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And, yes, I DO take it personally

Monday, June 25, 2012

Another Euro Zone country falls to its knees

from the ft...

Cyprus requests eurozone bailout


Cyprus has become the latest eurozone country to seek a bailout amid mounting economic problems and fresh challenges for its banks after a credit rating agency downgrade.

Bowing to eurozone pressure, the government of President Demetris Christofias said it had asked for help, just days before a deadline to recapitalise one of the country’s largest banks.

Cyprus is seeking financial help from the European Financial Stability Facility or its successor, the European Stability Mechanism, a government statement said on Monday. “The purpose of the required assistance is to contain the risks to the Cypriot economy, notably those arising from the negative spillover effects through its financial sector, due to its large exposure in the Greek economy,” the government said.

they're dropping like flies...

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Monday, June 04, 2012

Kunstler: Ever wonder what it might be like to live in a world without consequences? Well, you've had a good look at it for more than a couple of years.

post title courtesy of james howard kunstler posting on his blog, clusterfuck nation...

Welcome to the Wormhole

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Friday, May 25, 2012

The question now is which fork in the road will Occupy take?

more from adbusters...

Occupy's Spiritual Quest

The fork in the road ahead.

Dear occupiers, jammers, dreamers,

Three years after the May 1968 uprising that swept the world, the great French philosopher Michel Foucault observed that a key strategy of power is to “appear inaccessible to events.” Power, Foucault argued with a nod towards 1968’s failed insurrection, acts to “dispel the shock of daily occurrences, to dissolve the event … to exclude the radical break introduced by events.”

Forty years later, in light of Occupy, Foucault’s observation still strikes home. Despite achieving the impossible at unprecedented speed – sparking a global awakening, triggering a thousand people’s assemblies worldwide, and giving birth to a visceral anti-corporate, pro-democracy spiritual insurrection – Occupy is now struggling through an existential moment. Our movement has been dealt a blow: our May 1 and follow-up events have been dissolved by power; the status quo has shown itself to be far more resilient than many of us expected.

Now a passionate debate is emerging within our movement. On one side are those who cheer the death of Occupy in the hopes that it will transform into something unexpected and new. And on the other are patient organizers who counsel that all great movements take years to unfold.

[...]

The fire in the soul of Occupy burns from Oakland to Quebec, Barcelona to Chicago, Wall Street to Moscow and Frankfurt… the question now is which fork in the road will our movement take?

for the wild,
Culture Jammers HQ

i'm less interested in the direction the movement will take than i am in how we can accelerate the collapse of the house of cards which may or may not be connected with any "movement"...

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Monday, May 14, 2012

Highly recommended: Economic Alert: If You’re Not Worried Yet…You Should Be

i won't even attempt to excerpt tyler durden's excellent article, you'll simply have to go read it yourself...

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Friday, January 13, 2012

Greece headed toward default; Austria and France to be downgraded by S&P



from the ft...
Greek debt restructuring talks collapse

Talks over Greece’s debt restructuring collapsed on Friday, an unexpected breakdown that makes it increasingly likely Athens will become the first government of a developed country in more than 60 years to suffer a full-scale default on its debt.

In a statement, lead negotiators for Greek bondholders said that the latest offer made by Athens “has not produced a constructive consolidated response” from “all parties” – a clear reference to International Monetary Fund conclusions that bondholder losses must be increased significantly or a second Greek bail-out would have to be bigger than the agreed €130bn.

and then there's this, also from the ft...
S&P set to downgrade two eurozone nations

The credit rating agency Standard & Poor's is set to downgrade two triple A-rated eurozone nations, with one government official naming France and Austria. The other triple A-rated nations, including Germany, are expected to escape downgrade.

This has yet to be confirmed by the agency or the governments.

can't we please just get the global financial and economic collapse over with so we can figure out how to move on...?

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Friday, December 16, 2011

50 gagging statistics on the U.S. economy

i wish the u.s. and europe would stop trying to prop up the house of cards... once it collapses, we can get about the business of starting over...

from the economic collapse blog via information clearing house...

