the federal reserve as an informed foreign exchange trader: 1973–1995

8/2/2019 The Federal Reserve as an Informed Foreign Exchange Trader: 19731995

1/33

Ucf Dfefymh Yf{fytf m{ mn Bndlyjfe Dlyfb`n

Fskcmn`f Uymefy? =20;=226

Jbkcmfh E. Ilyel( m Lpfn D. Cvjwm`f( i mneMnnm O. [kcpmyuzk

mYvu`fy{ Vnbtfy{buri Dfefymh Yf{fytf Imna ld Khftfhmne

k Nmublnmh Ivyfmv ld Fklnljbk Yf{fmykc

Bd l kbmh bnufytfnubln{ klntfr wybtmuf bndlyjmubln v{fdvh dlywybkf eb{kltfyr bn dlyfb`n fskcmn`f jmyafu{( ucfn ucfr {clvhecmtf tmhvf m{ m dlyfkm{u ld nfmy*ufyj fskcmn`f ymuf jltfjfnu{.V{bn` m {fu ld {umnemye kybufybm( pf {clp ucmu mwwylsbjmufhr47 wfykfnu ld mhh V.[. dlyfb`n fskcmn`f bnufytfnubln{ ifupffn=20; mne =226 pfyf {vkkf{{dvh bn ucb{ {fn{f. Ucb{ wfykfnum`f(clpftfy( b{ nl ifuufy ucmn ymnelj. V.[. bnufytfnubln {mhf{ mnewvykcm{f{ ld dlyfb`n fskcmn`f pfyf bnkmwmihf ld dlyfkm{ubn`

elhhmy mwwyfkbmubln{ ly efwyfkbmubln{. V.[. bnufytfnubln{( clp*ftfy( pfyf m{{lkbmufe pbuc jlyf jlefymuf elhhmy jltfjfnu{ bnm jmnnfy kln{b{ufnu pbuc hfmnbn` m`mbn{u ucf pbne( ivu lnhr99 wfykfnu ld mhh V.[. bnufytfnubln{ klndlyjfe ul ucb{ wmuufyn.Pf mh{l dlvne ucmu ucf hmy`fy ucf {bzf ld mn bnufytfnubln( ucf`yfmufy pm{ bu{ wylimibhbur ld {vkkf{{. Bn ucb{ klnufsu( jl{uV.[. bnufytfnubln{ mwwfmy ul cmtf iffn ull {jmhh ul cmtf cmem cb`c wylimibhbur ld {vkkf{{. Lucfy wlufnubmh kcmymkufyb{ubk{ ld bnufytfnublnnlumihr( kllyebnmubln mne {fkyfkrebe nlu {ffj

ul bn vfnkf lvy {vkkf{{ ymuf{.OFH Klef{? D;=( F69( F63.

Ucf mvucly{ ucmna Amucyrn Eljbn`vfz dly cfy yfjmya{ mu ucf klndfy*fnkf( Ifn Kymb`( Kcyb{ulwcfy O. Nffhr( mne mn mnlnrjlv{ yfdfyff dly klj*jfnu{ ln fmyhbfy eymdu{( mne Jm``bf Omkli{ln dly cfy yf{fmykc m{{b{umnkf. Mvuclyf*jmbh{? ilyelGdm{*fkln.yvu`fy{.fev( lpfn.d.cvjwm`fGkhft.dyi.ly`( m{kcpmyuzG`k.kvnr.fev.

=90


2/33

=93 Bnufynmublnmh Olvynmh ld Kfnuymh Imnabn` Jmykc 97=9

Ucfyf b{ nl ftbefnkf( nly elf{ mnriler cfyf Qbn ucf DLJKZifhbftf ucmu ucfyf b{ mnr ftbefnkf( ul kln yj ucmu {ufybhbzfe

bnufytfnubln elf{ mnrucbn`.Mhmn @yffn{wmn(DLJK Uymn{kybwu{( Lkulify ;( 9777( w. =5

=. Bnuylevkubln

Bn jbe*=20;( {clyuhr mdufy ucf ln{fu ld `fnfymhbzfe lmubn`( ucfVnbufe [umuf{ {umyufe bnufytfnbn` bn ucf dlyfb`n fskcmn`f jmyafu(ivrbn` ly {fhhbn` dlyfb`n kvyyfnkbf{ bn mn f lyu ul bn vfnkf elh*hmy fskcmn`f ymuf{. Ir =226( clpftfy( ucf Vnbufe [umuf{ cme mhhivu mimnelnfe ucf{f lwfymubln{. Ucf ftbefnkf ltfy ucf bnufytfn*bn` rfmy{ {v``f{ufe ucmu bnufytfnubln pm{ jlyf ld m cbneymnkf ul`lle wlhbkr ucmn m klnuybivubln. [umyubn` bn ucf hmuf =237{( DfefymhLwfn Jmyafu Kljjbuuff #DLJK" wmyubkbwmnu{ bnkyfm{bn`hr }vf{*ublnfe ucf f fkubtfnf{{ ld bnufytfnubln. Ucfr ifhbftfe ucmu bd bnufy*tfnubln pfyf ul cmtf mnrucbn` lucfy ucmn m ffubn`( cbu*ly*jb{{ f fkuln fskcmn`f ymuf{( jlnfumyr wlhbkr cme ul {vwwlyu bu. Ucb{ {uybkuvyf(clpftfy( bjwhbfe ucmu bnufytfnubln ebe nlu m lye ucf Dfefymh Yf{fytfmn bn{uyvjfnu pbuc pcbkc ul {r{ufjmubkmhhr m fku fskcmn`f ymuf{bnefwfnefnu ld jlnfumyr wlhbkr. Bnufytfnubln klvhe bnufydfyf pbucucf DLJK{ eljf{ubk wlhbkr liofkubtf{. Jlyfltfy( ucf bjwfuv{ dlyV.[. bnufytfnubln mdufy =236 kmjf hmy`fhr dylj ucf V.[. Uyfm{vyr(pcbkc b{ wybjmybhr yf{wln{bihf dly bnufytfnubln bn ucf Vnbufe [umuf{.Ef{wbuf cmtbn` {fwmymuf hf`mh mvuclybur dly bnufytfnubln( ucf Dfe*fymh Yf{fytf [r{ufj dlvne ucmu bu klvhe nlu fm{bhr mtlbe wmyubkbwmu*

bn` bn Uyfm{vyr*bnbubmufe lwfymubln{. Vnefy ucf{f kbykvj{umnkf{( ucfDLJK dfmyfe( bnufytfnubln jv{u pfmafn kln efnkf bn ucf [r{ufj{kljjbujfnu ul wybkf {umibhbur( pcbkc mu ucf ubjf ucf kljjbuuff pm{mtbehr muufjwubn` ul {uyfn`ucfn #Iylmeev{ mne @lledybfne =224(Ilyel( Cvjwm`f( mne [kcpmyuz 97=7i( mne @lledybfne 97=7".

Pcbhf jmnr lucfy metmnkfe klvnuybf{ dlhhlpfe {vbu( bnufytfnublnlwfymubln{ nftfy fnubyfhr fnefe. Ucf Omwmnf{f Jbnb{uyr ld Dbnmnkf(dly fsmjwhf( vnefyulla dyf}vfnumne mu ubjf{ jm{{btflwfymubln{ifupffn =22= mne 9775 pbuc mn frf ulpmye hbjbubn` ucf rfn{ mwwyf*kbmubln m`mbn{u ucf elhhmy #Bul 977;( 9776( 9770". Ucf Vnbufe [umuf{(dly bu{ lpn wmyu( cm{ wmyubkbwmufe bn upl lwfymubln{ m`mbn{u Omwmnf{frfn mne lnf m`mbn{u fvyl{ {bnkf ucf {vjjfy ld =226. Ucf yfkfnu


3/33

Tlh. 3 Nl. = Ucf Dfefymh Yf{fytf =92

`hlimh nmnkbmh uvyjlbh cm{ fnklvym`fe m hbjbufe yf{vy`fnkf ld bnufy*tfnubln. Omwmn cm{ m`mbn bnufytfnfe( lnkf pbuc V.[. kllwfymubln.

Ucf [pb{{ Nmublnmh Imna cm{ mh{l bnufytfnfe cfmtbhr bn mn f lyuul hbjbu ucf dymnk{ mwwyfkbmubln m`mbn{u ucf fvyl mne ucf elhhmy.Fjfy`bn` jmyafu{( bnkhvebn` Iymzbh( Kcbhf( mne B{ymfh( cmtf mh{lbnufytfnfe. Ucf ldufn cfb`cufnfe tlhmubhbur ld fskcmn`f ymuf{ {bnkf9770 cm{ wyljwufe {ljf fklnljb{u{ ul yfkljjfne ucf hbjbufe v{fld bnufytfnubln #Nffhr 97==".

Ucb{ wmwfy yftbfp{ ucf V.[. fswfybfnkf dylj =20; ucylv`c =226bn {fmykc ld hf{{ln{ wfyubnfnu ul mnr jlefyn yfftmhvmubln ld bnufy*tfnubln wlhbkr. Dlhhlpbn` Cvjwm`f #=222( 9777"( pf kln{uyvku yfm*{lnmihf {vkkf{{ kybufybm im{fe ln ucf klyyf{wlnefnkf ifupffn bnufy*tfnubln{ mne embhr fskcmn`f ymuf jltfjfnu{. Pf klvnu ucf nvjifyld li{fytfe {vkkf{{f{ vnefy fmkc kybufybln mne m{{f{{ pcfucfy ucmuklvnu fskffe{ ucf nvjify ucmu jb`cu lkkvy ymneljhr `btfn ucf nfmy*jmyubn`mhf nmuvyf ld embhr fskcmn`f ymuf kcmn`f{. M cb`c {vkkf{{klvnu bnebkmuf{ ucmu bnufytfnubln cme tmhvf m{ m dlyfkm{u ld nfmy*ufyj fskcmn`f ymuf wmuufyn{ mne bjwhbf{ ucmu bnufytfnubln klntfrfebndlyjmubln v{fdvh dly wybkf eb{kltfyr. Pf mh{l bntf{ub`muf pcfucfytmyblv{ kcmymkufyb{ubk{ ld mn bnufytfnubln( {vkc m{ bu{ {bzf( dyf}vfnkr(ly kllyebnmubln( kmn bnkyfm{f bu{ wylimibhbur ld {vkkf{{.

Pf ne ucmu 47 wfykfnu ld mhh V.[. bnufytfnubln{ ifupffn =20;mne =226 pfyf {vkkf{{dvh vnefy lvy kybufybmm wfykfnum`f ucmu b{nl ifuufy ucmn ymnelj. Ucb{ yf{vhu lkkvy{ ifkmv{f V.[. wvykcm{f{mne {mhf{ ld dlyfb`n fskcmn`f {clpfe nl {r{ufjmubk klyyf{wlnefnkfpbuc elhhmy efwyfkbmubln{ ly mwwyfkbmubln{( yf{wfkubtfhr. V.[. bnufy*tfnubln{( clpftfy( ldufn ebe mkkljwmnr {mjf*emr jlefymubln{ ld

elhhmy fskcmn`f ymuf jltfjfnu{ bn m jmnnfy iylmehr kln{b{ufnupbuc hfmnbn` m`mbn{u ucf pbne. Pcbhf ucf{f {vkkf{{f{ pfyf `fnfy*mhhr `yfmufy ucmn ymnelj( ucfr mkklvnufe dly hf{{ ucmn lnf*dlvyucld mhh V.[. bnufytfnubln{ mne pfyf nlu vnbtfy{mhhr yliv{u mkyl{{ ubjfwfyble{ mne kvyyfnkbf{. Pf mh{l dlvne ucmu ucf hmy`fy ucf {bzf ld mnbnufytfnubln( ucf `yfmufy bu{ wylimibhbur ld {vkkf{{. Jl{u V.[. bnufy*tfnubln{( clpftfy( {ffjfe {jmhh `btfn ucf{f f{ubjmuf{1 ucmu b{( ucfwlbnu f{ubjmuf{ ld ucfby wylimibhbur ld {vkkf{{ pfyf hlp. Lucfy kcmy*mkufyb{ubk{ ld bnufytfnubln{nlumihr( kllyebnmubln{ffj ul cmtfcme nl mwwmyfnu bn vfnkf ln lvy {vkkf{{ ymuf{.

Ucb{ wmwfy wylkffe{ m{ dlhhlp{? Ucf nfsu {fkubln eymp{ m afreb{ubnkubln ifupffn {ufybhbzfe mne nln*{ufybhbzfe bnufytfnubln{ mne


4/33

=;7 Bnufynmublnmh Olvynmh ld Kfnuymh Imnabn` Jmykc 97=9

eb{kv{{f{ ucf ucflyfubkmh kcmnnfh{ ucylv`c pcbkc {ufybhbzfe bnufytfn*ubln jb`cu lwfymuf. [fkubln ; fswhmbn{ lvy ucyff {vkkf{{ kybufybm( lvy

emum( mne lvy klvnubn` jfucle{. [fkubln 5 ftmhvmuf{ lvy {vkkf{{klvnu{ vnefy ucf m{{vjwubln ucmu {vkkf{{f{ myf crwfy`fljfuybk ymn*elj tmybmihf{. [fkubln 6 kcfka{ ucf yliv{unf{{ ld lvy yf{vhu{ mkyl{{tmyblv{ {viwfyble{. [fkubln 4 v{f{ wylibu yf`yf{{bln{ ul {ff bd tmyblv{kcmymkufyb{ubk{ ld mn bnufytfnubln mhufy ucf hbafhbclle ld {vkkf{{. Pfv{f ucf{f f{ubjmuf{ ul {clp ucf yfhmubln{cbw ifupffn ucf wylimibhburld {vkkf{{ mne ucf {bzf ld mn bnufytfnubln. [fkubln 0 klnkhvef{ pbuc{ljf eb{kv{{bln ld lvy yf{vhu{ mne m dfp kljwmyb{ln{ ul fmyhbfy plya.

