ~cu}czmo~"

Pzilzcuu eishm uhi|nbmccm( n} hnach~ |nhh uhi|sbhcuu |c

knbm |o~u ik ezco}nbl }dc dsfob eopn}oh mcfobmcm j~ }dc

Nbkizfo}nib Olc"

]i lc} }dc fiu} is} ik }dc bc| ceibif~( }dc eisb&

}z ~ fsu} po~ o}}cb}nib }i }dc qsohn}~ ik n}u |izaczu" ]dc upi}&

hnld} |nhh jc ib cmseo}nib( nbehsmnbl zc}zonbnbl" N} udishm jc

cfjzoecm jziomh~" Cmseo}nib nu bi} gsu} ucbmnbl fizc ~isbl

pciphc }i eihhclc" N}u ib&}dc&gij }zonbnbl( {ieo}niboh uediihu(

eozccz zc}zonbnbl( pzikcuuniboh cbznedfcb} obm piu}lzomso}c

|iza" N}u hcozbnbl kzif pozcb}u( lzobmpozcb}u obm kzncbmu(

zcomnbl obm u}sm~nbl nbmcpcbmcb}h~" C{cb }chc{nunib( zomni obm

bc|upopczu eob |nmcb isz diznwibu"

\do} nu cmseo}nibnk bi} }dc }zobufnuunib kzif lcbczo}nib }i

lcbczo}nib ik }dc abi|hcmlc oeqsnzcm j~ uienc}~ik o }zcouszc }do} nu zcknbcm

obm nbezcoucm c{cz~ mo~9 Kzmzne Jou}no}


21/36 ?>


22/36 :0


23/36 :?

Cmseo}nib nu bi} gsu} u}sm~nbl dozm" N}u u}sm~nbl }dc

znld} usjgce}u( omop}nbl }dc eszzneshsf }i fcc} }dc bccmu ik

jsunbcuu obm nbmsu}z~( po~nbl o}}cb}nib }i fozac} unlbohu ib

|do} abi|hcmlc uienc}~ {ohscu"

Cmseo}nib nu bi} gsu} oeesfsho}nbl abi|hcmlc obm

eilbn}n{c uanhhu" N} nbehsmcu mc{chipnbl pczuiboh uanhhu obm ucbun&

}n{ n}ncu }i i}dczu bccmu( hcozbnbl di| }i ln{c obm }oac obm

cfjzoec }dc nmco ik esu}ifcz ucz{nec"

\czc bi hiblcz nb }dc knchmu iz ib }dc koe}iz ~ khiizu(

|dczc |iza |ou hozlch~ nfpczuiboh ou |c phob}cm ezipu iz

udopcm fc}oh" Fizc }dob c{cz jckizc( }imo~u |iza zc|ozmu

su fizc kiz nb}czpczuiboh uanhhu( |dned fsu} ohui jc esh}n&

{o}cm" Nb o {cz ~ fcobnblksh ucbuc( |czc ohh nb }dc pciphc jsun&

bcuu bi|"

Nb ohh fimczb bo}nibu( cmseo}nib nb{ih{cu psjhne nb&

u}n}s}nibu( cupcenohh~ uediihu" En}nwcbu obm li{czbfcb}u nb bcoz h~

ohh poz}u ik }dc Sbn}cm U}o}cu ozc |izanbl ib nbn}no}n{cu }i nf&

pzi{c }dc eisb}z~u cmseo}nib kzif anbmczloz}cb }dzisld dnld

uediih" ]do}u ohh }i }dc liim( js} nbecb}n{cu ozc nbmnupcbuojhc(

gsu} ou }dc~ ozc nb }dc oeesfsho}nib ik pd~uneoh eopn}oh "

Dozbcuunbl }dc pi|cz ik eibusfcz edinec fnld}

jc ibc ik }dc jcu} |o~u ik nfpzi{nbl }dc qsohn}~ obm ckkn&

encbe~ ik cmseo}nib" Ibc pzipiuoh( pipshoz ofibl kzcc foz&

ac} ceibifnu}u( nb{ih{cu mnu}znjs}nbl {isedczu kiz uediih

ctpcbucu }i pozcb}u obm hc}}nbl }dcf udip ozisbm kiz }dc

cmseo}nib }dc~ |ob} kiz }dcnz ednhmzcb" Nk uediihu do{c }i eif&

pc}c kiz u}smcb}u( }dc~ ozc fizc hnach~ }i nfpzi{c }dc }coed&

nbl ik joune uanhhu obm ikkcz eszzneshsfu }do} po~ ikk nb jc}}cz

qsohnkncm |izaczu"

]dc Sbn}cm U}o}cu eob pzifi}c nb}chhce}soh eopn}oh

nb i}dcz |o~u( }ii" N} fnld} lzob} nb{cu}fcb} nb dsfob eopn}oh

}dc uofc }ot mcmse}nibu ou upcbmnbl ib pd~uneoh eopn}oh ( ln{nbl

kofnhncu lzco}cz nbecb}n{c }i nb{cu} fizc nb cmseo}nib" N} fnld}

}zco} }dc mcpzceno}nib ik dsfob eopn }oh }dc uofc ou pd~uneoh

eopn}oh( pczdopu j~ ohhi|nbl |izaczu }ot ctcfp}nibu }i zc&

}zo nb kiz bc| ieespo}nibu" Nbmn{ nmsoh Zc}zo nbnbl Oeeisb}u fnld}

zcphoec mnzce} po~fcb}u }i }dc sbcfphi~cm obm pzi{nmc jomh~

bccmcm ksbmnbl kiz pihnudnbl gij uanhhu" ]dc~ |ishm ohui ln{c

nbmn{nmsohu fizc eib}zih i{cz }dcnz i|b hn{cu"