#1 A staggering 48 percent of all Americans are either considered to be "low income" or are living in poverty.

#2 Approximately 57 percent of all children in the United States are living in homes that are either considered to be "low income" or impoverished.

#3 If the number of Americans that "wanted jobs" was the same today as it was back in 2007, the "official" unemployment rate put out by the U.S. government would be up to 11 percent.

#4 The average amount of time that a worker stays unemployed in the United States is now over 40 weeks.

#5 One recent survey found that 77 percent of all U.S. small businesses do not plan to hire any more workers.

#6 There are fewer payroll jobs in the United States today than there were back in 2000 even though we have added 30 million extra people to the population since then.

#7 Since December 2007, median household income in the United States has declined by a total of 6.8% once you account for inflation.

#8 According to the Bureau of Labor Statistics, 16.6 million Americans were self-employed back in December 2006. Today, that number has shrunk to 14.5 million.

#9 A Gallup poll from earlier this year found that approximately one out of every five Americans that do have a job consider themselves to be underemployed.

#10 According to author Paul Osterman, about 20 percent of all U.S. adults are currently working jobs that pay poverty-level wages.

#11 Back in 1980, less than 30% of all jobs in the United States were low income jobs. Today, more than 40% of all jobs in the United States are low income jobs.

#12 Back in 1969, 95 percent of all men between the ages of 25 and 54 had a job. In July, only 81.2 percent of men in that age group had a job.

#13 One recent survey found that one out of every three Americans would not be able to make a mortgage or rent payment next month if they suddenly lost their current job.

#14 The Federal Reserve recently announced that the total net worth of U.S. households declined by 4.1 percent in the 3rd quarter of 2011 alone.

#15 According to a recent study conducted by the BlackRock Investment Institute, the ratio of household debt to personal income in the United States is now 154 percent.

#16 As the economy has slowed down, so has the number of marriages. According to a Pew Research Center analysis, only 51 percent of all Americans that are at least 18 years old are currently married. Back in 1960, 72 percent of all U.S. adults were married.

#17 The U.S. Postal Service has lost more than 5 billion dollars over the past year.

#18 In Stockton, California home prices have declined 64 percent from where they were at when the housing market peaked.

#19 Nevada has had the highest foreclosure rate in the nation for 59 months in a row.

#20 If you can believe it, the median price of a home in Detroit is now just $6000.

#21 According to the U.S. Census Bureau, 18 percent of all homes in the state of Florida are sitting vacant. That figure is 63 percent larger than it was just ten years ago.

#22 New home construction in the United States is on pace to set a brand new all-time record low in 2011.

#23 As I have written about previously, 19 percent of all American men between the ages of 25 and 34 are now living with their parents.

#24 Electricity bills in the United States have risen faster than the overall rate of inflation for five years in a row.

#25 According to the Bureau of Economic Analysis, health care costs accounted for just 9.5% of all personal consumption back in 1980. Today they account for approximately 16.3%.

#26 One study found that approximately 41 percent of all working age Americans either have medical bill problems or are currently paying off medical debt.

#27 If you can believe it, one out of every seven Americans has at least 10 credit cards.

#28 The United States spends about 4 dollars on goods and services from China for every one dollar that China spends on goods and services from the United States.

#29 It is being projected that the U.S. trade deficit for 2011 will be 558.2 billion dollars.

#30 The retirement crisis in the United States just continues to get worse. According to the Employee Benefit Research Institute, 46 percent of all American workers have less than $10,000 saved for retirement, and 29 percent of all American workers have less than $1,000 saved for retirement.

#31 Today, one out of every six elderly Americans lives below the federal poverty line.

#32 According to a study that was just released, CEO pay at America's biggest companies rose by 36.5% in just one recent 12 month period.

#33 Today, the "too big to fail" banks are larger than ever. The total assets of the six largest U.S. banks increased by 39 percent between September 30, 2006 and September 30, 2011.