9. Imka`ylvne

Fskfwu dly ucf bn{uyvjfnu{ bntlhtfe( ucf jfkcmnbk{ ld mn bnufy*tfnubln myf {bjbhmy ul ucl{f ld mn lwfn*jmyafu lwfymubln( mne hbafmn lwfn*jmyafu lwfymubln( dlyfb`n fskcmn`f bnufytfnubln{ cmtf ucfwlufnubmh ul mhufy imna yf{fytf{. Ucf Dfefymh Yf{fytfhbaf jl{uhmy`f kfnuymh imna{ylvubnfhr {ufybhbzf{ ucf bjwmku ld mhh V.[. dly*fb`n fskcmn`f lwfymubln{ ln ucf jlnfumyr im{f #Nffhr 977=( Hfklvyumne Ymrjlne 9774". [ufybhbzmubln wyftfnu{ dlyfb`n fskcmn`f uymn{*mkubln{ dylj bnufydfybn` pbuc ucf eljf{ubk liofkubtf{ ld jlnfumyrwlhbkr.

Bn klnuym{u ul ucf {ufybhbzfe tmybfur( nln*{ufybhbzfe bnufytfnubln(pcbkc mhufy{ ucf jlnfumyr im{f( b{ f{{fnubmhhr f}vbtmhfnu ul bnuylevk*bn` mn fskcmn`f ymuf umy`fu bnul m kfnuymh imna{ yfmkubln dvnkubln.Pcbhf wyf{fnubn` ucf kfnuymh imna pbuc mn meebublnmh wlhbkr umy`fu(nln*{ufybhbzfe bnufytfnubln dmbh{ ul l fy mn meebublnmh bnefwfnefnu

bn{uyvjfnu pbuc pcbkc ul muumbn ucmu umy`fu. Bd mn vnef{bymihf jltf*jfnu bn ucf fskcmn`f ymuf {clvhe {ufj dylj m eljf{ubk jlnfumyr{clka( ucfn klvnufymkubn` bu ucylv`c wvykcm{f{ ld dlyfb`n fskcmn`f b{pclhhr yfevnemnu ul elbn` {l ucylv`c uymebublnmh lwfn*jmyafu lwfy*mubln{ #{ff Iln{fy*Nfmh( Ylhfr( mne [fhhln =223( Cvjwm`f =222".=

Ln ucf lucfy cmne( bd ucf bnbubmh( vnefyhrbn` {clka ul ucf fskcmn`fymuf b{ {ljfucbn` lucfy ucmn eljf{ubk mne jlnfumyr bn nmuvyf( ucfn

= Bd m klvnuyr b{ bn m hb}vbebur uymw mne hln`*ufyj eljf{ubk `ltfynjfnu{fkvybubf{ucf uymebublnmh tfcbkhf{ ld }vmnubumubtf fm{bn`myf wfydfku {vi{ubuvuf{dly im{f ly bn {clyu {vwwhr( ucfn klnevkubn` lwfn*jmyafu lwfymubln{ ucylv`cdlyfb`n fskcmn`f jmr if metb{mihf #{ff JkKmhhvj 977;".


5/33

Tlh. 3 Nl. = Ucf Dfefymh Yf{fytf =;=

muufjwubn` ul mkcbftf mn fskcmn`f ymuf liofkubtf ucylv`c fbucfynln*{ufybhbzfe bnufytfnubln ly uymebublnmh lwfn*jmyafu lwfymubln{ kmn

bnufydfyf pbuc ucf muumbnjfnu ld m kfnuymh imna{ eljf{ubk wlhbkr`lmh{. Bd( dly fsmjwhf( ucf elhhmy efwyfkbmuf{ tb{*gm*tb{ m dlyfb`n kvy*yfnkr ifkmv{f ucf dlyfb`n kfnuymh imna ub`cufn{ bu{ jlnfumyr wlhbkr(ucfn klnevkubn` nln*{ufybhbzfe bnufytfnubln ul {umibhbzf ucf elhhmykmn hlpfy bn mubln ifhlp ucf Dfefymh Yf{fytf{ ef{byfe hftfh.

[ufybhbzfe bnufytfnubln b{ v{fdvh ul wlhbkrjmafy{ lnhr ul ucf fsufnuucmu bu wyltbef{ m jfkcmnb{j dly {r{ufjmubkmhhr m fkubn` fskcmn`fymuf{ bnefwfnefnu ld ucfby eljf{ubk jlnfumyr wlhbkr liofkubtf{.Ucflyfubkmhhr( {ufybhbzfe bnufytfnubln jb`cu bn vfnkf fskcmn`f ymuf{ucylv`c m wlyudlhbl*imhmnkf kcmnnfh( mn bntfnulyr*meov{ujfnu kcmn*nfh( mn fswfkumubln{ kcmnnfh( ly m kllyebnmubln jfkcmnb{j.9

M wlyudlhbl*imhmnkf kcmnnfh {clvhe l fy kfnuymh imna{ m pmr ulylvubnfhr m fku fskcmn`f ymuf{ pbuclvu bnufydfybn` pbuc ucfby eljf{*ubk jlnfumyr wlhbkr liofkubtf{. [ufybhbzfe bnufytfnubln cm{ nl f fkuln ucf jlnfumyr im{f( ivu bu mhufy{ ucf kvyyfnkr kljwl{bubln ld wvi*hbkhr cfhe `ltfynjfnu {fkvybubf{. [wfkb kmhhr( ucf mku ld {ufybhbzbn` mnbnufytfnubln bnkyfm{f{ lvu{umnebn` efiu efnljbnmufe bn ucf kvyyfnkrucmu kfnuymh imna{ myf {fhhbn` yfhmubtf ul efiu efnljbnmufe bn ucfkvyyfnkr ucmu kfnuymh imna{ myf ivrbn`. Bd yb{a*mtfy{f m{{fu clhefy{tbfp ucf{f {fkvybubf{ m{ bjwfydfku {vi{ubuvuf{( ucfr pbhh clhe ucf yfh*mubtfhr jlyf mivnemnu m{{fu bn ucfby wlyudlhbl lnhr bd ucf fswfkufeymuf ld yfuvyn ln ucb{ m{{fu kljwfn{muf{ ucfj dly ucf wfykfbtfe yb{a{ld elbn` {l. ; Ucfby bnbubmh yfhvkumnkf ul clhe ucf yfhmubtfhr jlyfmivnemnu {fkvybur dlykf{ m {wlu efwyfkbmubln ld ucf kvyyfnkr ucmukfnuymh imna{ myf {fhhbn` yfhmubtf ul ucf kvyyfnkr ucmu ucfr myf ivr*

bn`. Ucf {wlu efwyfkbmubln yfhmubtf ul ucf fskcmn`f ymuf{ hln`fy*ufyj fswfkufe tmhvf ucfn ymb{f{ ucf mnubkbwmufe ymuf ld yfuvyn lnucf nlp jlyf*mivnemnu {fkvybubf{ mne kljwfn{muf{ m{{fu clhefy{dly ucf wfykfbtfe bnkyfm{f bn yb{a.5 Vndlyuvnmufhr( jl{u fjwbybkmh

9 Feb{ln #=22;"( Mhafjbnefy{ #=226"( Imbhhbf( Cvjwm`f( mne L{ufyify` #9777"(mne [mynl mne Umrhly #977=" wyltbef fskfhhfnu {vytfr{ ld bnufytfnubln. Nffhr#9776" mh{l ulvkcf{ ln {ljf fklnljfuybk b{{vf{.

; Ucf wlyudlhbl*imhmnkf jfkcmnb{j mh{l m{{vjf{ ucmu nl yf{uybkubln{ fsb{u lnkyl{{*ilyefy nmnkbmh lp{ mne ucmu Ybkmyebmn f}vbtmhfnkf elf{ nlu clhe.5 Jl{u jlefh{ m{{vjf ucmu yfhmubtf kcmn`f{ bn ucf {ulka ld {fkvybubf{ hfmtfbnufyf{u ymuf{ vnm fkufe ifkmv{f jlnfumyr wlhbkr efufyjbnf{ bnufyf{u ymuf{. Ucb{nffe nlu if ucf km{f.


6/33


{uvebf{ el nlu ne ucmu bnufytfnubln m fku{ fskcmn`f ymuf{ ucylv`cm wlyudlhbl*imhmnkf jfkcmnb{j #Feb{ln =22;". Urwbkmhhr( ucf yfhf*

tmnu klf kbfnu{ bn ucf{f {uvebf{ myf fbucfy {umub{ubkmhhr ly }vmnubum*ubtfhr bn{b`nb kmnu( ly vn{umihf mkyl{{ ubjf wfyble{ mne kvyyfnkbf{.M nlumihf fskfwubln b{ Eljbn`vfz mne Dymnafh #=22;m"( pcl ne{vwwlyu dly m wlyudlhbl*imhmnkf kcmnnfh. Bn `fnfymh( kfnuymh imna{wvu hbuuhf {ulka bn ucb{ jfkcmnb{j #Nffhr 9770".

M tmybmubln ld ucf {umnemye wlyudlhbl*imhmnkf kcmnnfh( ucfbntfnulyr*meov{ujfnu jfkcmnb{j( ef{kybif{ clp bnufytfnubln jb`cum fku fskcmn f ymuf{ bn ucf tfyr {clyu yvn #Ftmn{ mne Hrln{977=( 9776( Hrln{ 977=". Ucf{f jlefh{ dlkv{ ln ucf ylhf ld dlyfb`nfskcmn`f efmhfy{( pcl( m{ jmyafu jmafy{( {umne yfmer ul ivr mne {fhhdlyfb`n fskcmn`f. Ucf{f {mjf efmhfy{ urwbkmhhr el nlu clhe {bzmihflwfn wl{bubln{ bn m dlyfb`n kvyyfnkr( f{wfkbmhhr ltfynb`cu #Kcfvn`mne Kcbnn 977=". Ucfr pbhh uyr ul eb{uybivuf ucfby vnpmnufe kvyyfnkrclhebn`{ mjln` lucfy efmhfy{ mne ftfnuvmhhr mjln` ucfby kljjfy*kbmh kv{uljfy{. [bnkf eb fyfnu kvyyfnkbf{ myf nlu wfydfku {vi{ubuvuf{bn ucf efmhfy{ wlyudlhbl{( ucb{ bntfnulyr*meov{ujfnu wylkf{{ yf{fj*ihf{ m wlyudlhbl*imhmnkf*hbaf jfkcmnb{j mu ucf jbkyl hftfh. Ftmn{ mneHrln{ #977=( 9776" khmbj ftbefnkf ld iluc ufjwlymyrefmhfy*ul*efmhfy bntfnulyr yf{cvstbn`mne wfyjmnfnuefmhfy*ul*kv{uljfywlyudlhbl*imhmnkf f fku{. Ucf wfyjmnfnu kljwlnfnu ld ucb{ jlefh(clpftfy( b{ mu lee{ pbuc ucf jmkyl hbufymuvyf.

Mhufynmubtfhr( {ufybhbzfe bnufytfnubln jb`cu fsfyu {ljf bn vfnkfltfy dlyfb`n fskcmn`f ymuf{ ir m fkubn` jmyafu fswfkumubln{ milvudvuvyf fskcmn f ymuf kcmn`f{. Vnhbaf ucf wlyudlhbl*imhmnkf jfkc*mnb{j( mn fswfkumubln{ kcmnnfh elf{ nlu mhufy ucf dvnemjfnumh

efufyjbnmnu{ ld fskcmn`f ymuf{ ivu kcmn`f{ wfykfwubln{ ld ucl{fdvnemjfnumh{. Ucb{ jmr }vbkahr {cbdu fskcmn`f ymuf{ ul mn mhufy*nmubtf wmuc ivu lnf ucmu b{ {ubhh kln{b{ufnu pbuc ucl{f vnkcmn`fedvnemjfnumh{.

Dly ucf fswfkumubln{ kcmnnfh ul plya( bndlyjmubln jv{u if kl{uhrmne m{rjjfuybkmhhr eb{uybivufe( mne jlnfumyr mvuclybubf{ jv{u cmtfwybtmuf bndlyjmubln milvu fskcmn`f ymuf{ ucmu ucfr kmn klntfrul ucf jmyafu ucylv`c ucfby bnufytfnubln{ #Imbhhbf( Cvjwm`f( mneL{ufyify` 9777". [vytfr ftbefnkf elf{ {v``f{u ucmu bndlyjmubln b{m{rjjfuybkmhhr eb{uybivufe #Kcfvn` mne Kcbnn 977=". Hmy`f dly*fb`n fskcmn`f uymefy{ cmtf ifuufy bndlyjmubln ucmn {jmhhfy uymefy{mne uymn{dfy ucmu bndlyjmubln ucylv`c ucfby uymef{. Mnr uymefy{


7/33

Tlh. 3 Nl. = Ucf Dfefymh Yf{fytf =;;

bnkhvebn` jlnfumyr mvuclybubf{ucmu lucfy{ {v{wfku ld cmtbn` {vwf*ybly bndlyjmubln klvhe m fku wybkf{( bd jmyafu wmyubkbwmnu{ li{fytfe

ucfby uymef{.[clvhe pf fswfku kfnuymh imna{ ul ylvubnfhr wl{{f{{ m {b`nb kmnubndlyjmublnmh metmnum`f ltfy wybtmuf jmyafu wmyubkbwmnu{< Jv{{m#=23=" bnbubmhhr {v``f{ufe ucmu m kfnuymh imna jb`cu {b`nmh vnmnubk*bwmufe kcmn`f{ bn jlnfumyr wlhbkr ucylv`c bu{ bnufytfnubln{. Ucb{{b`nmh plvhe cmtf kyfefnkf ifkmv{f ucf jlnfumyr mvuclybur pbhhbnkvy m kmwbumh hl{{ ln bu{ dlyfb`n fskcmn`f wl{bubln bd bu dmbh{ ulkmyyr ucylv`c pbuc bu{ wlhbkr {b`nmh. Ifkmv{f ld ucb{ klnebubln( ucf{b`nmhbn` kcmnnfh elf{ nlu l fy jlnfumyr mvuclybubf{ m jfkcmnb{jucylv`c pcbkc ucfr kmn ylvubnfhr m fku fskcmn`f ymuf{ bnefwfnefnuld ucfby jlnfumyr wlhbkbf{.