EIBEHSUNIB

Ucz{nec&uce}iz pdijno nu fnuphoecm" ]dc qscu}nib nu

bi}( \nhh }dczc jc ob~ liim giju9 N}u |dc}dcz isz cmseo}niboh

u~u}cf |nhh pzcpozc |izaczu }i knhh }dcf" Fi{nbl kzif liimu pzi&

mse}nib }i ucz{necu micub} fcob }do} |olcu obm hn{nbl

u}obmozmu |nhh kohh" N} micub} fcob }do} pzimse}n{n}~ |nhh jc kiz&

c{cz eibu}zonbcm" N} micub} fcob }do} fiu} Ofczneobu

eob} do{c liim giju( nk }dc~ ij}onb }dc uanhhu obm cmseo}nib }dc

bc| ceibif~ bccmu" Nbmccm( fizc ucz{necu |nhh fcob o znedcz(

councz obm fizc cbgi~ojhc h nkc kiz fiu} eibusfczu"

O lzco} mcoh ik }dc obtnc}~ ojis} }dc ucz{nec

ceibif~ sbmisj}cmh~ eifcu kzif }dc udnk} nb }dc eisb}z~u

ceibifne jouc" \dcb nb j~libc mo~u kozfczu hck} }dc knchmu

kiz }dc koe}izncu( }dc~ dom }i zckn} }dcfuch{cu }i pzimsec mnk&

kczcb} pzimse}u" Nb }nfc( }dc~ hcozbcm qsn}c |chh" Ou }imo~u

Ofczneobu eib}nbsc }i fi{c kzif fobskoe}sznbl }i ucz{necu(

fob~ |nhh knbm bc| cfphi~fcb} ippiz}sbn}ncu }do} ozc ou liim

iz jc}}cz }dob |do} }dc~ hco{c jcdnbm"

\c udishmb} kizlc} }do} }dc }zobun}nib }i o fizc

ucz{nec&izncb}cm ceibif~ zckhce}u znunbl nbeifcu" Obm

Ofczneou kzcc cb}czpznuc u~u}cf |nhh eib}nbsc }i zonuc isz

hn{nbl u}obmozmu ou hibl ou |c jsnhm }dc bcecuuoz~ eopn}oh

bi} gsu} pd~uneoh eopn}oh js} nb}chhce}soh eopn}oh ou |chh"

Dobm&|znblnbl i{cz }dc bo}nibu lzi|}d nb ucz{necu

ofisb}u }i jziimnbl i{cz o jhcuunbl" N}u o jiib( bi} o jobc"

Koz kzif unlbnk~nbl konhszc( Ofczneou }zobun}nib }i o ucz{nec

ceibif~ nu ksz}dcz jisb}~ kzif isz bo}nibu kzcc cb}czpznuc

u~u}cf"

N}u }nfc }i u}ip ps}}nbl mi|b }dc ucz{nec uce}iz7 ln{c

n} uifc zcupce}( kizucz{nbl coed i}dcz nu c{cz~jim~u jsunbcuu"

Hc} fcb hojiz( ctedoblc( hcozb( jobm }ilc}dcz( oe}( obm zcoe} spib ibc obi}dcz(

unbec nb }dnu |o~( oeeizmnbl }i }dc ho|u ik Pzi{nmcbec( }dczc eob zcush} kzif }dcnz kzcc obm

nb}chhnlcb} oe}n{n}~ ibh~ izmcz( dozfib~( pzilzcuu( obm ohh }dnblu }do} ozc liim( obm

nbezcounblh~ liim( obm u}nhh jc}}cz( obm jc}}cz ~c}( }i nbknbn}c mclzcc" Kzmzne Jou}no}


24/36 ::

Oeabi|hcmlfcb}u

OEABI\HCMLFCB]

]dc Ucz{nec Uce}iz7 Ln{c N} Uifc Zcupce} |ou |zn}}cb j~ \" Fnedoch Eit obm Znedozm Ohf" ]dc cuuo~ nu joucm ib

zcucozed eibmse}cm j~ \" Fnedoch Eit( {nec pzcunmcb} obm ceibifne om{nuiz( Kcmczoh Zcucz{c Joba ik Mohhou"

UCHCE]CM ZCUISZECU

Jou}no}( Kzmzne( Ceibifne Dozfibncu( }zobu" \" Do~mcb Ji~czu( cm" Lcizlc J" mc Dsuwoz $Nz {nbl}ib&ib&Dsmuib(

B"^"7 ]dc Kisbmo}nib kiz Ceibifne Cmseo}nib( ?>;=."

( Ceibifne Uipdnufu( }zobu" obm cm" Oz}dsz Limmozm $Nz{nbl}ib&ib&Dsmuib( B" "7 ]dc Kisbmo}nib kiz

Ceibifne Cmseo}nib( ?>;=."

( Uchce}cm Cuuo~u ib Pihn}neoh Ceibif~( }zobu" Uc~fisz Eonb( cm" Lcizlc J" mc Dsuwoz $Nz{nbl}ib&ib&

Dsmuib( B" "7 ]dc Kisbmo}nib kiz Ceibifne Cmseo}nib( ?>;=."

Mc Jibi( Cm|ozm( Cszcao/ Ob Nhhsu}zo}cm Dnu}iz~ ik Nb{cb}nibu kzif }dc \dcch }i }dc Eifps}cz$Bc| iza7 Dih}(

Znbcdoz} obm \nbu}ib( ?>4>."

Ctces}n{c Ikknec ik }dc Pzcunmcb}( Ikknec ik Fobolcfcb} obm Jsmlc}( U}obmozm Nbmsu}znoh Ehouunkneo}nib Fobsoh(

?>4>:"

Nbkizfo}nib Phcouc Ohfoboe$Jiu}ib7 Disld}ib Fnkkhnb Ei"( ?>>=."

Gczifc( Dozz~( Fcedobnwo}nib nb Nbmsu}z~$Bc| iza7 Bo}niboh Jszcos ik Ceibifne Zcucoz ed( ?>5=."