#34 The six heirs of Wal-Mart founder Sam Walton have a net worth that is roughly equal to the bottom 30 percent of all Americans combined.

#35 According to an analysis of Census Bureau data done by the Pew Research Center, the median net worth for households led by someone 65 years of age or older is 47 times greater than the median net worth for households led by someone under the age of 35.

#36 If you can believe it, 37 percent of all U.S. households that are led by someone under the age of 35 have a net worth of zero or less than zero.

#37 A higher percentage of Americans is living in extreme poverty (6.7%) than has ever been measured before.

#38 Child homelessness in the United States is now 33 percent higher than it was back in 2007.

#39 Since 2007, the number of children living in poverty in the state of California has increased by 30 percent.

#40 Sadly, child poverty is absolutely exploding all over America. According to the National Center for Children in Poverty, 36.4% of all children that live in Philadelphia are living in poverty, 40.1% of all children that live in Atlanta are living in poverty, 52.6% of all children that live in Cleveland are living in poverty and 53.6% of all children that live in Detroit are living in poverty.

#41 Today, one out of every seven Americans is on food stamps and one out of every four American children is on food stamps.

#42 In 1980, government transfer payments accounted for just 11.7% of all income. Today, government transfer payments account for more than 18 percent of all income.

#43 A staggering 48.5% of all Americans live in a household that receives some form of government benefits. Back in 1983, that number was below 30 percent.

#44 Right now, spending by the federal government accounts for about 24 percent of GDP. Back in 2001, it accounted for just 18 percent.

#45 For fiscal year 2011, the U.S. federal government had a budget deficit of nearly 1.3 trillion dollars. That was the third year in a row that our budget deficit has topped one trillion dollars.

#46 If Bill Gates gave every single penny of his fortune to the U.S. government, it would only cover the U.S. budget deficit for about 15 days.

#47 Amazingly, the U.S. government has now accumulated a total debt of 15 trillion dollars. When Barack Obama first took office the national debt was just 10.6 trillion dollars.

#48 If the federal government began right at this moment to repay the U.S. national debt at a rate of one dollar per second, it would take over 440,000 years to pay off the national debt.

#49 The U.S. national debt has been increasing by an average of more than 4 billion dollars per day since the beginning of the Obama administration.

#50 During the Obama administration, the U.S. government has accumulated more debt than it did from the time that George Washington took office to the time that Bill Clinton took office.


pretty sobering, eh...? no wonder we're occupying...

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Monday, November 28, 2011

The permanent re-set and reorganization of everyday life amidst a desperate scramble for resources

james howard kunstler...
Your New American Dream

The situation at hand is not a "depression," though it may resemble the experience of the 1930s in the early going. It's the permanent re-set and reorganization of everyday life amidst a desperate scramble for resources. It will go on and on until there are far fewer people competing for things while the ones who endure construct new systems for daily living based on fewer resources used differently.

In North America I believe this re-set will involve the re-establishment of an economy centered on agriculture, with a lot of other activities supporting it, all done on a fine-grained local and regional scale. It must be impossible for many of us to imagine such an outcome - hence the futility of our current politics, with its hollow promises, its laughable battles over sexual behavior, its pitiful religious boasting, its empty statistical blather, all in the service of wishing the disintegrating past back into existence.

This desperation may be why our recently-acquired traditions seem especially automatic this holiday season. Of course the "consumers" line up outside the big box stores the day after the automatic Thanksgiving exercise in gluttony. That is what they're supposed to do this time of year. That is what has been on the cable TV news shows in recent years: see the crowds cheerfully huddled in their sleeping bags outside the Wal Mart... see them trample each other in the moment the doors open!

[...]

This holiday season spend a little time musing on what the re-set economy will be like in your part of the country. Think of what you do in it as a "role," or a "vocation," or a "trade," or a "calling," or a "way of life," rather than a "job." Imagine that life will surely go on, even civilized life, though it will be organized differently. Add to this the notion that you are part of a larger group, a society, and that societies evolve emergently according to the circumstances that their time and place presents. Let that imagining be your new American Dream.

i'm wary and skeptical of any predictions, this one included...