Jlnfumyr mvuclybubf{( clpftfy( ldufn khmbj ul bnufytfnf pcfnucfr tbfp kvyyfnu fskcmn`f ymuf{ m{ ifbn` bnkln{b{ufnu pbuc jmyafudvnemjfnumh{( bjwhrbn` ucmu ucfr cmtf mn bndlyjmubln metmnum`fifrlne wyl{wfkubtf kcmn`f{ bn jlnfumyr wlhbkr. Kfnuymh imna{ cmtfhmy`f {um { ucmu `mucfy mne mnmhrzf emum( mne ucfr jmbnumbn ln`l*bn` bndlyjmublnmh yfhmubln{cbw{ pbuc jmoly imna{. Ucylv`c ucfbydyf}vfnu klnumku{ pbuc jmyafu wmyubkbwmnu{( kfnuymh imna{ kmn m``yf*`muf ucf wybtmuf bndlyjmubln ld bnebtbevmh uymefy{ mne eb{{fjbnmufucb{ bndlyjmubln ucylv`c bnufytfnubln #Wlwwfy mne Jlnu`ljfyr977=". Bd jlnfumyr mvuclybubf{ ylvubnfhr cmtf ifuufy iylme*im{febndlyjmubln ucmn lucfy jmyafu wmyubkbwmnu{( ucfn ucfby bnufytfnubln{{clvhe mkkvymufhr wyfebku nfmy*ufyj fskcmn`f ymuf jltfjfnu{.

Bn fsuyfjf km{f{ ld bndlyjmubln bjwfydfkubln{( pcfn m {vi{umnubmhwlyubln ld jmyafu wmyubkbwmnu{ im{f ucfby uymef{ ln fsuymwlhmubln{

ld wm{u fskcmn`f ymuf jltfjfnu{( fskcmn`f ymuf{ jb`cu yfjmbn jb{*mhb`nfe( ftfn bd jlyf*bndlyjfe uymefy{ dffh ucmu kvyyfnu fskcmn`fymuf{ myf bnmwwylwybmuf. Bn ucf wyf{fnkf ld {uyln` imnepm`ln f fku{ly klhhfkubtf*mkubln wylihfj{( bndlyjfe uymefy{ jmr cmtf yfkfnuhrhl{u jlnfr mne pbuceympn ufjwlymybhr dylj ucf jmyafu( kmv{bn`ucf jb{mhb`njfnu ul wfy{b{u. Bn {vkc km{f{( {ufybhbzfe bnufytfnublnjb`cu l fy m kllyebnmubn` {b`nmh ul ucl{f uymefy{ ucmu yfmku ul dvn*emjfnumh{ #[mynl mne Umrhly 977=( Yfbuz mne Umrhly 9773". Ucb{kllyebnmubln kcmnnfh elf{ nlu yf}vbyf ucmu m kfnuymh imna nfkf{{mybhrcmtf ifuufy bndlyjmubln ucmn ucf jmyafu. Ucf {b`nmh ilh{ufy{ uymefy{kln efnkf milvu ucfby lpn fswfkumubln{ mne fnklvym`f{ ucfj ulumaf wl{bubln{. Bu elf{ {ffj ul yf}vbyf( clpftfy( ucmu jlnfumyr


8/33


mvuclybubf{ hmka kyfebibhbur. M kyfebihf kfnuymh imna klvhe {bjwhrmnnlvnkf ucmu ucf fskcmn`f ymuf b{ jb{mhb`nfe #Yfbuz mne Umrhly

9773".Bn ucf nfsu {fkubln( pf uf{u pcfucfy V.[. bnufytfnubln{ cme tmhvfm{ m dlyfkm{u ld {vi{f}vfnu fskcmn`f ymuf jltfjfnu{. M{ {vkc( lvyuf{u{ {ffj kln{b{ufnu pbuc mn fswfkumubln{ kcmnnfh ly( wl{{bihr( mkllyebnmubln jfkcmnb{j.

;. [vkkf{{ Klvnu{

Pf ftmhvmuf ucf {vkkf{{ ld V.[. dlyfb`n fskcmn`f lwfymubln{ v{bn`upl {wfkb k kybufybm mne m `fnfymh kybufybln ucmu bnklywlymuf{ ucf y{uupl. Bn mhh ld ucf ef nbubln{ ucmu dlhhlp(B u ef{b`nmuf{ V.[. bnufytfn*ubln ln emr u( pbuc wl{bubtf #nf`mubtf" tmhvf{ ifbn` {mhf{ #wvykcm{f{"ld dlyfb`n fskcmn`f. [ u b{ ucf lwfnbn` #2?77 m.j." {wlu ibe dly dly*fb`n fskcmn`f bn ucf Nfp Rlya jmyafu ln emr u jfm{vyfe bn dlyfb`nkvyyfnkr vnbu{ wfy V.[. elhhmy( mne [ u : [ u != [ u . Ucf kcmn`f bnucf fskcmn`f ymuf dylj ucf lwfnbn` ln emr u ul ucf lwfnbn` ln emru!= iymkafu{ V.[. bnufytfnubln{ ln emr u.6 Ucf umy`fu fskcmn`f ymufb{ fbucfy @fyjmn jmya{ wfy elhhmy ly Omwmnf{f rfn wfy elhhmy( mneB u kln{b{u{ lnhr ld ucf klyyf{wlnebn` bnufytfnubln( ucmu b{( elhhmy{m`mbn{u @fyjmn jmya{ ly elhhmy{ m`mbn{u Omwmnf{f rfn.

Lvy y{u ibnljbmh {vkkf{{ kybufybln #[K= " klvnu{ mn l kbmh V.[.{mhf ly wvykcm{f ld dlyfb`n fskcmn`f ln m wmyubkvhmy emr m{ m {vkkf{{#[K = : =" bd ucf elhhmy mwwyfkbmuf{ ly efwyfkbmuf{( m{ ucf km{f jmrif( ltfy ucmu {mjf emr?

[K = :

= bd B u > 7( mne [ u > 7( lybd B u 8 7( mne [ u 8 717 lucfypb{f .

#="

Lvy {fklne {vkkf{{ kybufybln #[K9 " {klyf{ mn bnufytfnubln m{ m{vkkf{{ #[K9 : =" bd ucf Vnbufe [umuf{ {fhh{ dlyfb`n fskcmn`f mneucf elhhmy klnubnvf{ ul efwyfkbmuf ivu elf{ {l ir hf{{ ucmn ltfy ucfwyftblv{ emr. Hbafpb{f( ucb{ kybufybln klvnu{ bnufytfnubln m{ m {vkkf{{

6 Ucf Vnbufe [umuf{ klnevku{ jl{u V.[. bnufytfnubln{( ir dmy( bn ucf Nfp Rlyajmyafu ivu cm{ ln lkkm{bln whmkfe lyefy{ ucylv`c klyyf{wlnefnu{ bn iluc ucfFvylwfmn mne Dmy Fm{ufyn jmyafu{. Pf kmnnlu b{lhmuf ucf{f uymn{mkubln{.


9/33

Tlh. 3 Nl. = Ucf Dfefymh Yf{fytf =;6

bd ucf Vnbufe [umuf{ ivr{ dlyfb`n fskcmn`f mne ucf elhhmy klnubnvf{ul mwwyfkbmuf ivu elf{ {l ir hf{{ ucmn ltfy ucf wyftblv{ emr #dly

kljwhfufnf{{( pf bnkhvef [ u : 7 bn ucb{ kybufybln"?

[K 9 :

=

bd B u > 7( mne [ u = 8 7( mne [ u 7( mne [ u > [ u = ( ly

bd B u 8 7( mne [ u = > 7( mne [ u 7( mne [ u 8 [ u = 17 lucfypb{f .

#9"

Lvy `fnfymh {vkkf{{ kybufybln #[K; " bnklywlymuf{ [K= mne [K9 .Mkklyebn`hr( mn bnufytfnubln {mhf ld dlyfb`n fskcmn`f ln m wmyubkvhmyemr b{ {vkkf{{dvh #[K; : =" bd ucf elhhmy mwwyfkbmuf{ ly bd bu efwyf*kbmuf{ ir hf{{ ucmn ln ucf wyftblv{ emr. M klyyf{wlnebn` yvhf clhe{dly elhhmy wvykcm{f{ ld dlyfb`n fskcmn`f?

[K ; :

= bd B u > 7( mne [ u > 7( ly [ u > [ u = ly

bd B u 8 7( mne [ u 8 7( ly [ u 8 [ u = 17 lucfypb{f .

#;"

Pf jfm{vyf {vkkf{{ ltfy m {bn`hf emr( pcbkc {ljf jmr nevnevhr yf{uybkubtf #@llecmyu mne Cf{{f =22;( Dmuvj mne Cvukcb{ln9779". Ef{wbuf ucf nmyylp pbnelp( ucf kcmnkf ucmu pf jb`cu dmbh ulklvnu mn bnufytfnubln m{ {vkkf{{dvh ifkmv{f ucf mwwylwybmuf fskcmn`fymuf jltfjfnu lkkvyyfe ifrlne ucf lwfnbn` ln emr u ! = {ffj{yfjluf. Kcmn` mne Umrhly #=223"( Kcvfn` mne Kcbnn #977="( mne

Eljbn`vfz #977;"( mjln` lucfy{( {v``f{u ucmu fskcmn`f jmyafu{if`bn ul yf{wlne ul bnufytfnubln pbucbn jbnvuf{ ly clvy{( nlu emr{.Hbafpb{f( m jmolybur ld kfnuymh imna l kbmh{ bn Nffhr{ #977=" {vytfrklnufnefe ucmu fskcmn`f ymuf{ yf fku ucf dvhh f fku{ ld bnufytfnublnpbucbn clvy{. Mhufynmubtfhr( ir affwbn` ucf pbnelp nmyylp( pf jmrklvnu mn bnufytfnubln m{ m {vkkf{{ ftfn uclv`c ucf fskcmn`f ymufkcmn`f ucmu hfe v{ ul ucmu klnkhv{bln {vi{f}vfnuhr eb{mwwfmy{. Lwfn*bn` ucf ftfnu pbnelp ifrlne m {bn`hf emr ul hbjbu ucb{ wylihfj( clp*ftfy( }vbkahr kmv{f{ ltfyhmw mjln` bnufytfnubln{( jmabn` bndfyfnkf{milvu ucf hbafhbclle ld mn bnufytfnubln{ {vkkf{{ bjwl{{bihf.

Pf m{{vjf( m{ bn Eljbn`vfz #977;( w. ;5"( ucmu V.[. jlnf*umyr mvuclybubf{ im{f m efkb{bln ul bnufytfnf ln emru lnhr ln wm{u


10/33


bndlyjmubln milvu fskcmn`f ymuf{. Pf ifhbftf ucb{ ul if mn mkkv*ymuf kcmymkufybzmubln ld clp V.[. wlhbkrjmafy{ `fnfymhhr yfmkc ucfby

efkb{bln ul bnufytfnf( mhuclv`c ucf Ef{a jmr {ljfubjf{ meov{u ucfmjlvnu ld mn bnufytfnubln bn yf{wln{f ul jmyafu yfmkubln{ #Imbhhbfmne L{ufyify` =220( Nffhr 977=". Bd fskcmn`f ymuf kcmn`f{ mne bnufy*tfnubln{ myf olbnuhr efufyjbnfe ln emr u( lvy klvnu{ klvhe klnumbnm ibm{ #Nffhr 9776".

Mhuclv`c pf el nlu jlefh m {wfkb k uymn{jb{{bln jfkcmnb{jdly bnufytfnubln( pf m{{vjf ucmu bnufytfnubln lwfymuf{ ucylv`c mnfswfkumubln{ kcmnnfh. Pf myf uf{ubn` ul {ff bd V.[. jlnfumyr mvuclyb*ubf{ cmtf mn bndlyjmublnmh metmnum`f ucmu ucfr bjwmyu ul ucf jmyafuucylv`c ucfby bnufytfnubln{ #gm hm Wlwwfy mne Jlnu`ljfyr 977=". Bd kfnuymh imna bnufytfnubln elf{ bneffe bjwmyu nfp bndlyjmubln ul ucfjmyafu( wybtmuf uymefy{ pbhh bjjfebmufhr bnklywlymuf bu bnul ucfbyfskcmn`f ymuf }vluf{. Ucb{ bndlyjmubln jmr if wl{bubtf1 ucmu b{( ucfjmyafu jmr bnufywyfu ucf bnufytfnubln bn ucf jmnnfy ucmu ucf kfnuymhimna bnufne{. Mhufynmubtfhr( ucb{ bndlyjmubln jmr if nf`mubtf1 ucmub{( ucf jmyafu jmr yfmku ul mn bnufytfnubln bn ucf lwwl{buf jmnnfyucmn ucf kfnuymh imna ef{byf{. Lvy uf{u{ hlla ul vnkltfy ucb{.

5. Ftmhvmubln

Dlhhlpbn` Cfnyba{{ln mne Jfyuln #=23=" mne Jfyuln #=23="( pfftmhvmuf lvy {vkkf{{ klvnu{ vnefy ucf m{{vjwubln ucmu ucf nvjify ld {vkkf{{f{ b{ m crwfy`fljfuybk ymnelj tmybmihf. Ucf crwfy`fljfuybkeb{uybivubln {ffj{ mwwylwybmuf ifkmv{f bu elf{ nlu yf}vbyf bnebtbe*

vmh bnufytfnubln{ ul if bnefwfnefnu ftfnu{ mne elf{ nlu efwfne ln mwyf{vjfe wylimibhbur ld mn bnebtbevmh {vkkf{{. Ul mwwhr ucf Cfnyba{*{ln mne Jfyuln jfuclelhl`r( pf jv{u kln{befy bnufytfnubln {mhf{mne wvykcm{f{ ld dlyfb`n fskcmn`f {fwmymufhr.

Lvy nvhh crwlucf{b{ kljwmyf{ ucf mkuvmh mne ucf fswfkufe {vk*kf{{ klvnu{. Pf yfofku ucf nvhh mne klnkhvef ucmu bnufytfnubln cm{wl{bubtf dlyfkm{u tmhvf bd ucf {vkkf{{ klvnu fskffe{ ucf fswfkufe nvj*ify ir upl {umnemye eftbmubln{. Pf yfofku ucf nvhh mne klnkhvef ucmubnufytfnubln cm{ nf`mubtf dlyfkm{u tmhvf bd ucf mkuvmh nvjify ld {vk*kf{{f{ hbf{ ifhlp ucf fswfkufe nvjify ir jlyf ucmn upl {umnemyeeftbmubln{. Bd pf kmnnlu yfofku ucf nvhh crwlucf{b{( pf klnkhvef ucmuucf nvjify ld {vkkf{{f{ b{ nlu eb fyfnu ucmn m nvjify ucmu klvhe


11/33


ymneljhr lkkvy `btfn ucf nfmy*jmyubn`mhf nmuvyf ld embhr fskcmn`fymuf kcmn`f{.