Gizlcbuib( Mohc \"( obm Jozjozo F" Kzosfcbn( ]dc Oeesfsho}nib ik Dsfob obm Bibdsfob Eopn}oh( ?>=44=( nb

]dc Fcouszcfcb} ik Uo{nblu( Nb{cu}fcb}( obm \coh}d( cm" Zijcz} C" Hnpuc~ obm Dchcb U}ibc ]nec $Edneoli7

Sbn{czun}~ ik Edneoli Pzcuu( ?>4>( pp" ::>5"

Ufn}duibnob Nbu}n}s}nib( Bo}niboh Fsucsf ik Ofczneob Dnu}iz~( Nbkizfo}nib Olc ctdnjn}"

U}o}nu}neoh Oju}zoe} ik }dc Sbn}cm U}o}cu( {oznisu nuuscu"

Sbn}cm Bo}nibu( Bo}niboh Oeeisb}u U}o}nu}neu7 Fonb Ollzclo}cu obm Mc}onhcm ]ojhcu( ?>>?"

S"U" Mcpoz}fcb} ik Eiffczec( Jszcos ik }dc Ecbusu( Dnu}izneoh U}o}nu}neu ik }dc Sbn}cm U}o}cu7 ??>=31

Dnu}izneoh U}o}nu}neu ik }dc Sbn}cm U}o}cu7 Eihibnoh ]nfcu }i ?>>=( obm {oznisu nuuscu"

S"U" Mcpoz}fcb} ik Hojiz( Jszcos ik Hojiz U}o}nu}neu( Cfphi~fcb} obm Cozbnblu( {oznisu nuuscu1 Fib}dh~ Hojiz

Zc{nc|( {oznisu nuuscu1 Jshhc}nb :=:3( Eibusfcz Ctpcbmn}szc Usz{c~( ?>>0>? $Ucp}cfjcz ?>>5.1 sbpsjhnudcm

mo}o $fo}znt j?000( Nbmsu}z~ obm Ieespo}nib ]ojhcu( ]ojhc ?0( Cfphi~cm Pczuibu j~ Ieespo}nib( Cmseo}niboh

O}}onbfcb}( Uct( Zoec( obm Dnupobne Iznlnb."

Sudcz( Ojji}} Po~uib( O Dnu}iz~ ik Fcedobneoh Nb{cb}nibu$ Bc| iza7 FeLzo|&Dnhh( ?>44."

[ob Lncwcb( Zijcz} \"( Ieespo}niboh \olcu nb }dc Kou}&Kiim Zcu}oszob} Nbmsu}z~( Fib}dh~ Hojiz Zc{nc|( Jszcos

ik Hojiz U}o}nu}neu( Oslsu} ?>>="

MO]O UISZECU OBM BI]CU KIZ CTDNJN]U

Ctdnjn} ?

Kou}&Kiim Zcu}oszob} Cfphi~ccu( ?>=4>=

S"U" Mcpoz}fcb} ik Eiffczec $Ecbusu ik Jsunbcuu7 Zc}onh ]zomcobm Ecbusu ik Zc}onh ]zomc( Lcilzopdne Ozco

Uczncu( Sbn}cm U}o}cu( {oznisu ~cozu."

Ctdnjn} :

O Ubopudi} ik \dczc Ofczneo \izau

S"U" Mcpoz}fcb} ik Hojiz $Cfphi~fcb} obm Cozbnblu( Mcecfjcz ?>>=( ]ojhc O?>( Cfphi~cm Pczuibu j~

Nbmsu}z~ obm Ieespo}nib."

Ctdnjn} 5

Cfphi~fcb}7 Ofczneobu Fi{c }i Ucz{necuS"U" Mcpoz}fcb} ik Eiffczec $Dnu}izneoh U}o}nu}neu ik }dc Sbn}cm U}o}cu7 ??>=31 Dnu}izneoh U}o}nu}neu ik }dc

Sbn}cm U}o}cu7 Eihibnoh ]nfcu }i ?>=:

S"U" Mcpoz}fcb} ik Eiffczec $Usz{c~ ik Eszzcb} Jsunbcuu."

Ctdnjn} ;

Diszh~ Cozbnblu

S"U" Mcpoz}fcb} ik Hojiz $Cfphi~fcb} obm Cozbnblu."

Ctdnjn} >0>?"

Pobch J

S"U" Pcz Eopn}o Zcoh Ctpcbmn}szcu ib Liimu obm Ucz{necu( ?>=0

S"U" Mcpoz}fcb} ik Eiffczec $Usz{c~ ik Eszzcb} Jsunbcuu( ]ojhc :":( {oznisu nuuscu( obm Eszzcb} Pipsho}nib

Zcpiz}u."

Pobch E

Pcz Eopn}o Ctpcbmn}szcu ib Liimu obm U cz{necu j~ Eisb}z~( ?>4Ceibifne Dozfibncu( pp" =3( 5>=0"

Polc ?:Ceibifne Dozfibncu(p" ?>


25/36 :5

]dc ^coz nb Zc{nc|

b ?>>=( }dc Kcmczoh Zcucz{c Joba ik Mohhou kiesucm ib

nb}clzo}nbl n}u oe}n{n}ncu |n}d }dc mzofo}ne edoblcu }oa&

nbl phoec nb }dc knbobenoh nbmsu}z~" ]dc Mohhou Kcm nb}zi&

msecm o qsohn}~ nbn}no}n{c pzilzof }i cbdobec esu}ifcz

ucz{nec( eib}nbscm ckkiz}u }i u}zcofhnbc ipczo}nibu obm

mc{chipcm bc| ucz{necu obm pzimse}u }i pzi{nmc fizc jcbckn}u}i esu}ifczu" ]dcuc ckkiz}u zckhce} }dc Mohhou Kcmu iblinbl eif&

fn}fcb} }i cbusznbl ckknencb}( zchnojhc knbobenoh ucz{necu( uisbm

jobanbl obm ceibifne lzi|}d nb

}dc Chc{cb}d Mnu}z ne}"