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Wednesday, November 23, 2011

The size of the IMF resources are absolutely not sufficient to bailout Europe which is a slow-motion train wreck





nouriel roubini blog...
Roubini said that the IMF does not have enough resources to save Europe and that now the contagion is spreading to the rest of Europe , the size of the IMF resources are absolutely not sufficient to bailout Europe , Italy and Spain alone are in 3 trillion euro public debt problem equivalent to 4 trillion US Dollars .... money alone is not going to resolve the problems in Europe Roubini explains , Europe is a slow motion train wreck he added ... "The contagion has now gone viral, cross Atlantic and global." Roubini says.

Photobucket

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Tuesday, November 22, 2011

The economies of the European countries explained

a classic variation on the old abbott and costello "who's on first" routine...

clarke and dawe...




keep in mind that this was recorded almost two years ago...

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Sunday, November 20, 2011

This week presents the most extreme convergence of events the world has seen since September of 2008

james howard kunstler...
The Blue Bus Is Calling Us

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Sunday, November 13, 2011

An elevated risk of the collapse of the Euro

a viewpoint you definitely won't see on u.s. news media...

from ireland's tv 3...

Ireland's Financial Expert Eddie Hobbs advising people to get out of the Euro as it is going to collapse.



it's time to stock up on popcorn...

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Thursday, November 10, 2011

Italy is TBTF Too Big to Fail but it is also TBTS Too Big To Save [UPDATE] [UPDATE II]



nouriel roubini...
The worst case scenario for Italy is inevitable

Clearly unsustainable.

and thus spake dr.doom...

[UPDATE and BUMPED]

from the financial times...
Nouriel Roubini: Why Italy’s days in the eurozone may be numbered

With interest rates on its sovereign debt surging well above seven per cent, there is a rising risk that Italy may soon lose market access. Given that it is too-big-to-fail but also too-big-to-save, this could lead to a forced restructuring of its public debt of €1,900bn.

That would partially address its “stock” problem of large and unsustainable debt but it would not resolve its “flow” problem, a large current account deficit, lack of external competitiveness and a worsening plunge in gross domestic product and economic activity.

i don't know about you, but i'm getting the distinct feeling that something really, really big is about to happen...

[UPDATE II and BUMPED]

the collapse of the euro zone appears to be getting closer and closer... accordingly, i've added two more popcorn-eating icons to graphically demo just how interesting this whole thing is getting...



from the ft...
Market spikes eurozone’s guns

This week’s market upheaval in Europe has made it difficult to increase the firepower of the eurozone’s €440bn rescue fund to the €1,000bn that the bloc’s leaders had hoped for, the fund’s chief executive said on Thursday.

Investors have fled from bonds issued by highly indebted countries. Luring them back by offering insurance on losses – the centrepiece of a plan agreed in Brussels on October 26 – would now probably use up more of the fund’s resources, Klaus Regling, head of the European financial stability facility, said.

His concerns underline Europe’s difficulties in putting in place mechanisms to contain the sovereign debt crisis and, if necessary, help Italy cope with soaring refinancing costs.

pull up a chair... get comfy... we just might be about to witness an historic economic collapse which, if it does happen, is going to have a domino effect that we can't even imagine...

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Tuesday, November 08, 2011

An embarrassment for Congress and a far-reaching blow to Washington’s financial credibility...? HAHAHAHA...!

oh, yeah... like there's any financial credibility left...

what kind of credibility could possibly remain for a country that has thrown trillions of dollars at its super-rich elites and their bankster puppets, has a larger defense budget than the rest of the planet combined, flushes billions and billions of dollars into the twin sinkholes of afghanistan and iraq, smooths the way for the loss of millions of jobs to other countries but works overtime to lighten the tax loads of the very corporations responsible, allows many more millions to be thrown out of their homes with no recourse, and then - THEN - turns around and burns the midnight oil in an attempt to shred the tattered remnants of the social safety net and place the burden for all of this on the very citizens who have already been repeatedly victimized in the decades-long rape and pillage...

from a nyt op-ed...