Ucb{ mwwylmkc mh{l m{{vjf{ ucmu bnufytfnubln elf{ nlu kcmn`fdvnemjfnumh jmkylfklnljbk efufyjbnmnu{ ld fskcmn`f ymuf{. Ucb{{vwwl{bubln {ffj{ mwwylwybmuf `btfn ucmu ucf Dfefymh Yf{fytf ylv*ubnfhr {ufybhbzf{ mhh V.[. bnufytfnubln{ mne `btfn ucf hmka ld ftbefnkfucmu {ufybhbzfe bnufytfnubln plya{ ucylv`c m wlyudlhbl*imhmnkf jfkc*mnb{j. Ucf dmbhvyf ld ucb{ m{{vjwubln ul clhe plvhe ibm{ lvy yf{vhu{ulpmye nebn` m cb`c nvjify ld {vkkf{{f{ bn mnr {mjwhf.

Umihf = wyf{fnu{ lvy yf{vhu{ dly ucf fnubyf {mjwhf wfyble( Jmykc9( =20; ucylv`c Jmykc =2( =220. 4 Evybn` ucf{f 4(905 iv{bnf{{ emr{(ucf Vnbufe [umuf{ bnufytfnfe ln 20= emr{ m`mbn{u @fyjmn jmya{ mneln 95; emr{ m`mbn{u Omwmnf{f rfn.0 Ucf y{u bnufytfnubln m`mbn{u@fyjmn jmya{ ulla whmkf ln Ovhr =7( =20;( mne ucf y{u bnufy*tfnubln m`mbn{u Omwmnf{f rfn dlhhlpfe ln Omnvmyr 95( =205. UcfVnbufe [umuf{ bnufytfnfe m`mbn{u @fyjmn jmya{ ylv`chr dlvy ubjf{m{ ldufn m{ bu ebe m`mbn{u Omwmnf{f rfn. Ylv`chr 47 wfykfnu ld V.[.bnufytfnubln{ m`mbn{u Omwmnf{f rfn bntlhtfe wvykcm{f{ ld rfn( {v`*`f{ubn` ucmu ucf Vnbufe [umuf{ ldufn uclv`cu ucmu ucf jmyafu ltfy*wybkfe ucf elhhmy. Bnufytfnubln{ m`mbn{u ucf @fyjmn jmya pfyf jlyfftfnhr eb{uybivufe ifupffn wvykcm{f{ mne {mhf{ ld jmya{( pbuc lnhrm {hb`cu ibm{ ulpmye jmya wvykcm{f{. #[ff( clpftfy( ucf eb{kv{{blnld wyf*=237 bnufytfnubln{ bn {fkubln 6."

Ucf y{u klhvjn bn umihf = hb{u{ ucf {vkkf{{ kybufybm dly ucf @fy*jmn jmya{ #ulw {fkubln" mne Omwmnf{f rfn #iluulj {fkubln". Ucf{fklne klhvjn {clp{ l kbmh V.[. bnufytfnubln wvykcm{f{ mne {mhf{.Ifupffn Jmykc 9( =20; mne Jmykc =2( =220( dly fsmjwhf( ucf Vnbufe

[umuf{ {lhe @fyjmn jmya{ ln 542 emr{ mne ilv`cu @fyjmn jmya{ln 679 emr{. Ucf nfsu upl klhvjn{ ld emum {clp bnufytfnubln {vk*kf{{f{. Ld ucf 542 V.[. {mhf{ ld @fyjmn jmya{( =;4( ly 92 wfykfnu(

4 Ucf Vnbufe [umuf{ ebe nlu miyvwuhr fne bu{ bnufytfnubln ln Jmykc =2( =220.V.[. bnufytfnubln{ if`mn ul umwfy l bn ucf fmyhr =227{. Mdufy Mv`v{u =226( ucfVnbufe [umuf{ bnufytfnfe m`mbn{u Omwmnf{f rfn ln Ovnf =0( =2231 m`mbn{u fvyl{ ln[fwufjify 99( 97771 mne m`mbn m`mbn{u Omwmnf{f rfn ln Jmykc =3( 97==. Ucf{fhm{u ucyff bnufytfnubln{ myf ucf lnhr bn{umnkf{ ld V.[. bnufytfnubln evybn` ucf

lmubn` fskcmn`f ymuf fym nlu bnkhvefe bn lvy mnmhr{b{. Lvy fskcmn`f ymuf emum(pcbkc fne{ ln Jmykc =2( =220( efufyjbnfe lvy {mjwhf.

0 Ucf Vnbufe [umuf{ bnufytfnfe m`mbn{u {ljf lucfy Fvylwfmn kvyyfnkbf{ evybn`ucf =207{ mne fmyhr =237{( ivu emum ln ucf{f kvyyfnkbf{ myf nlu mtmbhmihf.


12/33


U m i h f = . [ v k k f { { K l v n u { d l y V

. [ .

B n u f y t f n u b l n ? J m y k c 9 ( = 2 0 ; u l J m y k c = 2

( = 2 2 0

B n u f y t f n u b l n

T b y u v m h

F s w f k u f e

[ u m n e m y e

L w f n b n ` I b e

U l u m h

[ v k k f { { f {

[ v k k f { { f {

[ v k k f { { f {

E f t b m u b l n

] v l u f {

+

+

w f y k f n u

+

w f y k f n u

+

+

@ f y j

m n J m y a {

L

i { f y t m u b l n { ?

4 ( 9 0 5

K y b u f y b l n [ K

=

[ f h

h J m y

a {

5 4 2

= ; 4

9 2 . 7

9 ( 2 6 =

5 0 . 7

9 9 7 . 4

3

I v r

J m y

a {

6 7 9

= 2 9

; 3 . 9

; ( 7 7 0

5 0 . 2

9 5 7 . 4

2

U l u m h

2 0 =

; 9 3

; ; . 3


9

[ f h

h J m y

a {

5 4 2

= = 0

9 5 . 2

3 9 7

= ; . =

4 = . ;

7

5

I v r

J m y

a {

6 7 9

= = 7

9 = . 2

3 7 0

= 9 . 2

4 5 . 6

0

5

U l u m h

2 0 =

9 9 0

9 ; . 5


;

[ f h

h J m y

a {

5 4 2

9 6 ;

6 ; . 2

; ( 0 0 =

4 7 . =

9 3 9

= 9

I v r

J m y

a {

6 7 9

; 7 9

4 7 . 9

; ( 3 = 5

4 7 . 3

; 7 6

= ;

U l u m h

2 0 =

6 6 6

6 0 . 9

# k l n

u b n v f

e "


13/33


U m i h f = . # K l n u b n v f e "


T b y u v m h

F s w f k u f e

[ u m n e m y e

L w f n b n ` I b e

U l u m h

[ v k k f { { f {

[ v k k f { { f {

[ v k k f { { f {

E f t b m u b l n

] v l u f {

+

+

w f y k f n u

+

w f y k f n u

+

+

O m w m n f { f R f n

L i { f y t m u b l n { ?

4 ( 9 0 5


=

[ f h

h R f n

2 5

5 0

6 7 . 7

; ( 7 7 7

5 0 . 3

5 6

6

I v r

R f n

= 5 2

4 ;

5 9 . ;

9 ( 3 ; 4

5 6 . 9

4 0

6

U l u m h

9 5 ;

= = 7

5 6 . ;


9

[ f h

h R f n

2 5

= 2

9 7 . 9

0 5 7

= = . 3

= =

=

I v r

R f n

= 5 2

9 3

= 3 . 3

3 9 2

= ; . 9

9 7

9

U l u m h

9 5 ;

5 0

= 2 . ;


;

[ f h

h R f n

2 5

4 4

0 7 . 9

; ( 0 5 7

6 2 . 4

6 4

4

I v r

R f n

= 5 2

2 =

4 = . =

; ( 4 4 6

6 3 . 5

3 0

0

U l u m h

9 5 ;

= 6 0

4 6 . 7


14/33


15/33

Tlh. 3 Nl. = Ucf Dfefymh Yf{fytf =5=

jmya{ mne =2 wfykfnu ld mhh V.[. bnufytfnubln{ m`mbn{u Omwmnf{f rfnpfyf {vkkf{{dvh vnefy ucf [K 9 kybufybln.

Ucf nmh( `fnfymh {vkkf{{ kybufybln( [K; ( kljibnf{ [K = mne [K9 .@fnfymhhr( pf fswfku ucmu mwwylsbjmufhr 47 wfykfnu ld mhh bnufytfn*ubln{ pbhh if {vkkf{{dvh vnefy mu hfm{u lnf ld lvy {vkkf{{ kybufybmwvyfhr ir kcmnkf. #[ff ucf tbyuvmh klvnu{ vnefy [K ; bn umihf =." Ucfulumh nvjify ld mkuvmh {vkkf{{f{ vnefy [K; b{bn mhh ivu lnf km{fnl ifuufy ucmn ymnelj. Ucf fskfwubln b{ ucf ulumh dly V.[. {mhf{ ld @fyjmn jmya{( pcbkc dmhh{ jlyf ucmn upl {umnemye eftbmubln{ ifhlpucf fswfkufe nvjify.

6. Yliv{unf{{

Pf yfwfmufe lvy klvnubn` mnmhr{b{ dly tmyblv{ {viwfyble{ m{ myliv{unf{{ kcfka. Pf {umyu ir ebtbebn` ucf {mjwhf bnul upl wmyu{?Ucf y{u iylme {viwfyble yvn{ dylj Jmykc 9( =20;( pcfn `fnfymh*bzfe lmubn` pm{ ov{u if`bnnbn`( ucylv`c Mwybh =0( =23=( pcfn ucfYfm`mn mejbnb{uymubln mnnlvnkfe bu{ jbnbjmhb{u bnufytfnubln {uymu*

f`r. Ucf {fklne iylme {viwfyble fsufne{ dylj Mwybh 97( =23=( ucf{umyu ld ucf jbnbjmhb{u wfyble( ucylv`c Jmykc =2( =220( ucf fne ld lvy {mjwhf wfyble. Nfsu( pf ebtbefe fmkc ld ucf{f upl {viwfyble{dvyucfy.

Umihf 9 {vjjmybzf{ lvy yf{vhu{ dly ucf tmyblv{ {viwfyble{( pbucN mne W bnebkmubn` ucmu ucf nvjify ld mkuvmh {vkkf{{f{ dly m {wfkb kkybufybln pm{( yf{wfkubtfhr( upl {umnemye eftbmubln{ ifhlp ly miltfucf fswfkufe nvjify mne {v``f{ubn`( yf{wfkubtfhr( ucmu bnufytfnublncme nf`mubtf ly wl{bubtf dlyfkm{u tmhvf dly m ef{b`nmufe kybufybln.3

Mn Y bn umihf 9 bnebkmuf{ ucmu ucf li{fytfe nvjify ld {vkkf{{f{ pm{nl eb fyfnu ucmn ucf nvjify ucmu pf fswfku wvyfhr ir kcmnkf.

Ucf umihf kmvubln{ ucmu ltfymhh klnkhv{bln{ milvu bnufytfnublnmyf nlu nfkf{{mybhr yliv{u mkyl{{ ubjf wfyble{ ly mkyl{{ kvyyfnkbf{pbucbn mnr ubjf wfyble. Nftfyucfhf{{( {ljf yfhmubtfhr wfy{b{ufnu wmu*ufyn{ {umne lvu? Dby{u( V.[. bnufytfnubln bn @fyjmn jmya{ wyblyul Mwybh =0( =23= vnbtfy{mhhr cme nf`mubtf dlyfkm{u tmhvf #N" pbucyf{wfku ul kybufybln [K= mne vnbtfy{mhhr cme wl{bubtf dlyfkm{u tmhvf

3 Mn mwwfnebs bn ucf plyabn` wmwfy tfy{bln ld ucb{ wmwfy klnumbn{ ucf efumbhfeemum ucmu pf v{fe ul kln{uyvku umihf 9.


16/33


U m i h f 9 . M [ v j j m y r l d u c f [ v k k f { { K l v n u { m k y l { { U b j f W f y b l e {

V . [ .


V . [ .


m ` m b n { u @ f y j m n J m y a {

m ` m b n { u O m w m n f { f R f n

[ v k k f { { K y b u f y b l n ?

[ K

=

[ K

=

[ K

9

[ K

9

[ K

;

[ K

;

[ K

=

[ K

=

[ K

9

[ K

9

[ K

;

[ K

;

[ f

h h , I v

r D l y f

b ` n

F s k

c m n ` f ?

[ f

h h I v r

[ f

h h I v r

[ f

h h I v r

[ f

h h I v r

[ f

h h I v r

[ f

h h

I v r

[ f

h h

I v r

[ f

h h

I v r

J m y . 9 (

= 2 0 ; J m y .

= 2 (

= 2 2 0 ? 5 4 2 6 7 9

N

N

W

W

N

Y

2 5

= 5 2

Y

Y

W

W

Y

Y

J m y . 9 (

= 2 0 ; M w y .

= 0 (

= 2 3 = ? ; 2 = ; 5 3

N

N

W

W

N

Y

= =

; =

Y

Y

Y

W

Y

Y

J m y . 9 (

= 2 0 ; [ f w .

= 5 (

= 2 0 0 ?

= 4 = = 0 4

N

N

W

W

N

Y

7

9 # n l n f "

Y

# n l n f "

Y

# n l n f "

Y

[ f w . = 6 (

= 2 0 0 L k u .

6 ( = 2 0 2 ?

= 0 6

6 3

N

N

W

W

Y

N

= 7

= 2

Y

N

Y

W

Y

Y

L k u . 3 (

= 2 0 2 M w y . = 0

( = 2 3 = ?

6 6 = = 5

N

N

W

W

Y

Y

=

= 7

Y

Y

Y

Y

Y

Y

M w y . 9

7 ( = 2 3 = J m y .

= 2 (

= 2 2 0 ?

0 3 = 6 5

Y

Y

W

W

Y

Y

3 ;

= = 3

Y

Y

W

W

Y

Y

M w y . 9 7

( = 2 3 = J m y .

9 2 (

= 2 3 6 ?

=

9 5

N

N

Y

W

N

Y

7

= = # n l n f "

Y

# n l n f "

W

# n l n f "

Y

M w y . = ( = 2 3 6 M w y . 9 2

( = 2 3 3 ?