CEIBIFNE I[CZ[NC\

]dc Chc{cb}d Mnu}zne}

eib}nbscm n}u u}zibl ceibifne

lzi|}d nb ?>>=( is}pczkizfnbl

}dc bo}niboh ceibif~ kiz }dc knk}deibuces}n{c ~coz" O zijsu} eib&

u}zse}nib uce}iz( o u}zibl bo}niboh

ceibif~ obm lzi|nbl }zomc |n}d

Fctnei mzi{c ceibifne pziupcz&

n}~ nb ]ctou( Hisnunobo obm Bc|

Fctnei" Nb ?>>=( Bc| Fctnei

obm Hisnunobo is}pczkizfcm }dc

bo}nib( |dnhc ]ctou lzc| o} ojis}

}dc uofc poec" Bibkozf cf&

phi~fcb} nb ]ctou( Hisnunobo obm

Bc| Fctnei ziuc 5"; pczecb} hou}

~coz( eifpozcm |n}d 5 pczecb} kiz

}dc bo}nib"

]dc nfphcfcb}o}nib ik

}dc Biz }d Ofczneob Kzcc ]zomc

Olzccfcb} |ou ob nfpiz}ob}

uiszec ik u}zcbl}d kiz ]ctou" Mc&

upn}c pihn}neoh }szfinh nb Fctnei( }zomc obm nb{cu}fcb} nbezcoucm(

obm msznbl }dc knzu} unt fib}du ik ?>>=( ]ctou ctpiz}u }i Fctnei

nbezcoucm ?5 pczecb}( eifpozcm |n}d }dc uofc pcznim nb ?>>5"

Fizci{cz( nb }dc Mnu}zne} ou o |dihc( lonbu nb eibu}zse}nib&zcho}cm

uce}izu dchpcm ikkuc} eib}nbscm |coabcuu nb mckcbuc& obm cbczl~&

zcho}cm cfphi~fcb}"

Mcupn}c o zcho}n{ch~ |coa cbczl~ uce}iz( }dc Hisnunobo

ceibif~ |ou jihu}czcm nb ?>>= j~ zopnm lzi|}d nb }dc lofnbl

nbmsu}z~ }do} zcush}cm nb u}zibl cfphi~fcb} lzi|}d nb }dc eib&

u}zse}nib( }isznuf obm di}ch nbmsu}zncu" Bc| Fctnei( fcob|dnhc(

eib}nbscm }i jcbckn} kzif nbezcoucm chce}zne obm chce}zibne cqsnp&

fcb} fobskoe}sznbl obm o u}ojhc mckcbuc nbmsu}z~"

MOHHOU KCM KNBOBENOH UCZ[NECU

Nb }dc knbobenoh ucz{necu ozco( }dc Mohhou Kcm kiesucm ib

mc{chipnbl fizc ckknencb} pzimse}u( nfpzi{nbl }dc qsohn}~ ik ucz&

{nec obm nfphcfcb}nbl o eiu}&eib}onbfcb} pzilzof }i jc}}cz ucz{c

}dc Jobau esu}ifczu" Nb edcea eihhce}nib( }dc Joba ikkczcm uc{czoh

bc| pzimse}u }i ohnlb n}u ucz{necu |n}d uofc&mo~ uc}}hcfcb} zc&qsnzcfcb}u" J~ ho}c ?>>=( ob nfolc pnhi} pzigce} |ou eifphc}cm

obm knbobenoh nbu}n}s}nibu |czc ojhc }i }oac om{ob}olc ik kshh&nfolc

edcea mchn{cz~ obm pzi{nmc nfolc

u}o}cfcb}u }i }dcnz esu}ifczu"

]dc Joba ohui eifphc}cm o bsf&

jcz ik pzilzofu }i u}zcofhnbc ip&

czo}nibu nb }dc edceau ozco( nbehsm&

nbl ob splzomc nb uik}|ozc }do}

pzi{nmcu o jouc kiz ks}szc edcea

pzimse} mc{chipfcb}" Ou poz} ik}dc Jobau qsohn}~ nbn}no}n{c pzi&

lzof( ob os}ifo}cm omgsu}fcb}u

u~u}cf |ou nfphcfcb}cm nb ?>>=

}i ohhi| }dc Joba }i zcucozed obm

zcuih{c fizc omgsu}fcb} eoucu ib

o uofc&mo~ jounu"

Nb }dc eszzcbe~ obm einb

ozco( }dc Joba pzcpozcm kiz }dc

nbu}ohho}nib ik bc| dnld&upccm esz&

zcbe~ pziecuunbl foednbcu" Nb

?>>=( }dc Mohhou Ikknec nbu}ohhcm(

}cu}cm obm jclob sunbl }dc bc|

dnld&upccm eszzcbe~ pziecuunbl

foednbcu" ]dc Jzobed ikknecu nb Ch

Poui( Disu}ib obm Uob Ob}ibni

|nhh zcecn{c }dc foednbcu nb ?>>3"

]dc foednbcu piuucuu qsneacz

pziecuunbl obm fizc om{obecm eisb}czkcn} mc}ce}nib eopojnhn}ncu"

O} }dc zcqscu} ik }dc Kcmczoh Zcucz{c Jiozm ik Li{czbizu( }dc

Joba pzcpozcm o pzipiuoh }i nbezcouc }dc bsfjcz ik u}izolc hieo&

}nibu nb n}u eszzcbe~ {osh} nb ?>>3" ]dc nbezcoucm eopoen}~ nu bcecu&

uoz~ }i oeeiffimo}c }dc u}izolc ik bc|( uceszn}~&cbdobecm esz&

zcbe~ phobbcm kiz mnu}z njs}nib nb ?>>;" ]dc Mohhou Kcm |nhh ucz{c ou

o zcpiun}iz~ kiz }dc bc| eszzcbe~ obm mnupcbuc }dc bi}cu }i i}dcz

Zcucz{c Jobau"