We are no fans of the supercommittee. It is undemocratic, and the deep, automatic cuts the law would impose if the committee fails to reach agreement are gimmicky and potentially dangerous. But walking away at this point would be an embarrassment for Congress and a far-reaching blow to Washington’s financial credibility.

[...]

Simply dismissing the committee and undoing the sequester would be such a vast admission of Congressional failure that it could push down the nation’s credit rating, lead to chaos in financial markets and severely cripple hopes for an economic recovery. Republicans created the policies that forced up the deficit and then refused to compromise with President Obama. They cannot simply walk away now. Panel members have only a few days to come up with a plan that balances new revenues with spending cuts. That is the only way to wrestle down the deficit without doing huge damage to the economy and the country.

there isn't any credibility... there hasn't been any credibility for quite some time... with the congressional approval rating at a jaw-dropping 9%, talking about congressional credibility is beyond ridiculous... whatever happens - or doesn't happen - isn't going to make the slightest bit of difference to a system that is so profoundly broken, the only sensible thing to do is sit back and wait for the implosion...

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Monday, November 07, 2011

Significant risk of a Eurozone breakup

roubini prognosticates...

There is a “significant risk of a Eurozone breakup,” sources say Roubini told a handful of select party guests recently, reports the Business Insider. Adds the economist, if the Eurozone goes under, “everything around the world goes sour.”

Roubini has claimed that in the past he correctly predicted both the housing market crash and the worldwide recession, the aftermath of both is still evident in the crises across the globe. For his forecasting, Roubini has earned the title “Dr. Doom” from members of the media, who look to him for economic outlook and have been met with not-so-optimistic — and correct — assumptions from the analyst in the past. As the American economy continues to show slumping statistics and the unemployment rate stays at or above a stagnant 9 percent for months, a collapse across the pond could cause a catastrophe for the world economy.

Sources say Roubini announced, "If the Eurozone blows up, it all gets worse."

Less than two weeks ago, Roubini had predicted that the odds of a eurozone collapse were one-in-two.

“Unfortunately, in my view there is a risk, at least a 50 percent probability, that in the U.S., in the eurozone, in the United Kingdom, and in most advanced economies, the future in the next 12 months might suggest a recession, a downturn, rather than reacceleration of growth,” Roubini said on October 24 to Bloomberg.


i hate to endlessly repeat myself but i sure as hell do wish this damn house of cards would just go ahead and collapse already...

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Tuesday, November 01, 2011

Eurozone breakup shock larger than Lehman

nouriel roubini...
The Eurozone eventual breakup shock could be larger than the fall of Lehman in 2008

In my view, there's a significant probability, more than 50 per cent, that over the next 12 months there's going to be another recession in most advanced economies," "Whether you call it a double dip recession, a continuation of the first recession or a second recession doesn't matter, it's semantic.

In a situation where it becomes disorderly, with defaults by a number of countries and a resulting exit of a number of states from the eurozone and its eventual break-up, the shock that could occur ... could be as large, if not larger, than the fall of Lehman in 2008.

i've made a habit of listening to roubini...

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Monday, October 10, 2011

So, if income falls faster AFTER a recession, what can we expect when the NEXT recession hits?

nyt...
Between June 2009, when the recession officially ended, and June 2011, inflation-adjusted median household income fell 6.7 percent, to $49,909, according to a study by two former Census Bureau officials. During the recession — from December 2007 to June 2009 — household income fell 3.2 percent.

The finding helps explain why Americans’ attitudes toward the economy, the country’s direction and its political leaders have continued to sour even as the economy has been growing. Unhappiness and anger have come to dominate the political scene, including the early stages of the 2012 presidential campaign.

just think back to all the glowing media reports about the end of the recession... HA...!