; ;

= 2

Y

Y

W

W

Y

Y

6 9

9 7

Y

Y

W

Y

Y

Y

J m r 9 ( = 2 3 3 J m y .

= 2 (

= 2 2 0 ?

5 5 = = =

Y

Y

Y

Y

Y

Y

; =

3 0

Y

Y

W

W

Y

Y

A f r ?

N :

N f ` m u b t f

d l y f k m { u t m

h v f .

L i { f y t f e n v j

i f y l

d { v k k f { { f {

d m h h {

i f h l p u c f f s w f k u f e n v j

i f y l

d { v k k f { { f {

i r j l y f u c m n u p l { u m n

e m y e

e f t b m u b l n { .

W :

W l { b u b t f

d l y f k m { u t m

h v f .


i f y l

d { v k k f { { f { f s k f f e { u c f f s w f k u f e n v j

i f y l

d { v k k f { { f {

i r j l y f u c m n u p l { u m n

e m y e

e f t b m u b l n { .

Y :

Y m n

e l j .


i f y l

d { v k k f { { f {

d m h h { p b u c b n u p l { u m n

e m y e

e f t b m u b l n { l

d u c f f s w f k u f e n v j

i f y l

d { v k k f { { f { .


17/33

Tlh. 3 Nl. = Ucf Dfefymh Yf{fytf =5;

#W" pbuc yf{wfku ul kybufybln [K9 . Ldufn evybn` ucb{ ubjf wfyblekfyumbnhr ifdlyf [fwufjify =6( =200ucf Vnbufe [umuf{ dfmyfe ucmu

wybtmuf uymefy{ jb`cu bnufywyfu mn bnufytfnubln m{ m {b`n ucmu ucfelhhmy pm{ dvnemjfnumhhr pfma mne ucmu jmyafu wmyubkbwmnu{ jb`cuifu m`mbn{u ucf [r{ufj{ bnufytfnubln{.2 Lvy yf{vhu{ tmhbemuf ucb{klnkfyn. Ul mtlbe {vkc mn metfy{f yf{wln{f( ucf Vnbufe [umuf{ urw*bkmhhr uymn{mkufe bn {jmhh mjlvnu{ ucylv`c ucf m`fnkr ld m klj*jfykbmh imna bn ucf iylafy{ jmyafu. Lwfymubn` bn ucb{ jmnnfy afwuucf [r{ufj mnlnrjlv{. Bn meebubln( @yffnf #=235( w. =90"( pcllnkf jmnm`fe V.[. dlyfb`n fskcmn`f lwfymubln{( {v``f{u{ ucmu ltfyucb{ ubjf wfyble( V.[. wlhbkrjmafy{ v{vmhhr lnhr clwfe ul {jllucfskcmn`f ymuf jltfjfnu{1 ucmu b{( ucf Vnbufe [umuf{ v{vmhhr kmyfejlyf milvu yf{vhu{ vnefy [K 9 ucmn vnefy [K = . Jlyfltfy( ef{wbufpcmu ucf nvjify{ ld wvykcm{f{ mne {mhf{ jb`cu {v``f{u( ucf Vnbufe[umuf{ urwbkmhhr {lv`cu lnhr ul jlefymuf elhhmy efwyfkbmubln{nlumwwyfkbmubln{. Ucf Vnbufe [umuf{( clpftfy( ldufn nmnkfe bu{ dly*fb`n fskcmn`f {mhf{ ucylv`c {pmw eympbn`{ mne cme ul yfwvykcm{fucf dlyfb`n fskcmn`f ul yfwmr ucf {pmw{ dmbyhr }vbkahr. Ucf{f yfwvy*kcm{f{ jmr cmtf cme nl fskcmn`f ymuf liofkubtf lucfy ucmn ul mtlbekyfmubn` jmyafu eb{lyefy bn ucf wylkf{{.

[fklne( V.[. bnufytfnubln{ m`mbn{u Omwmnf{f rfn wybly ul ucfWhmzm Mkklyepbuc dfp fskfwubln{{ffj vn{vkkf{{dvh vnefy fmkcld lvy ucyff kybufybm. Wybly ul ucf Whmzm Mkklye( clpftfy( ucf Vnbufe[umuf{ ymyfhr bnufytfnfe m`mbn{u Omwmnf{f rfn. Pbuc {l dfp li{fytm*ubln{( eympbn` yj klnkhv{bln{ milvu ucf {vkkf{{ ld V.[. bnufytfn*ubln{ m`mbn{u Omwmnf{f rfn jmr if yb{ar. #M {bjbhmy kmtfmu mwwhbf{ul ucf bnufytfnubln{ m`mbn{u @fyjmn jmya{ ltfy ucf Mwybh 97( =23=

ucylv`c Jmykc 92( =236 jbnbjmhb{u wfyble."Ucbye( ucf hmy`f V.[. bnufytfnubln{ m{{lkbmufe pbuc ucf Whmzm mneHlvtyf Mkklye{ #Mwybh =( =236 ucylv`c Mwybh 92( =233" mne pbuc ucfV.[. Uyfm{vyr*hfe bnufytfnubln{ ld ucf tfyr hmuf =237{ mne fmyhr =227{cme ltfymhh {vkkf{{ klvnu{ ucmu pfyf nlu litblv{hr eb fyfnu ucmnwyftblv{ fwb{lef{. Fklnljb{u{ cmtf ldufn yf`myefe ucf bnufytfnubln{dlhhlpbn` ucf Whmzm mne Hlvtyf Mkklye{ m{ cb`chr {vkkf{{dvh. Ucfdmbhvyf ul ne wl{bubtf dlyfkm{u tmhvf vnefy [K= {v``f{u{ ucmu V.[.bnufytfnubln{ klvhe nlu cmtf jmbnumbnfe m umy`fu*zlnf myymn`fjfnu

2 Ilyel( Cvjwm`f( mne [kcpmyuz #97=7m" wyltbef m efumbhfe eb{kv{{bln ld bnufytfnubln wybly ul =23=.


18/33


lnkf ucf elhhmy yfmkcfe m imne. Pf el( clpftfy( ne ftbefnkf ld wl{*bubtf dlyfkm{u tmhvf vnefy [K9 dly V.[. wvykcm{f{ mne {mhf{ ld @fyjmn

jmya{ evybn` ucf Whmzm mne Hlvtyf wfyble( dly V.[. {mhf{ ld Omwmnf{frfn evybn` iluc ld ucf nmh upl {viwfyble{( mne dly V.[. wvykcm{f{ld rfn bn ucf hm{u wfyble.

Dlvyuc( V.[. bnufytfnubln{ hmka wl{bubtf dlyfkm{u tmhvf vnefy {vk*kf{{ kybufybln [K; evybn` ftfyr {viwfyble wlyuymrfe bn umihf 9. Lvyltfymhh nebn` ucmu dfpfy ucmn 47 wfykfnu ld V.[. bnufytfnubln{ cmewl{bubtf dlyfkm{u tmhvf {ffj{ kln{b{ufnu mkyl{{ ubjf wfyble{ mnekvyyfnkbf{.

4. Klnebublnmh Wylimibhbur

Umihf{ = mne 9 ef{kybif ucf vnklnebublnmh wylimibhbubf{ ld {vkkf{{vnefy lvy ucyff kybufybm. V.[. jlnfumyr mvuclybubf{( clpftfy( kln*kfbtmihr klvhe cmtf bnkyfm{fe ucfby lee{ ld {vkkf{{ ir mhufybn` ucfpmr bn pcbkc ucfr vnefyulla mn bnufytfnubln. Umihf{ ; ucylv`c 4wyf{fnu m {fybf{ ld wylibu yf`yf{{bln{ ucmu muufjwu ul ef{kybif clptmyblv{ klnebublnbn` tmybmihf{ m fkufe ucf lvukljf. Umihf{ ; mne 6{clp f{ubjmuf{ dly lnhr V.[. bnufytfnubln{ m`mbn{u @fyjmn jmya{mne Omwmnf{f rfn( yf{wfkubtfhr( ltfy lvy fnubyf {mjwhf wfybleJmykc 9( =20; ucylv`c Jmykc =2( =220. Umihf{ 5 mne 4 kln{befy{clyufy {mjwhf wfyble{( pcbkc mhhlp v{ ul bnkhvef( yf{wfkubtfhr( wvi*hb{cfe emum ln @fyjmn mne Omwmnf{f bnufytfnubln bn lvy wylibuyf`yf{{bln{. Emum ln @fyjmn bnufytfnubln m`mbn{u V.[. elhhmy{ myfwvihbkhr mtmbhmihf ifupffn Omnvmyr =( =204 mne Efkfjify 92( =226(

mne emum ln Omwmnf{f bnufytfnubln m`mbn{u V.[. elhhmy{ myf wvihbkhrmtmbhmihf ifupffn Omnvmyr =( =22= mne Jmykc =2( =220. Ucf efwfn*efnu tmybmihf bn mhh km{f{ b{ lvy `fnfymh {vkkf{{ kybufybln( [K; ( {bnkfpf el nlu anlp pcfucfy ucf Vnbufe [umuf{ pm{ wvy{vbn` kybufybln[K = ly [K 9 mu mnr wmyubkvhmy ubjf. Ucf bnefwfnefnu tmybmihf{ bnucf tmyblv{ wylibu yf`yf{{bln{ mwwfmy bn ucf y{u klhvjn{ ld umihf{ ;ucylv`c 4. Pf klnubnvf ul m{{vjf ucmu bnufytfnubln plya{ ucylv`cmn fswfkumubln{ kcmnnfh mne kcll{f tmybmihf{ ucmu jb`cu bn vfnkfclp V.[. jlnfumyr mvuclybubf{ m fku jmyafu fswfkumubln{( {vkc m{ucf kln{fkvubtf nvjify ld bnufytfnubln{ ly ucf hmw{f ld ubjf ifupffnlwfymubln{. Pf eylw nln*bnufytfnubln emr{ dylj ucf {mjwhf mne yvnucf wylibu yf`yf{{bln{ lnhr ltfy li{fytmubln{ klnumbnbn` bnufytfnubln.


19/33


U m i h f ; . E f u f y j b n m n u { l d u c f H b a f h b c l l e l d [ v k k f { { ? V

. [ .


m ` m b n { u @ f y j m n J m y a {

B n e f w f n e f n u T m y b m i h f {

K

l n { u m n u

K l f k b f n u

H l `

H b a f h b c l l e

F { u b j m u b l n W f y b l e ? J m y .

9 ( = 2 0 ; J m y .

= 2 (

= 2 2 0

u * {

u m u b {

u b k ?

u * {

u m u b { u

b k ?

H b a f h b c l l e Y m u b l U f { u

K l n { u m n u L n

h r

7 . = 3 7

4 4 ; . =

5 .

5 4

M j l v n u l d

V . [ .


# m i {

. t m

h v f "

7 . = 7 0

7 . 7 7 =

4 6 2 . 4

4 . 2 2

9 .

= 3

9 .

4 7

I v r

D l y f

b ` n

F s k c m n ` f

# e v j j r "

7 . 7 2 2

7 . = 6 3

4 4 = . 9

; . 3 ;

= .

0 =

= .

2 4

H m ` ` f e

[ m j f *

U r w f


# e v j j r

"

7 . 7 = 3

7 . ; 9 2

4 6 5 . 3

= 4 .

5 5

7 .

; 9

5 .

7 6

H m ` ` f e

E b f y f n u * U r w f


# e v j j r

"

7 . 9 7 5

7 . 5 0

4 6 2 . 2 9

4 . 9 2

5 .

2 7

9

. 5 2

K l n { f k v u b t f

B n u f y t f n u b l n {

# e m r { "

7 . = = 4

7 . 7 9

4 4 = . 0 5

9 . 4 6

9 .

7 6

= .

4 9

F h m w { f

[ b n k f

H m { u B n u f y t f n u b l n

# e m r { "

7 . = 4 6

7 . 7 7 ;

4 4 = . 3 4

9 . 5 =

; .

2 5

= .

5 ;

K l j w m u b i h f K c m n ` f

b n D f e f y m h

D v n

e {

7 . = 3 ;

7 . 5 ; 4

4 4 9 . 3

7 . 4 7

l y E b { k l v n u Y m u f

# e v j j r

"

5 .

6 7

7

. 0 0

6 w f y k f n

u w * t

m h v f

= 7 w f y k f n

u w

* t m

h v f

K y b u b k m

h K c b * [ } v m y f

T m h v f

= e

. d .

; . 3 5

9 . 0 =


20/33


U m i h f 5 . E f u f y j b n m n u { l d u c f H b a f h b c l l e l d [ v k k f { { ? V

. [ .

m n e

@ f y j m n B n u f y t f n u b l n

m ` m b n { u

J m y a {


K l n { u m n u K l f k b f n u

H l `

H b a f h b c l l e

F { u b j m u b l n W f y b l e ? O m n v m y r = (

= 2 0 4 E f k f j i f y 9 2

( = 2 2 6

u * {

u m u b {

u b k ?

u * {

u m u b { u b k ?

H b a f h b c l l e

Y m u b l U f { u

K l n { u m n u L n

h r

7 . = 4 7

5 2 5 . 4

; .

5 9

M j l v n u l d

V . [ .


# m i {

. t m

h v f "

7 . 7 5 4

7 . 7 7 =

5 3 2 . 2

2 . 5 ;

7 .

0 0

; . 7

=

I v r

D l y f

b ` n

F s k c m n ` f

# e v j j r "

7 . = 7

7 . = 9

5 2 ; . 0

= . 0 6

= .

5 3

= . ;

9

K l l y

e b n m u f e

B n u f y t f n u b l n 1

@ f y j m n l n

u

# e v j j r

"

7 . ; ; 4

7 . ; 6 ;

5 3 0 . 6

= 5 . = 9

6 .

7 5

;

. 0 6

K l l y

e b n m u f e


@ f y j m n l n

u ! = # e v j j r

"

7 . 9 = 4

7 . = ; 7

5 2 ; . 4

= . 3 2

; .

5 3

=

. ; 0

U l u m h


V . [ .

! @ f y j m n m u

u

# m i { . t m

h v f "

7 . = 0 4

7 . 7 7 7 =

5 2 5 . 5 3

7 . = 2

9 .

2 6

7

. 5 ; =

U l u m h


V . [ .