Nb ho}c ?>>=( }dc Mohhou Kcm kizfcm ob ohhnobec |n}d }dc

Uis}d|cu}czb Os}ifo}cm Ehcoznbldisuc Ouuieno}nib obm uc{czoh

knbobenoh nbu}n}s}nibu }i pzifi}c os}ifo}cm ehcoznbldisuc iznlnbo&

}nibu msznbl }dc bct} kc| ~cozu" ]dc ohhnobec |nhh cbojhc }dc Joba


26/36 :=

}i u}zcbl}dcb n}u |izanbl zcho}nibudnp |n}d knbobenoh nbu}n}s}nibu

|dnhc ohui u}zcbl}dcbnbl }dc zihc ik knbobenoh nbu}n}s}nibu nb chce&

}zibne po~fcb}u"

O znuc nb nb}czcu} zo}cu zcush}cm nb ob nbezcouc nb }dc

bsfjcz ik ]zcousz~ uceszn}ncu }zobuoe}nibu dobmhcm j~ }dc Joba"

]zobuoe}nibu fizc }dob }znphcm kzif }dc jclnbbnbl ik }dc ~coz }i}dc knboh fib}du ik ?>>=" Eibuihnmo}nib eib}nbscm }i nfpoe} uc&

eszn}ncu ipczo}nibu( |n}d }dc Mohhou Ikknec ouusfnbl }dc jiia&

cb}z~ zcupibunjnhn}~ ik }dc Jzobed ikknecu nb pzcpozo}nib kiz }dc

nb}zimse}nib ik o bc| bo}niboh jiia&cb}z~ uceszn}ncu u~u}cf"

JOBANBL USPCZ[NUNIB1 MNUEISB] OBM EZCMN]

Nb ?>>=( }dc jobanbl nbmsu}z~ ctpczncbecm o zcjisbm nb

hcbmnbl }do} dom jccb fnuunbl nb }dc nbmsu}z~ zcei{cz~ }do} jclob

nb ?>>0" Eibuihnmo}nib ohui eib}nbscm }i pho~ o poz} nb }dc nbmsu&

}z~" U}zibl pzikn}u( nfpzi{cm ouuc} qsohn}~ obm nbezcoucm eopn}oh

|czc ohui dohhfozau msznbl }dc ~coz" Di|c{cz( nb ?>>=( }dc zc}szb

ib Mnu}zne} jobanbl ouuc}u kchh jchi| }dc pzc{nisu ~cozu( |dcb

oeeisb}nbl zshcu edoblcu zcush}cm nb sbsusohh~ hozlc cozbnblu" ]dc

zc}szb ib ouuc}u nb ?>>= |ou oppzitnfo}ch~ ?"05 pczecb}( eif&

pozcm |n}d }dc ?"=&pczecb} zc}szb ik ?>>5" Zckhce}nbl }dc u}zcbl}d

ik }dc nbmsu}z~( }dc Mnu}zne} dom bi joba konhszcu nb ?>>="

Ou }dc uspcz{nuiz ik u}o}c fcfjcz jobau obm joba dihm&

nbl eifpobncu nb }dc Chc{cb}d Mnu}zne}( }dc Mohhou Kcm nu zcupib&

unjhc kiz eibmse}nbl ctofnbo}nibu kiz uokc}~ obm uisbmbcuu obm

kiz eifphnobec |n}d eibusfcz pzi}ce}nib ho|u( ou |chh ou |n}d }dc

Eiffsbn}~ Zcnb{cu}fcb} Oe}" Msc }i }dc nfpzi{nbl eibmn}nibu(

}dc Joba eibmse}cm kc|cz ctofnbo}nibu nb ?>>=5;; ctofu(

eifpozcm |n}d =5: nb ?>>5" Ik }dc 5;; ctofnbo}nibu( 3? |czc

zc{nc|u kiz eifphnobec |n}d eibusfcz obm en{nh znld}u hclnuho}nib"

Msznbl unt kizsfu ozisbm }dc Mnu}zne} upibuizcm j~ }dc Mohhou

Kcm( Joba zcpzcucb}o}n{cu fc} |n}d knbobenoh nbu}n}s}nib hcomczu }i

mnuesuu eibeczbu ojis} zclsho}iz~ jszmcb( edoblnbl hclnuho}nib obm

konz hcbmnbl nuuscu"

Eibuihnmo}nib |n}dnb }dc nbmsu}z~ eib}nbscm( |n}d kc|cz

obm hozlcz knbobenoh nbu}n}s}nibu ou o zcush}" ]dc Mohhou Kcm pzi&

ecuucm :=3 opphneo}nibueifpozcm |n}d :0< nb ?>>5kiz fczl&

czu obm oeqsnun}nibu( edoblcu nb eib}zih obm fobolcfcb}( obm i}dcz

oe}nibu zcqsnznbl zclsho}iz~ oppzi{oh"

Jceosuc ik nbezcoucm suc ik ucouiboh hcbmnbl }i fcc}

}dc }cfpizoz~ hnqsnmn}~ bccmu ik knbobenoh nbu}n}s}nibu }dzisldis}

}dc Mnu}zne}( }dc bsfjcz ik hiobu ct}cbmcm j~ }dc Mohhou Kcmu

mnueisb} |nbmi| nbezcoucm kzif :?0 nb ?>>5 }i =00 nb ?>>=( |n}d

}i}oh ezcmn} ct}cbmcm nbezcounbl }i -44= fnhhnib nb ?>>=( eif&

pozcm |n}d -540 fnhhnib nb ?>>5"

]dc 3= u}o}c&edoz}czcm jobau sbmcz }dc Mohhou Kcmu

uspcz{nunib nb ?>>= zcpzcucb}cm 3 pczecb} ik ohh nbuszcm eiffcz&

enoh jobau nb }dc Mnu}zne} obm dchm :"3 pczecb} ik nbuszcm eiffcz&

enoh joba ouuc}u" ]dc 3:5 joba dihmnbl eifpobncu sbmcz Mohhou

Kcm uspcz{nunib hou} ~coz eib}zihhcm ;>=( }dc ceibifne zcucozed obm psjhne okkonzu

ozcou eib}nbscm }i ucz{c ou o ecb}cz kiz kzcc cb}czpznuc zcucozed

obm ceibifne cmseo}nib nb }dc Uis}d|cu}" ]dc ctpobunib ik }zomc

obm }dc nbezcounbl ceibifne nb}clzo}nib ofibl eisb}zncu |ou ob

nfpiz}ob} kiesu ik }dc Mohhou Kcmu zcucozed obm is}zcoed ckkiz}u"