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Tuesday, October 04, 2011

Stiglitz offers a teach-in at Occupy Wall Street

joseph stiglitz is one of my heroes... he's the one who should be leading the economic efforts of this country and not geithner...

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Wednesday, September 21, 2011

Meltdown: The Men Who Crashed the World

al jazeera english is running a four-part series...

part 1...



In the first episode of Meltdown, we hear about four men who brought down the global economy: a billionaire mortgage-seller who fooled millions; a high-rolling banker with a fatal weakness; a ferocious Wall Street predator; and the power behind the throne.

The crash of September 2008 brought the largest bankruptcies in world history, pushing more than 30 million people into unemployment and bringing many countries to the edge of insolvency. Wall Street turned back the clock to 1929.

But how did it all go so wrong?

Lack of government regulation; easy lending in the US housing market meant anyone could qualify for a home loan with no government regulations in place.

Also, London was competing with New York as the banking capital of the world. Gordon Brown, the British finance minister at the time, introduced 'light touch regulation' - giving bankers a free hand in the marketplace.

All this, and with key players making the wrong financial decisions, saw the world's biggest financial collapse.

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Wednesday, May 25, 2011

Max Keiser: Paul Craig Roberts, Goldman Sachs, austerity, fraud, punish the innocent & reward the guilty

and, here's the real irony... this is an excerpt from press tv, a news service from iran... you'd certainly never see this in u.s. media... you can call it iranian propaganda, you can call it anything you want, but do yourself a favor, at least watch and listen...

Global financial crisis-On the Edge with Max Keiser-05-20-2011-(Part1)




Global financial crisis-On the Edge with Max Keiser-05-20-2011-(Part2)


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Saturday, November 27, 2010

A message to the Irish people: "The ultimate aim is to gut our country of everything of value" [UPDATE]

listen carefully... the man speaks the truth...



thanks to kevin at cryptogon...

[UPDATE]

in the video above, jim corr called for people in ireland to take to the streets... evidently, his call - among others - was heard...
Tens of thousands of people have marched through Dublin in protest at the government's austerity programme.

Protest leaders said it was the first of many demonstrations over plans to raise taxes and cut public spending.

The austerity programme is designed to cut the Irish Republic's massive government deficit, exacerbated by the rescue of the country's banks.

The march came as officials met to hammer out the final details of a financial bail-out for the country.

The EU and the IMF are set to lend the country more than 85bn euros ($113bn; £72bn), with the terms of the deal expected to be announced on Sunday ahead of the markets re-opening on Monday.

State broadcaster RTE has reported that the interest rate to be paid on part of the loan could be as much as 6.7%, higher than the rate charged to Greece for its bail-out, which has raised concerns from opposition parties.

[...]

Organisers said more than 100,000 people took part in Saturday's protest, while the Irish police (Gardai) estimated that "in the region of 50,000" people marched to Dublin's General Post Office, site of the nationalist uprising against British rule in 1916.

A spokesman for the Irish Congress of Trade Unions president, Macdara Doyle, told the BBC that the protest was designed to send out a clear message: "We're trying to convince government and show government that there's no support for their plan amongst civic society and that every measure they have taken to date has been exactly the opposite of what they need to do.

"Our fears about the new budget is that it's deflationary multiplied by ten. It's taking far too much money out of the economy and whatever possible chance there is of, some sort of growth taking hold in the economy will be killed by this proposed budget."

corr's take - and mine as well - is that the whole greece-ireland and soon-to-be spain-italy-portugal "crisis" has been well-engineered by our super-rich elites as simply one more way to divert whatever money and power they don't already have into their greedy, gaping maws...

i had a brief conversation with an immigration and customs enforcement agent last evening (i had been selected for a bag screening on arrival in the u.s.)... he, as so many others i've talked to, fully recognizes that we are under the control of our super-rich elites and the banksters that serve as their front line... maybe one of these days, the american people will find the backbone to do what the irish and greeks are already doing, stand up and fight back...

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