! @ f y j m n m u

u ! = # m i { . t m

h v f "

7 . = 4 0

7 . 7 7

5 2 5 . 6 4

7 . 7 ;

9 .

3 7

7

. = 0

H m ` ` f e

[ m j f *

U r w f


# e v j j r

"

7 . 7 = 0

7 . 9 3 2

5 3 2 . 3

2 . 5 2

7 .

9 4

; . 7

3

H m ` ` f e



# e v j j r

"

7 . = 0 0

7 . 6 7

5 2 9 . 3

; . 6 0

; .

0 =

=

. 3 0



# e m r { "

7 . = 9

7 . 7 =

5 2 5 . 9

7 . 0 6

= .

2 7

7 . 3

0

F h m w { f { b n k f


# e m r { "

7 . = 5

7 . 7 7 ;

5 2 ; . 9 3

9 . 6 3

9 .

2 =

= . 5

0


b n D f e f y m h

D v n

e { l y

E b { k l v n u Y m u f

# e v j

j r

"

7 . = 4 ;

7 . 5 = 0

5 2 5 . ;

7 . 6 5 ;

; .

5 0

7

. 0 ;


21/33


U m i h f 6 . E f u f y j b n m n u { l d u c f H b a f h b c l l e l d m [ v k k f { { ? V

. [ .


m ` m b n { u O m w m n f { f R f n


K

l n { u m n u

K l f k b f n u

H l `

H b a f h b c l l e

F { u b j m u b l n W f y b l e ? J m y .

9 ( = 2 0 ; J m y .

= 2 (

= 2 2 0

u * {

u m u b {

u b k ?

u * {

u m u b { u

b k ?

H b a f h b c l l e Y m u b l U f { u

K l n { u m n u L n

h r

7 . ; 0 6

= 6 0 . 2

5 .

6 5

M j l v n u l d

V . [ .


# m i {

. t m

h v f "

7 . 9 ; 9

7 . 7 7 =

= 6 4 . 9

; . 5 7

9 .

7 5

= .

0 2

I v r

D l y f

b ` n

F s k c m n ` f

# e v j j r "

7 . 6 ; =

7 . 9 5 2

= 6 4 . 3

9 . = ;

; .

2 7

=

. 5 6

H m ` ` f e

[ m j f *

U r w f


# e v j j r

"

7 . ; 7 ;

7 . = 6 =

= 6 0 . 6

7 . 3 5

9 .

4 0

7 .

2 9

H m ` ` f e



# e v j j r

"

n l u m w w h b k m i h f



# e m r { "

7 . ; 2 =

7 . 7 =

= 6 0 . 2

7 . 7 5

; .

9 0

7

. = 2



# e m r { "

7 . ; 5 0

7 . 7 7 =

= 6 0 . 9

= . 5 3

5 .

7 ;

= .

7 6


b n D f e f y m h

D v n

e {

7 . ; 0 =

6 . 0 0 =

= 6 0 . 6

= 6 0 . 6

l y E b { k l v n u Y m u f

# e v j j r

"

5 .

5 3 2

7 .

7 7 =

6 w f y k f n

u w * t

m h v f

= 7 w f y k f n

u w

* t m

h v f

K y b u b k m

h K c b * [ } v m y f

T m h v f

= e

. d .

; . 3 5

9 . 0 =


22/33


U m i h f 4 . E f u f y j b n m n u { l d u c f H b a f h b c l l e l d m [ v k k f { { ? V . [ .

m n e O m w m n f { f


m ` m b n { u R f n


K l n { u m n u K l f k b f n u

H l `

H b a f h b c l l e

F { u b j m u b l n W f y b l e ? O m n v m y r = (

= 2 2 = J m y k c = 2

( = 2 2 0

u * {

u m u b {

u b k ?

u * {

u m u b { u b k ?

H b a f h b c l l e

Y m u b l U f { u

K l n { u m n u L n

h r

7 . 4 7 6

= 9

. 2

9 .

= 9

M j l v n u l d

V . [ .


# m i {

. t m

h v f "

7 . 0 7 4

7 . 7 7 6

2 . 4

4 . 6 3

=

. = =

9 . 7

2

K l l y

e b n m u f e


O m w m n f { f l n

u

# e v j j r

"

6 . 0 7 ;

4 . 5 = 4

= =

. 6

9 . 0 ;

7 .

7 7

7 . 7

7

K l l y

e b n m u f e


O m w m n f { f l n

u ! = # e v j j r

"

= . ; ; 6

= . 9 9 =

= 7

. 2

; . 2 9

9 .

6 9

=

. 3 0

U l u m h

B n u f y t f n u b l n p

b u c O m w m n f { f m u

u

# m i { . t m

h v f "

7 . ; ; ;

7 . 7 7 =

= =

. 7

; . 3 =

7

. 6 5

= . 4

;

U l u m h

B n u f y t f n u b l n p

b u c O m w m n f { f m u

u ! = # m i { . t m

h v f "

7 . 0 2 5

7 . 7 7 7 ;

= 9

. 3

7 . 9 5

= .

4 ;

7

. 5 3

I v r

D l y f

b ` n

F s k c m n ` f

# e v j j r "

7 . 2 0

= . 4 5 9

= 7

. 5

6 . 7 4

9 .

0 6

9

. = 5

H m ` ` f e

[ m j f *

U r w f


# e v j j r

"

7 . 4 ; 5

7 . 9 7 ;

= 9

. 2

7 . 7 4

9 .

7 6

7

. 9 6

H m ` ` f e



# e v j j r

"




# e m r { "

7 . 3 ; 0

7 . 9 7 ;

= 9

. 2

7 . 7 4

7 .

3 4

7

. 9 6



# e m r { "

7 . 3 6

7 . 7 7 ;

= 9

. ;

= . 9 5

9 .

; 7

=

. = 9


b n D f e f y m h

D v n

e { l y

E b { k l v n u Y m u f

# e v j

j r

"



23/33


Mhuclv`c m dfp tmybmihf{ mwwfmy ul if {umub{ubkmhhr {b`nb kmnu bn{wfkb k km{f{( ucf lnhr tmybmihf ucmu kln{b{ufnuhr fswhmbn{ ucf hbafhb*

clle ld {vkkf{{ mkyl{{ mhh ld ucf f{ubjmuf{ bn umihf{ ; ucylv`c 4 b{ucf elhhmy mjlvnu ld m V.[. bnufytfnubln. Ucf yf{vhu{ dly ucl{f lucfytmybmihf{ ucmu {ljfubjf{ mwwfmy {b`nb kmnu myf fbucfy nlu yliv{u ulkcmn`f{ bn ucf {mjwhf {bzf #nfkf{{myr ul bnkhvef dlyfb`n bnufytfnubln"ly mkyl{{ kvyyfnkbf{( ly ucfr wyltf klhhbnfmy pbuc ucf mjlvnu ld V.[.bnufytfnubln.

Ucf Vnbufe [umuf{( dly fsmjwhf( ldufn vnefyulla bnufytfnubln bnklnkfyu pbuc ucf Ivnef{imna ly ucf Imna ld Omwmn. M kllyebnmublnevjjr b{ {b`nb kmnu dly @fyjmn jmya bnufytfnubln mu ubjf u( ivubu hlpfy{ ucf hbafhbclle ld {vkkf{{ #umihf 5". @fyjmn bnufytfnubln muu( clpftfy( mwwfmy{ klhhbnfmy pbuc ucf mjlvnu ld V.[. bnufytfnubln.Ucf Vnbufe [umuf{ {wfnu jlyf ln mtfym`f pcfn @fyjmnr bnufytfnfe#%==;.5 jbhhbln" ucmn pcfn @fyjmnr ebe nlu fnufy ucf jmyafu #%32.=jbhhbln". Mu ubjf u ! =( clpftfy( V.[.Ivnef{imna kllyebnmubln b{nlu {b`nb kmnu. Pcfn pf mee ucf mjlvnu ld @fyjmn bnufytfnublnmu fbucfy ubjf u ly mu ubjf u ! = ul V.[. bnufytfnubln mu ubjf u ulkln{uyvku m nfp tmybmihf kln{b{ubn` ld ucf ulumh mjlvnu ld bnufytfn*ubln #V.[. mne,ly @fyjmn"( ucf mjlvnu b{ nlu {b`nb kmnu. @btfn ucfubjf eb fyfnkf ifupffn Dymnadvyu mne Nfp Rlya mne `btfn ucf ubj*bn` klntfnubln bn ucb{ wmwfy( @fyjmn bnufytfnubln{ muu mne u ! =ltfyhmw V.[. bnufytfnubln ln emr u( {l pf {clvhe kln{befy iluc jfm{*vyf{ ld bnufytfnubln. [bjbhmyhr( ucf kllyebnmubln evjjr dly Omwmnf{fbnufytfnubln ln emr u b{ {b`nb kmnu mne {v``f{u{ ucmu kllyebnmufebnufytfnubln bnkyfm{fe ucf hbafhbclle ld {vkkf{{ #umihf 4". Mhh ivulnf V.[. bnufytfnubln ltfy ucb{ wfyble( clpftfy( myf kllyebnmufe pbuc

Omwmn ln emru( {l ucf tmybmihf mee{ tbyuvmhhr nl meebublnmh bndly*jmubln. @btfn ucf ubjf eb fyfnkf ifupffn Ularl mne Nfp Rlyamne `btfn lvy ubjbn` klntfnubln{( kljwmybn` Omwmnf{f bnufytfnublnmuu ! = pbuc [K ; mu ubjf u {ffj{ mwwylwybmuf( ivu pcfn pf el{l( ucf klf kbfnu {v``f{u{ ucmu kllyebnmufe bnufytfnubln hlpfy{ ucfhbafhbclle ld {vkkf{{. Pcfn pf bn{ufme mee ucf mjlvnu ld Omwmnf{fbnufytfnubln mu fbucfy ubjfu ly ubjf u! = ul V.[. bnufytfnubln( m`mbnkyfmubn` m nfp {fybf{ ld ulumh V.[. mne,ly Omwmnf{f bnufytfnubln( ucfmjlvnu b{ nlu {umub{ubkmhhr {b`nb kmnu.

Ucf evjjr tmybmihf{ ucmu kln{befy ucf {b`n ln ucf wyftblv{ emr{bnufytfnublnhm``fe {mjf*urwf bnufytfnubln mne hm``fe eb fyfnu*urwf bnufytfnublnmyf iluc {b`nb kmnu bn ucf @fyjmn jmya km{f


24/33


Db`vyf =. Ucf Wylimibhbur ld m [vkkf{{dvh Bnufytfnublnm`mbn{u @fyjmn Jmya{

#umihf{ ; mne 5" ivu nlu bn ucf Omwmnf{f rfn km{f #umihf{ 6 mne 4".Dly ucf @fyjmn jmya km{f( ucf{f tmybmihf{ {ffj klhhbnfmy pbuc ucfmjlvnu ld V.[. bnufytfnubln.

Ucf wylibu yf`yf{{bln bn umihf{ ; mne 6 {v``f{u ucmu ucf hbafhbclleld m {vkkf{{dvh bnufytfnubln vnefy kybufybln [K; bnkyfm{fe pbuc ucf{bzf ld mn bnufytfnubln. Db`vyf = v{f{ ucf klf kbfnu f{ubjmuf dyljumihf ; dly V.[. bnufytfnubln m`mbn{u @fyjmn jmya{ ul mwwylsbjmufclp ucf wylimibhbur ld {vkkf{{ bnkyfm{fe pbuc ucf {bzf ld mn bnufytfn*ubln. Pf mh{l bnkhvef m 27 wfykfnu kln efnkf bnufytmh mylvne ucb{wylofkubln. Db`vyf 9 {clp{ {bjbhmy wylimibhbur kmhkvhmubln{ dly V.[.

bnufytfnubln{ m`mbn{u Omwmnf{f rfn.Mhuclv`cm{ `vyf = bhhv{uymuf{ucf wylimibhbur ld m {vkkf{{dvhV.[. bnufytfnubln m`mbn{u @fyjmn jmya{ bnkyfm{fe pbuc ucf {bzf ld mnbnufytfnubln( jl{u lwfymubln{ ifupffn Jmykc 9( =20; mne Jmykc =2(=220 pfyf yfhmubtfhr {jmhh. Lvy klvnubn` fsfykb{f bn umihf = bnebkmufeucmu lnhr 60 wfykfnu ld V.[. bnufytfnubln{ m`mbn{u @fyjmn jmya{pfyf {vkkf{{dvh vnefy ucf [K ; kybufybln mne ucmu ucf wylimibhbur ld mtbyuvmh {vkkf{{ vnefy [K; ucmu b{( m ymnelj {vkkf{{pm{ mwwyls*bjmufhr 47 wfykfnu. Im{fe ln lvy f{ubjmuf{ bn `vyf =( m V.[. bnufy*tfnubln ld %==7 jbhhbln m`mbn{u @fyjmn jmya{mhh fh{f kln{umnucme m 47 wfykfnu wylimibhbur ld ifbn` {vkkf{{dvh( ivu ltfy ucf fnubyf{mjwhf wfyble( dfpfy ucmn 96 wfykfnu ld V.[. bnufytfnubln{ m`mbn{u


25/33

Tlh. 3 Nl. = Ucf Dfefymh Yf{fytf =6=

Db`vyf 9. Ucf Wylimibhbur ld m [vkkf{{dvh Bnufytfnublnm`mbn{u Omwmnf{f Rfn

@fyjmn jmya{ pfyf `yfmufy ucmn %=77 jbhhbln. Ucf jfmn bnufytfn*ubln bn lvy {mjwhf pm{ %37 jbhhbln( pcbhf ucf jfebmn bnufytfnublnpm{ lnhr %;= jbhhbln. Lnhr == wfykfnu ld mhh V.[. bnufytfnubln{ ltfyucb{ ubjf wfyble fskffe %977 jbhhbln( mn mjlvnu pbuc mn f{ubjmufe36 wfykfnu wylimibhbur ld {vkkf{{( mne lnhr 6 wfykfnu fskffe %;77jbhhbln( mn mjlvnu pbuc mn f{ubjmufe 20 wfykfnu wylimibhbur ld {vk*kf{{. Ucf {jmhh {bzf ld m urwbkmh bnufytfnubln jmr wmyubmhhr fswhmbnucf yfhmubtfhr hlp nvjify ld li{fytfe {vkkf{{f{ yfhmubtf ul pcmu lnfjb`cu ymneljhr cmtf mnubkbwmufe.