Ou poz} ik }dnu kiesu( }dc Joba upibuizcm o fogiz nb}czbo}niboh

eibkczcbec }i ctofnbc }dc nfpiz}obec ik hibl&}czf nb{cu}fcb}

eopn}oh obm nbezcoucm mifcu}ne uo{nbl }i ceibifne lzi|}d obm

mc{chipfcb}" Zcucozed ib }dc nfpoe} ik }dc Biz}d Ofczneob

Kzcc ]zomc Olzccfcb} obm }dc Lcbczoh Olzccfcb} ib ]oznkku obm

]zomc |ou ohui o} }dc kizckzib}" I}dcz nuuscu u}smncm nbehsmcm

difc cqsn}~ hiobu( knbobenoh mczn{o}n{cu( }dc zcei{cz~ nb hcbmnbl

obm }dc edoblnbl bo}szc obm suckshbcuu ik isz fcouszcu ik fibc~"

O bsfjcz ik psjhneo}nibu |czc pzimsecm nb usppiz} ik

}dc Jobau ceibifne cmseo}nib obm zcucozed ckkiz}u" Nb ommn}nib

}i Ceibifne Zc{nc|(]dc Uis}d|cu} Ceibif~(Knbobenoh Nbmsu}z~ U}sm&

ncu( Knbobenoh Nbmsu}z~ Nuuscu obm Disu}ib Jsunbcuu( }|i bc| psjhn&

eo}nibu( Knbobenoh Nbmsu}z ~ ]zcbmu obm Jsunbcuu Kzib}ncz( |czc nb}zi&

msecm" Knbobenoh Nbmsu}z ~ ]zcbmu kiesucu ib edoblcu nb }dc knbobenoh

nbmsu}z~( |dnhc Jsunbcuu Kzib}nczctphizcu S"U"Fctneob jizmcz cei&

bifne nuuscu" Ckkiz}u }i cmseo}c }coedczu( u}smcb}u obm }dc lcb&

czoh psjhne ojis} kzcc cb}czpznuc( fibc}oz~ pihne~ obm }dc zihc ik

}dc Kcmczoh Zcucz{c |czc uspphcfcb}cm j~ i}dcz is}zcoed pzi&

lzofu used ou }dc Jobau }isz pzilzof( |dned eifphc}cm n}u knzu}

~coz nb }dc bc| dcomqsoz}czu"

Ou poz} ik n}u ckkiz}u }i cbeiszolc obm pzifi}c eif&

fsbn}~ mc{chipfcb} nb }dc Chc{cb}d Mnu}zne}( }dc Joba diu}cm o

eiffsbn}~ nb{cu}fcb} eibkczcbec obm |izaudipu ib ceibifne

mc{chipfcb} obm eiffsbn}~ zcnb{cu}fcb} pihne~ nuuscu"

Ohh }dnu zckhce}u o ~coz ik unlbnkneob} oe}n{n}~ kiz }dc Mohhou

Kcm obm }dc jobanbl nbmsu}z~" Ou jobanbl eib}nbscu }i c{ih{c( }dc

Kcmczoh Zcucz{c Joba ik Mohhou |nhh eib}nbsc }i cbmco{iz }i pzi&

{nmc }dc fiu} ckknencb} obm eiu}&ckkce}n{c knbobenoh ucz{necu o{onh&

ojhc( |dnhc kiu}cznbl uokc obm uisbm jobanbl }dzisldis} }dc Chc{&

cb}d Mnu}zne}"

]dc ^coz nb Zc{nc|


27/36 :3

Jiozm ik Mnzce}izu

Kcmczoh Zcucz{c Joba ik Mohhou

Uco}cm $kzif hck}.7 G" J" Eiipcz( Gz"( Kozfcz( Ziueic(

]ctou1 Zilcz Z" Dcffnbldosu $Mcps}~ Edonzfob.(Edonzfob ik }dc Jiozm( Pzcunmcb} obm Ednck

Ctces}n{c Ikknecz( Mnofibm Udofziea( Nbe"( Uob

Ob}ibni( ]ctou1 Ecec Ufn}d $Edonzfob.( Lcbczoh

Poz}bcz( PdnhhnpuUfn}d Upcenoh}~ Zc}onh Lzisp( Mohhou(

]ctou1 Gofcu O" Foz}nb( ]dnzm Lcbczoh [nec Pzcunmcb}(

Nb}czbo}niboh Ouuieno}nib ik Jznmlc( U}zse}szoh obm

Izbofcb}oh Nzib \izaczu( Osu}nb( ]ctou"

U}obmnbl $kzif hck}.7 Lo~hc F" Cozhu( Pzcunmcb} obm

Ednck Ctces}n{c Ikknecz( ]ctou Nbmcpcbmcb} Joba(

Mohhou ( ]ctou1 Pc~}ib ^o}cu( Pzcunmcb} ( o}cu Mzn hhnbl

Ei"( Oz}cuno( Bc| Fctnei1 Fnh}ib Eozzihh( Edonzfob

ik }dc Jiozm obm Ednck Ctces}n{c Ikknecz( Nbu}zsfcb}Pzimse}u( Nbe"( Disu}ib( ]ctou1 Cslcbc F" Pdnhhnpu(

Edonzfob ik }dc Jiozm obm Pzcunmcb}( ]dc Knzu}

Bo}niboh Joba ik Pobdobmhc( Pobdobmhc( ]ctou"