M {bjbhmy klnkhv{bln fjfy`f{ dly V.[. bnufytfnubln{ m`mbn{u

Omwmnf{f rfn. Ucf wylimibhbur ld {vkkf{{ bn `vyf 9 bnkyfm{f{ pbucucf {bzf ld mn bnufytfnubln. Ltfy ucf fnubyf {mjwhf( ucf vnklnebublnmhwylimibhbur ld {vkkf{{ dly V.[. bnufytfnubln{ m`mbn{u Omwmnf{f rfnvnefy kybufybln [K; pm{ 46 wfykfnu( {ljfpcmu cb`cfy ucmn ucf wyli*mibhbur ld m tbyuvmh {vkkf{{ mu ylv`chr 47 wfykfnu #{ff umihf =". Pf neucmu m V.[. bnufytfnubln m`mbn{u Omwmnf{f rfn ld %=30 jbhhbln cmem 46 wfykfnu wylimibhbur ld {vkkf{{. Ucf mtfym`f V.[. bnufytfnublnm`mbn{u Omwmnf{f rfn ltfy ucf {mjwhf wfyble( clpftfy( pm{ %=;= jbh*hbln( mne ucf jfebmn bnufytfnubln m`mbn{u Omwmnf{f rfn f}vmhfe lnhr%27 jbhhbln. Lnhr =7 wfykfnu ld ucf bnufytfnubln{ m`mbn{u Omwmnf{frfn fskffe %;77 jbhhbln( mn mjlvnu pbuc mn f{ubjmufe 33 wfykfnuwylimibhbur ld {vkkf{{( mne lnhr 4 wfykfnu ld ucf bnufytfnubln{ fskffe


26/33


%577 jbhhbln( mn mjlvnu pbuc mn f{ubjmufe 20 wfykfnu wylimibhbur ld {vkkf{{. M{ pbuc bnufytfnubln m`mbn{u @fyjmn jmya{( ucf {jmhh {bzf

ld m urwbkmh V.[. bnufytfnubln m`mbn{u Omwmnf{f rfn jmr cfhw fswhmbnucf li{fytfe hlp {vkkf{{ ymuf.Mhuclv`c ucf {kmhf ld V.[. bnufytfnubln{ bnkyfm{fe ifupffn =20;

mne =226( ucf bnufytfnubln{ jmr nlu cmtf afwu wmkf pbuc ucf ymwbe`ylpuc ld ucf dlyfb`n fskcmn`f jmyafu. Ul {ff bd ucf {kmhf ld lwfy*mubln{ jmuufyfe( pf meov{ufe ucf V.[. bnufytfnubln{ dly ucf {bzf ld ucf dlyfb`n fskcmn`f jmyafu( v{bn` ucf `ylpuc ld ulumh V.[. m{{fu{whv{ hbmibhbubf{ dylj ucf V.[. Kljjfykf Efwmyujfnu{ #Ivyfmv ld Fklnljbk Mnmhr{b{" bnufynmublnmh bntf{ujfnu wl{bubln mkklvnu{.=7

Ucf yf{vhubn` wylibu yf`yf{{bln dly V.[. bnufytfnubln m`mbn{u @fy*jmn jmya{ pm{

[K ; : 7 .==9 ! 7 .773 #MEOBNU"

#9.=4" #9.73" HHD : 447.391HYU : 5 .52(#5"

mne ucmu dly V.[ bnufytfnubln m`mbn{u Omwmnf{f rfn pm{

[K ; : 7 .;=9 ! 7 .770 #MEOBNU"

#9.37" #7.39" HHD : =60.601HYU : 7 .42(#6"

pcfyf [K ; b{ lvy ibtmybmuf {vkkf{{ kybufybm( mne MEOBNU b{ ucfmi{lhvuf tmhvf ld ucf mjlvnu ld bnufytfnubln m`mbn{u @fyjmn jmya{ly Omwmnf{f rfn( m{ ucf km{f jmr if( ebtbefe ir ucf meov{ujfnu

dmkuly dly ucf {bzf ld ucf jmyafu. Ucf meov{ufe mjlvnu ld bnufytfn*ubln b{ {umub{ubkmhhr {b`nb kmnu bn ucf @fyjmn*jmya km{f #f}vmubln#5"" ivu b{ nlu {umub{ubkmhhr {b`nb kmnu mu mn mkkfwumihf hftfh bn ucfOmwmnf{f*rfn km{f #f}vmubln #6"".

Pcfn pf kmhkvhmuf wylimibhbubf{ ld {vkkf{{ dylj f}vmubln #5" dlyV.[. bnufytfnubln{ m`mbn{u @fyjmn jmya{( clpftfy( pf ne ucmu ucfr

=7 Ucf bnufynmublnmh bntf{ujfnu wl{bubln emum myf mnnvmh( fne*ld*rfmy {ulka{if`bnnbn` bn =204. Pf bnufywlhmufe ucf kcmn`f bn ucf{f emum mu m jlnuchr dyf*}vfnkr mne v{fe ucf yf{vhubn` nvjify ul ef muf ucf klyyf{wlnebn` embhr bnufy*tfnubln emum. Pf umaf ucb{ m{ m ylv`c kljwmyb{ln ld ucf bnufytfnubln{ pbuc ucf

lp ld elhhmy{ ucylv`c ucf dlyfb`n fskcmn`f jmyafu. Wybly ul =200( pf v{f ucf=204 ul =200 meov{ujfnu dmkuly ul {kmhf ucf emum.


27/33

Tlh. 3 Nl. = Ucf Dfefymh Yf{fytf =6;

myf nlu {vi{umnubmhhr eb fyfnu ucmn ucl{f kmhkvhmufe dylj ucf klyyf*{wlnebn` f}vmubln bn umihf ; dly ucf vnmeov{ufe bnufytfnubln emum.

Pcfyfm{ ucf f{ubjmufe wylimibhbubf{ ld {vkkf{{ dly mn mtfym`f*{bzfe#%37 jbhhbln" mne m jfebmn*{bzfe #%;= jbhhbln" V.[. bnufytfnublnm`mbn{u @fyjmn jmya{m{ yfwlyufe bn `vyf =pfyf 67 wfykfnumne ;5 wfykfnu( yf{wfkubtfhr( ucf f{ubjmufe wylimibhbubf{ dly ucf mtfy*m`f tmhvf mne jfebmn tmhvf ld MEOBNU pfyf 67 wfykfnu mne ;4wfykfnu( yf{wfkubtfhr. Hbafpb{f( ucf f{ubjmufe wylimibhbur ld {vkkf{{m{{lkbmufe pbuc m %;77 jbhhbln V.[. bnufytfnubln m`mbn{u @fyjmnjmya{ pm{ mhjl{u 20 wfykfnu( mne ucf f{ubjmufe wylimibhbur dly m{bjbhmyhr {kmhfe MEOBNU pm{ 23 wfykfnu. M {bjbhmyhr khl{f klyyf*{wlnefnkf ifupffn ucf {kmhfe mne vn{kmhfe bnufytfnubln mjlvnu{wfy{b{ufe mkyl{{ mhh tmhvf{ {clpn bn `vyf =. Ucf meov{ujfnu ebenlu mhufy ucf wylimibhbubf{ ld {vkkf{{.

0. Klnkhv{bln mne Eb{kv{{bln

Ifupffn ucf bnkfwubln ld `fnfymhbzfe lmubn` bn =20; mne ucfDLJK{ mimnelnjfnu ld bu{ mkubtf bnufytfnubln wlhbkr bn =226(mwwylsbjmufhr 47 wfykfnu ld mhh l kbmh V.[. uymn{mkubln{ bn ucf dly*fb`n fskcmn`f jmyafu pfyf m{{lkbmufe pbuc m {mjf*emr fskcmn`fymuf jltfjfnu ucmu V.[. mvuclybubf{ klvhe cmtf fm{bhr effjfe m{vkkf{{. @btfn ucf nfmy*jmyubn`mhf nmuvyf ld fskcmn`f ymuf kcmn`f{(ucb{ wfykfnum`f b{ nl eb fyfnu ucmn pcmu pf fswfku ul ne wvyfhrir kcmnkf. Ltfymhh( V.[. bnufytfnubln hmkafe tmhvf m{ m dlyfkm{u ld nfmy*ufyj fskcmn`f ymuf jltfjfnu{( bnebkmubn` ucmu V.[. jlnfumyrmvuclybubf{ ebe nlu ylvubnfhr wl{{f{{ wybtmuf bndlyjmubln v{fdvh dly

wybkf eb{kltfyr bn ucf dlyfb`n fskcmn`f jmyafu.Ucb{ `fnfymh yf{vhu( clpftfy( kljibnf{ upl tfyr eb fyfnu lvu*kljf{? V.[. bnufytfnubln {mhf{ mne wvykcm{f{ ld dlyfb`n fskcmn`fpfyf `fnfymhhr bnkmwmihf ld dlyfkm{ubn` elhhmy mwwyfkbmubln{ ly efwyf*kbmubln{( yf{wfkubtfhr. Ucb{ nf`mubtf yf{vhu b{ yliv{u mkyl{{ mhh ubjfwfyble{ mne iluc ld ucf kvyyfnkbf{ ucmu pf kln{befyfe( mne wybly ul=23=( wybtmuf jmyafu wmyubkbwmnu{ klvhe cmtf wyl umihr ifu m`mbn{uV.[. bnufytfnubln{ bn @fyjmn jmya{. Bn {cmyw klnuym{u( pf el neucmu V.[. bnufytfnubln pm{ m{{lkbmufe pbuc jlyf jlefymuf jltf*jfnu{ bn ucf elhhmy bn m jmnnfy kln{b{ufnu pbuc hfmnbn` m`mbn{u ucfpbne. M wybtmuf uymefy li{fytbn` V.[. bnufytfnubln v{vmhhr klvhecmtf wyfebkufe ucb{ lvukljf. Nffhr mne Pfhhfy #=220" mne HfImyln


28/33


#=222" kbuf hfmnbn`*m`mbn{u*ucf*pbne bnufytfnubln {uymuf`bf{ m{ m yfm*{ln dly ucfby nebn` ucmu bnufytfnubln bjwyltf{ ucf wyl umibhbur

ld ufkcnbkmh uymebn` yvhf{. Ucmu {mbe( lnhr milvu 99 wfykfnu ld mhhV.[. bnufytfnubln{ klndlyjfe ul ucb{ wmuufyn( mne ucf yf{vhupcbhf{uyln`b{ nlu vnbtfy{mh mkyl{{ ftfyr ubjf wfyble mne kvyyfnkr.

Lvy nebn`{ el nlu {ffj ul yf fku m wvyfhr V.[. wcfnljfnln.V{bn` hbaf ufkcnb}vf{( Kcmilve mne Cvjwm`f #9776" mne Cvjwm`fmne Ym`nmyuz #9776" dlvne {bjbhmy yf{vhu{ dly Omwmnf{f bnufytfnubln{ifupffn =22= mne 9775 mne [pfeb{c bnufytfnubln{ ifupffn =22; mne9779( yf{wfkubtfhr.

Pcbhf lvy kybufybm myf kln{b{ufnu pbuc ucf nlubln ld m {vkkf{{*dvh bnufytfnubln( ucfr myf nlu ucf lnhr klnkfbtmihf kybufybm. @yffnf#=235( w. =92" {v``f{u{ {ljf lucfy kybufybmdly fsmjwhf( pbef ibe*m{a {wyfme{ucmu V.[. jlnfumyr mvuclybubf{ cmtf tbfpfe m{ kln{b{*ufnu pbuc jmyafu eb{lyefy. Jlyfltfy( bnufytfnubln( ly ftfn ucf ucyfmuld bnufytfnubln( kmn m fku jmyafu fswfkumubln{ mne mkubln{ bn pmr{ucmu {vkc kybufybm kmnnlu fm{bhr kmwuvyf. @mhmub( Jfhbka( mne Jbkv#9776"( dly fsmjwhf( bntf{ub`muf clp ucf cb`cfy jljfnu{ ld jmy*afu fswfkumubln{( pcbkc ucfr efybtf dylj ucf eb{uybivubln ld lwublnwybkf{( yf{wlne ul bnufytfnubln.

Pf mh{l dlvne {ljf ftbefnkf ucmu ucf wylimibhbur ld m {vk*kf{{dvh bnufytfnublnjfm{vyfe iylmehr #[K ; "bnkyfm{fe pbuc ucfmjlvnu ld mn bnufytfnubln. Mhh fh{f kln{umnu( hmy`f V.[. bnufytfn*ubln{ jmr cmtf klntfrfe wybtmuf bndlyjmubln ifuufy ucmn {jmhhuymn{mkubln{. Lvy wylimibhbur wlbnu f{ubjmuf{ {v``f{u( clpftfy( ucmujl{u V.[. bnufytfnubln{ylv`chr ucyff*dlvyuc{pfyf ull {jmhh ulcmtf mn f{ubjmufe wylimibhbur ld {vkkf{{ `yfmufy ucmn ymnelj

mwwylsbjmufhr 47 wfykfnu. Bd V.[. jlnfumyr mvuclybubf{ cme wybtmufbndlyjmubln v{fdvh ul wybkf eb{kltfyr( ucfr ebe nlu klntfr bu dlykfdvhhrul ucf jmyafu. Cme ucf Vnbufe [umuf{ bnufytfnfe bn hmy`fy mjlvnu{ifupffn =20; mne =226( ucf {vkkf{{ {klyf plvhe( jl{u hbafhr( cmtfiffn hmy`fy.

Pf ebe nlu ne ftbefnkf ucmu kllyebnmufe bnufytfnubln bnkyfm{feucf hbafhbclle ld {vkkf{{. Ucf fjwbybkmh ftbefnkf ln kllyebnmubln{ffj{ jbsfe. Cvjwm`f #=222" dlvne ucmu kllyebnmubln bnkyfm{feucf wylimibhbur ld {vkkf{{ ir ylv`chr 97 wfykfnu evybn` ucf Hlvtyfwfyble #=23027". Eljbn`vfz mne Dymnafh #=22;m( =22;i" mh{l dlvnebn dmtly ld kllyebnmubln. Cvjwm`f mne L{ufyify` #=229"( clp*ftfy( dlvne ucmu vnbhmufymh V.[. bnufytfnubln{ pfyf jlyf f fkubtf


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ucmn kllyebnmufe bnufytfnubln{ ifupffn =23; mne =227. Kcmilvemne Cvjwm`f #9776" dlvne lnhr pfma ftbefnkf ucmu kllyebnm*

ubln bnkyfm{fe ucf wylimibhbur ld {vkkf{{ dly Omwmnf{f bnufytfnubln{m`mbn{u elhhmy{ ifupffn =22= mne 9775. Ucf bjwlyumnkf ld kllyeb*nmubln jmr if {buvmublnmh.