Ch Poui Jzobed

Uco}cm $kzif hck}.7 [czibneo A" Eohholdob( [nec

Pzcunmcb} obm Pznbenpoh( AOUEI [cb}szcu( Nbe"( Ch

Poui( ]ctou1 Oh{nb ]" Gidbuib $Edonzfob.( Pzcunmcb}(

Fobolcfcb} Ouunu}obec Eizp" ik Ofczneo( Ch Poui(

]ctou1 Po}zneno W" Dihhobm&Jzobed( Pzcunmcb})Mnzce}iz

ik Mcunlb( PWD Eib}zoe} Mcunlb( Nbe"( Ch Poui( ]ctou"

U}obmnbl $kzif hck}.7 Dsli Jsu}ofob}c( Gz"( I|bcz

obm Ednck Ctces}n{c Ikknecz( EozHsjc( Nbe"(

Pzib}iHsjc( Nbe"( Ch Poui( ]ctou1 \o~bc Fczzn}}(

Edonzfob ik }dc Jiozm obm Pzcunmcb}( ]ctou

Bo}niboh Joba ik Fnmhobm( Fnmhobm( ]ctou1 \"

]difou Jcozm( NNN $Edonzfob Pzi ]cf.( Pzcunmcb}(

Hciben}o Eo}}hc Ei"( Ohpnbc( ]ctou1 Jcb D" Donbcu( Gz"(

Pzcunmcb} obm Ednck Ctces}n{c Ikknecz( Knzu} Bo}niboh

Joba ik Mibo Obo Eisb}~( Hou Ezsecu( Bc|

Fctnei"


28/36 :;

Jiozm ik Mnzce}izu

Disu}ib Jzobed

Uco}cm $kzif hck}.7 N" D" Acfpbcz( NNN $Edonzfob

Pzi ]cf.( Edonzfob ik }dc Jiozm( Nfpcznoh Dihh~Eizp"( Usloz Hobm( ]ctou1 Gsm~ Hc~ Ohhcb

$Edonzfob.( Poz}bcz obm Omfnbnu}zo}iz( Ohhcb

Nb{cu}fcb}u( Disu}ib( ]ctou1 Gsmn}d Ezo{cb(

Pzcunmcb}( Sbn}cm \o~ ik }dc ]ctou Lshk Eiou}(

Disu}ib( ]ctou"

U}obmnbl $kzif hck}.7 \oh}cz C" Gidbuib( Pzcunmcb}

obm Ednck Ctces}n{c Ikknecz( Uis}d|cu} Joba ik

]ctou( Disu}ib( ]ctou1 Zijcz } E " FeBonz(

Edonzfob obm Ednck Ctces}n{c Ikknecz( Eilcb

]cedbihilncu( Nbe"( Disu}ib( ]ctou1 G" Fnedoch

Uihoz( Fobolnbl Poz}bcz( Uihoz + Chhnu H"H"P"(

Disu}ib( ]ctou1 ]" D" Mnppch( Gz"( Edonzfob i k }dcJiozm obm Pzcunmcb}( Jzcbdof Jobeudozcu( Nbe"(

Jzcbdof( ]ctou"

Uob Ob}ibni Jzobed

Uco}cm $kzif hck}.7 Gshnc} [" Lozeno( Pzcu nmcb}(

Sbn{czun}~ ik ]ctou o} Jzi|bu{nhhc( Jzi|bu{nhhc(

]ctou1 Czned \cbmh $Edonzfob.( Pzcunmcb} obm

Ednck Ctces}n{c Ikknecz( Fo{cznea Fozac}u( Nbe"(

Eizpsu Edznu}n( ]ctou1 Eozih H" ]difpuib

$Edonzfob Pzi ]cf.( Pzcunmcb} ( ]dc ]difpuib

Lzisp( Osu} nb( ]ctou"

U}obmnbl $kzif hck}.7 Goea Fiizc( I|bcz)Fobolcz(

]" G" Fiizc Hsfjcz( Nbe"( Nbl zof( ]ctou1 Lzcliz ~

\" Ezobc ( Pzcu nmcb} obm Ednc k Ctces}n {c Ikknecz(

Jziom|o~ Bo}niboh Joba( Uob Ob}ibni( ]ctou1Mislhou L" Foemibohm( Pzcunmcb}( Uis}d ]ctou

Bo}niboh Joba( Hozcmi( ]ctou1 D" J" Woedz~( Gz"(

Edonzfob ik }dc Jiozm obm Ednck Ctces}n{c

Ikknecz( D" J" Woedz~ Eifpob~( Uob Ob}ibni(

]ctou"

Ckkce}n{c Mcecfjcz 5?( ?>>=


29/36 :


30/36 :4

U}o}cfcb} ik Eibmn}nib

Mcecfjcz 50( ?>>= Mcecfjcz 5?( ?>>5

$]disuobmu. $]disuobmu.

OUUC]U

Lihm ecz}nkneo}c oeeisb}' - =35(000 - 3?0(000

Upcenoh mzo|nbl znld}u ecz}nkneo}c oeeisb}'' 554(;>? ?(>50(:;>

Nb}czmnu}zne} uc}}hcfcb} oeeisb} $?(505(0=?. $:(450(400.

]I]OH OUUC]U - ?;(04?;(404 - ?:(0>;(3=:

Mcpiun}u7

Mcpiun}iz~ nbu}n}s}nibu :(?5>(34< :(0:0(30?

Kizcnlb ?0(:00 >(;=;

I}dcz :4(=;; 5(34 ??:(:>0

]I]OH HNOJNHN]NCU - ?3(3>5(44? - ?=(;:5(?>5(;;: - =>:(0


31/36 :>

Kiz }dc ~coz cbmcm Kiz }dc ~coz cbmcm

Mcecfjcz 50( ?>>= Mcecfjcz 5?( ?>>5


ESZZCB] NBEIFC

Nb}czcu} ib hiobu - :>4 - >>= Mcecfjcz 5?( ?>>5


Uszphsu( Gobsoz~ ? - :=;(053 - :??(>=5

Bc} nbeifc o{onhojhc kiz mnu}znjs}nib 4>=(330 ;:

Uszphsu( Mcecfjcz 50)5? - :=;(45? - :=;(053


33/36 5?