Mh{l klnuyltfy{bmh b{ ucf yfhmubtf bjwlyumnkf ld {fkyfkr ul mnbnufytfnubln{ f fkubtfnf{{. @btfn ucmu bnufytfnubln ldufn lwfymuf{ucylv`c mn fswfkumubln{ kcmnnfh( {fkyfkr jmr {ffj klvnufywylevk*ubtf( ivu Icmuumkcmyrm mne Pfhhfy #=220" mne Tbumhf #=222" wyf{fnuucflyfubkmh jlefh{ bn pcbkc {fkyfkr klnuybivuf{ ul mn bnufytfnubln{{vkkf{{. Eljbn`vfz mne Dymnafh #=22;m"( Cvn` #=220"( Kcbv #977;"(mne Ifbnf mne Ifynmh #9770" mh{l eb{kv{{ tmyblv{ yfm{ln{ dly jmbn*umbnbn` {fkyfkr. Wybly ul ucf hmuf =207{( ucf [r{ufj v{vmhhr lwfymufekltfyuhr. Ucfyfmdufy( ucf [r{ufj v{vmhhr lwfymufe lwfnhr. Bn klj*wmybn` lvy yf{vhu{ mkyl{{ ubjf wfyble{ kln{b{ubn` ld tmyblv{ ef`yff{ld {fkyfkr( pf ne nl yfm{ln ul ifhbftf ucmu {fkyfkr b{ bjwlyumnu dly{vkkf{{.

Ltfymhh( lvy mnmhr{b{ ld ucf V.[. fswfybfnkf pbuc {ufybhbzfe dly*fb`n fskcmn`f bnufytfnubln ifupffn =20; mne =220 kmvubln{ m`mbn{u myfuvyn ul mn mkubtf bnufytfnubln wlhbkr. Lvy yf{vhu{ {v``f{u ucmu V.[.wlhbkrjmafy{ ebe nlu ylvubnfhr cmtf wybtmuf bndlyjmubln v{fdvh dlywybkf eb{kltfyr bn ucf dlyfb`n fskcmn`f jmyafu( mne bdly pcfnucfr ebe( ucfr ebe nlu klntfr bu dlykfdvhhr fnlv`c. Bn cbne{b`cu( ucf{kmhf ld lwfymubln{ {ffjfe {jmhh. @fnfymhhr( clpftfy( {ufybhbzfe bnufy*tfnubln {ffjfe jlyf ld m cbu*ly*jb{{ wcfnljfnln ucmn m {vyf ifu.Kcmbyjmn @yffn{wmn{ li{fytmubln( kbufe mu ucf cfme ld ucb{ wmwfy(jmr cmtf iffn m ibu {uyln`( ivu nlu ir jvkc.

Yfdfyfnkf{

Mhafjbnefy{( @. O. =226. Dlyfb`n*Fskcmn`f Bnufytfnubln( Ucflyr mne Ftbefnkf. Cmnu{( Vnbufe Abn`elj? Fepmye Fh`my Wvihb{c*bn`.

Imbhhbf( Y.( L. Cvjwm`f( mne P. L{ufyify`. 9777. Bnufytfnubln dyljmn Bndlyjmubln Wfy{wfkubtf.Olvynmh ld Bnufynmublnmh Dbnmnkbmh Jmyafu{( Bn{ubuvubln{( mne Jlnfr =7 #;5"? 5709=.

Imbhhbf( Y.( mne P. L{ufyify`. =220. Pcr El Kfnuymh Imna{ Bnufy*tfnf


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Ifbnf( J.( mne L. Ifynmh. 9770. Pcr El Kfnuymh Imna{ Bnufytfnf[fkyfuhr< Wyfhbjbnmyr Ftbefnkf dylj ucf Imna ld Omwmn. Olvy*

nmh ld Bnufynmublnmh Dbnmnkbmh Jmyafu{( Bn{ubuvubln{( mne Jlnfr =0 #;"? 92=;74.Icmuumkcmyrm( V.( mne W. Pfhhfy. =220. Ucf Metmnum`f ul Cbebn`

Lnf{ Cmne? [wfkvhmubln mne Kfnuymh Imna Bnufytfnubln bn ucfDlyfb`n Fskcmn`f Jmyafu. Olvynmh ld Jlnfumyr Fklnljbk{ ;2#9"? 96=00.

Iln{fy*Nfmh( K.( T. T. Ylhfr( mne @. C. [fhhln( Oy. =223. JlnfumyrWlhbkr Mkubln{( Bnufytfnubln( mne Fskcmn`f Ymuf{? M Yffsmjb*nmubln ld ucf Fjwbybkmh Yfhmubln{cbw{ V{bn` Dfefymh Dvne{ YmufUmy`fu Emum.Olvynmh ld Iv{bnf{{ 0= #9"? =5000.

Ilyel( J. E.( L. D. Cvjwm`f( mne M. O. [kcpmyuz. 97=7m. V.[. Dly*fb`n Fskcmn`f Jmyafu Bnufytfnubln mne ucf Fmyhr Elhhmy Dhlmu(=20;=23=. NIFY Plyabn` Wmwfy Nl. =4450.

. 97=7i. V.[. Dlyfb`n*Fskcmn`f*Jmyafu Bnufytfnubln evy*bn` ucf Tlhkafy*@yffn{wmn Fym. NIFY Plyabn` Wmwfy Nl.=4;56.

Iylmeev{( O. M.( mne J. @lledybfne. =224. Dlyfb`n Fskcmn`f Lwfy*mubln{ mne ucf Dfefymh Yf{fytf.Fklnljbk ]vmyufyhr #DfefymhYf{fytf Imna ld Ybkcjlne" 39 #="? =97.

Kcmilve( M. W.( mne L. D. Cvjwm`f. 9776. Mn M{{f{{jfnu ld ucf Bjwmku ld Omwmnf{f Dlyfb`n*Fskcmn f Bnufytfnubln? =22=9775. Bnufynmublnmh Dbnmnkf Eb{kv{{bln Wmwfy Nl. 395( Ilmyeld @ltfynly{ ld ucf Dfefymh Yf{fytf [r{ufj.

Kcmn`( R.( mne [. Umrhly. =223. Bnuymemr F fku{ ld Dlyfb`nFskcmn`f Bnufytfnubln ir ucf Imna ld Omwmn. Olvynmh ld Bnufy*

nmublnmh Jlnfr mne Dbnmnkf =0 #="? =2=9=7.Kcfvn`( R.( mne J. E. Kcbnn. 977=. Kvyyfnkr Uymefy{ mneFskcmn`f Ymuf Ernmjbk{? M [vytfr ld ucf V.[. Jmyafu. Olvynmh ld Bnufynmublnmh Jlnfr mne Dbnmnkf 97 #5"? 5;20=.

Kcbv( W. 977;. Uymn{wmyfnkr Tfy{v{ Kln{uyvkubtf Mjib`vbur bnDlyfb`n Fskcmn`f Bnufytfnubln. IB[ Plyabn` Wmwfy Nl. =55.

Eljbn`vfz( A. J. 977;. Ucf Jmyafu Jbkyl{uyvkuvyf ld KfnuymhImna Bnufytfnubln. Olvynmh ld Bnufynmublnmh Fklnljbk{ 62 #="?9656.

Eljbn`vfz( A. J.( mne O. M. Dymnafh. =22;m. Elf{ Dlyfb`n*Fskcmn`f Bnufytfnubln Jmuufy< Ucf Wlyudlhbl F fku. Mjfybkmn Fklnljbk Yftbfp 3; #6"? =;6442.


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. =22;i. Elf{ Dlyfb`n*Fskcmn`f Bnufytfnubln Plya< Pm{c*bn`uln( EK? Bn{ubuvuf dly Bnufynmublnmh Fklnljbk{.

Feb{ln( C. =22;. Ucf F fkubtfnf{{ ld Kfnuymh Imna Bnufytfnubln?M [vytfr ld ucf Hbufymuvyf mdufy =239. Wybnkfuln Vnbtfy{bur([wfkbmh Wmwfy{ bn Bnufynmublnmh Fklnljbk{ Nl. =3.

Ftmn{( J. E.( mne Y. A. Hrln{. 977=. Wlyudlhbl Imhmnkf( WybkfBjwmku mne [fkyfu Bnufytfnubln. NIFY Plyabn` Wmwfy Nl. 3;64.

. 9776. Myf Eb fyfnu*Kvyyfnkr M{{fu{ Bjwfydfku [vi{ub*uvuf{


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Cvjwm f( L.( mne O. Ym`nmyuz. 9776. [pfeb{c Bnufytfnubln mneucf Aylnm Dhlmu( =22;9779. Dfefymh Yf{fytf Imna ld Khftfhmne

Plyabn` Wmwfy Nl. 76*=5.Cvn`( O. C. =220. Bnufytfnubln [uymuf`bf{ mne Fskcmn`f YmufTlhmubhbur? M Nlb{f Uymebn` Wfy{wfkubtf.Olvynmh ld Bnufynm*ublnmh Jlnfr mne Dbnmnkf =4 #6"? 0022;.

Bul( U. 977;. B{ Dlyfb`n Fskcmn`f Bnufytfnubln F fkubtf< UcfOmwmnf{f Fswfybfnkf{ bn ucf =227{. BnJlnfumyr Cb{ulyr(Fskcmn`f Ymuf{( mne Dbnmnkbmh Jmyafu{? F{{mr{ bn Clnlvy ld Kcmyhf{ @llecmyu( Tlh. 9( fe. W. Jbzfn. Kcfhufncmj( VA? Fepmye

Fh`my.. 9776. Bnufytfnubln{ mne Omwmnf{f Fklnljbk Yfkltfyr.Bnufynmublnmh Fklnljbk{ mne Fklnljbk Wlhbkr 9 #9;"? 9=2;2.

. 9770. Jruc{ mne Yfmhbur ld Dlyfb`n Fskcmn`f Bnufy*tfnubln{? Mn Mwwhbkmubln ul Omwmn.Bnufynmublnmh Olvynmh ld Dbnmnkf mne Fklnljbk{ =9 #9"? =;;65.

HfImyln( I. =222. Ufkcnbkmh Uymebn` Yvhf Wyl umibhbur mne Dlyfb`nFskcmn`f Bnufytfnubln. Olvynmh ld Bnufynmublnmh Fklnljbk{ 52#="? =965;.

HfKlvyu( K.( mne C. Ymrjlne. 9774. Kfnuymh Imna Bnufytfnubln{bn Bnev{uybmhbzfe Klvnuybf{? M Kcmymkufybzmubln Im{fe ln [vy*tfr Yf{vhu{. Bnufynmublnmh Olvynmh ld Dbnmnkf mne Fklnljbk{== #9"? =9;;3.

Hrln{( Y. A. 977=. Ucf Jbkyl{uyvkuvyf Mwwylmkc ul Fskcmn`f Ymuf{ .Kmjiybe`f( JM? JBU Wyf{{.

JkKmhhvj( I. U. 977;. Omwmnf{f Jlnfumyr Wlhbkr( =22=977=.Fklnljbk ]vmyufyhr #Dfefymh Yf{fytf Imna ld Ybkcjlne" 32 #="?=;=.

Jfyuln( Y. K. =23=. Ln Jmyafu Ubjbn` mne Bntf{ujfnu Wfydly*jmnkf. B. Mn F}vbhbiybvj Ucflyr ld Tmhvf dly Jmyafu Dlyfkm{u{.Olvynmh ld Iv{bnf{{ 65 #;"? ;4;574.

Jv{{m( J. =23=. Ucf Ylhf ld L kbmh Bnufytfnubln. Lkkm{blnmhWmwfy Nl. 4( @ylvw ld Ucbyur.

Nffhr( K. O. 977=. Ucf Wymkubkf ld Kfnuymh Imna Bnufytfnubln? Hlla*bn` Vnefy ucf Clle. Kfnuymh Imnabn` == #9"? 95;0.

. 9776. Mn Mnmhr{b{ ld Yfkfnu [uvebf{ ld ucf F fku ld Dly*fb`n Fskcmn`f Bnufytfnubln. Yftbfp #Dfefymh Yf{fytf Imna ld [u. Hlvb{" 30 #4"? 4360=0.


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. 9770. Kfnuymh Imna Mvuclybubf{ Ifhbfd{ milvu Dlyfb`nFskcmn`f Bnufytfnubln. Olvynmh ld Bnufynmublnmh Jlnfr mne

Dbnmnkf 90 #="? =96.. 97==. M Dlyfb`n Fskcmn`f Bnufytfnubln bn mn Fym ld Yf{uymbnu.Yftbfp #Dfefymh Yf{fytf Imna ld [u. Hlvb{" 2; #6"?;7;95.

Nffhr( K. O.( mne Pfhhfy( W. =220. Ufkcnbkmh Mnmhr{b{ mne KfnuymhImna Bnufytfnubln. Olvynmh ld Bnufynmublnmh Jlnfr mne Dbnmnkf97 #0"? 25207.

Wlwwfy( C.( mne O. Jlnu`ljfyr. 977=. Bndlyjmubln [cmybn` mneKfnuymh Imna Bnufytfnubln bn ucf Dlyfb`n Fskcmn f Jmyafu.Olvynmh ld Bnufynmublnmh Fklnljbk{ 66 #9"? 926;=4.

Yfbuz( [.( mne J. W. Umrhly. 9773. Ucf Kllyebnmubln Kcmnnfh ld Dly*fb`n Fskcmn`f Bnufytfnubln? M Nlnhbnfmy Jbkyl{uyvkuvymh Mnmhr*{b{. Fvylwfmn Fklnljbk Yftbfp 69 #="? 6604.

[mynl( H.( mne J. W. Umrhly. 977=. L kbmh Bnufytfnubln bn ucf Dly*fb`n Fskcmn`f Jmyafu? B{ Bu F fku

the federal reserve as an informed foreign exchange trader: 1973–1995

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