MNU]ZNE] USFFOZ^

Bsfjcz ik Pncecu Dobmhcm Mihhoz Ofisb} $Fnhhnibu.

?>>= ?>>5 ?>>= ?>>5

Eszzcbe~ zcecn{cm obm eisb}cm ?(:?=(;3=(3?4 ?(?5


34/36 5:

Kcmczoh Zcucz{c Joba ik Mohhou

Mohhou

Zijcz} M" Fe]ccz( Gz"Pzcunmcb} obm

Ednck Ctces}n{c Ikknecz

]ib~ G" Uoh{ollniKnzu} [nec Pzcunmcb} obmEdnck Ipczo}nbl Ikknecz

G" ]~zibc LdihuibUcbniz [nec Pzcunmcb}

Zijcz} M" DobanbuUcbniz [nec Pzcunmcb}

Dchcb C" DiheifjUcbniz [nec Pzcunmcb}

Hozz~ G" ZceaUcbniz [nec Pzcunmcb}

Doz{c~ ZiucbjhsfUcbniz [nec Pzcunmcb} obmMnzce}iz ik Zcucozed

Fnhhozm C" U|co}}Ucbniz [nec Pzcunmcb}( Lcbczoh Eisbuch(C}dneu Ikknecz obm Ucezc}oz~

Cozh Obmczuib[nec Pzcunmcb}

Jounh G" Ouozi[nec Pzcunmcb}

H~bc D" Eoz}cz[nec Pzcunmcb}

\" Fnedoch Eit[nec Pzcunmcb} obmCeibifne Om{nuiz

Jnhh~ G" Msuca[nec Pzcunmcb}

Aczfn} U" Dozfib( Gz"[nec Pzcunmcb}

Gich H" Aiibec( Gz"[nec Pzcunmcb}

Zijcz} K" Hoblhnbonu[nec Pzcunmcb} obmLcbczoh Osmn}iz

Zcjceeo \" Fcnbwcz[nec Pzcunmcb} obmOmfnbnu}zo}n{c Ikknecz

Lcbnc M" Udiz}[nec Pzcunmcb}

Hozz~ F" Ubchh[nec Pzcunmcb}

\" Oz}dsz ]znjjhc[nec Pzcunmcb}

Ikkneczu

Lhizno [" Jzi|bOuunu}ob} [nec Pzcunmcb} obmEiffsbn}~ Okkonzu Ikknecz

U}cpdcb P" O" Jzi|bOuunu}ob} [nec Pzcunmcb} obm

Ucbniz Ceibifnu}

]czz~ J" EofpjchhOuunu}ob} [nec Pzcunmcb}

Zijcz} L" KcnhOuunu}ob} [nec Pzcunmcb}

Gidbb~ H" GidbuibOuunu}ob} [nec Pzcunmcb}

Giobbo I" AihuibOuunu}ob} [nec Pzcunmcb}

E" Ho[iz H~fOuunu}ob} [nec Pzcunmcb}

Gofcu Z" FeEshhnbOuunu}ob} [nec Pzcunmcb}

Mcob O" PobaibncbOuunu}ob} [nec Pzcunmcb}

Gidb Z" PdnhhnpuOuunu}ob} [nec Pzcunmcb}

Hozz~ E" Znphc~Ouunu}ob} [nec Pzcunmcb}

Lo~hc ]colscOuunu}ob} [nec Pzcunmcb}

Fnedoch B" ]szbczOuunu}ob} [nec Pzcunmcb}

U}cpdcb F" \chedOuunu}ob} [nec Pzcunmcb}

Foznib C" \dn}cOuunu}ob} [nec Pzcunmcb}

Jij \" \nhhnofuOuunu}ob} [nec Pzcunmcb}

Cfnhnc U" \iz}d~Ouunu}ob} [nec Pzcunmcb}

Fczcmn}d B" JhoeaUspcz{nuiz~ Nbkizfo}nib Ikknecz

Gidb [" Mseo

Zcucozed Ikknecz

AoUobmzo F" LishmnblPsjhne Okkonzu Ikknecz

\nhhnof E" LzsjcbZcucozed Ikknecz

C{ob K" AicbnlZcucozed Ikknecz

\nhhnof E" Fizuc( Gz"Ipczo}nibu Ikknecz

Udozib O" U|ccbc~Ouuieno}c Eisbuch obmOuuieno}c Ucezc}oz~

C{ch~b H[" \o}anbuOeeisb}nbl Ikknecz

Ch Poui

Uof E" Eho~[nec Pzcunmcb} nb Edozlc

G" Chinuc LsnbbOuunu}ob} [nec Pzcunmcb}

Go{ncz Z" GnfcbcwOuunu}ob} [nec Pzcunmcb}

Disu}ib

Zijcz} Ufn}d( NNN

Ucbniz [nec Pzcunmcb} nb Edozlc

[czbib H" Joz}cc[nec Pzcunmcb}

Znedozm G" JszmoOuunu}ob} [nec Pzcunmcb}

Zcb L" LibwohcuOuunu}ob} [nec Pzcunmcb}

Hs}dcz C" ZnedozmuOuunu}ob} [nec Pzcunmcb}

Zijcz} \" LnhfczZcucozed Ikknecz

Acbbc}d [" FeAccOsmn} Ikknecz

Uob Ob}ibni

Gofcu H" U}shhUcbniz [nec Pzcunmcb} nb Edozlc

]o~hiz D" JozjccOuunu}ob} [nec Pzcunmcb}

Znedozm O" Ls}nczzcwOuunu}ob} [nec Pzcunmcb}

M" Aozcb Uohnujsz~Ipczo}nibu Ikknecz

Ckkce}n{c Gobsoz~ ?( ?>>3


35/36 55

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36/36

KCMCZOH ZCUCZ[C JOB AIK MOHHOU

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CH POU I JZOBED

50? COU] FON B U]ZCC]

CH POUI( ]CTOU >0?

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1994 dallas federal reserve annual report

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