Page 1

WdZWYedl[hiWj_edm_j^ <hWdY[iYWled>WXiXkh] 7bX[hj>[jW @eh][Ej[he#FW_bei :_daeF[hWYô_Y  <hWd‚e_iHeY^[ 7dZh[WiHkXo CWhaM_]b[o

;Z_j[ZXo ;lW;X[hiX[h][hWdZ:Wd_[bWPocWd J^oii[d#8ehd[c_ipW7hj9edj[cfehWho >_cc[bf\ehj]Wii[')"7#'&'&L_[ddW mmm$J87('$eh] L[hbW]Z[h8kY^^WdZbkd]MWbj^[hAd_] ?I8D/-.#)#.,+,&#,++#)

@eh][Ej[he#FW_bei0J^[;j^_Yie\:kij

M_j^j[njiXo J^ehZ_i7hh^[d_ki :Wd_[b7$8WhX[h :Wd_[b8_hdXWkc LWb[h_W8kh]_e :ehejW9^kZp_YaW Beh[dpe<ki_ :Wl_Z=_ii[d <hWdY[iYWled>WXiXkh] 9Wheb_d[7$@ed[i 7ZWcF^_bb_fi HWgiC[Z_W9ebb[Yj_l[

J^oii[d#8ehd[c_ipW7hj9edj[cfehWho

@eh][Ej[he#FW_bei0J^[;j^_Yie\:kij J^oii[d#8ehd[c_ipW7hj9edj[cfehWho

@eh][Ej[he#FW_bei0J^[;j^_Yie\:kij J^oii[d#8ehd[c_ipW7hj9edj[cfehWho


9edj[dj

-(

;j^_Yi?cfh[ii[Zed:kij0D_^_bfej[ij ^ece_dj[bb_][h[i_d[f^WdjWicWj[ Beh[dpe<ki_

-,

7hY^_l_d]:kij :ehejW9^kZp_YaW

.&

Febbkj_edWdZ%Wi>_ijeho :Wd_[b8WhX[h

.,

IkijW_d_d]IjW_di 7ZWcF^_bb_fi

+

FW_dj_d]J_c[ :Wd_[b8_hdXWkc

,

?djheZkYj_ed <hWdY[iYWled>WXiXkh]

.

Fh[i[hlWj_edWdZH[Wd_cWj_edj^hek]^ 9edj[cfehWho7hjWdZ7hY^_j[Yjkh[

('

J^[;j^_Yie\:kijI[h_[i

((

@eh][Ej[he#FW_bei0IYhWf_d]Hkia_d 7hj_ijIjWj[c[dj

/&

>_ijehoH[beWZ[Z :Wl_Z=_ii[d

(*

Ikif[dZ[Z7d_cWj_ed0J^ek]^jih[Yel[h[Z\hec j^[c[cehoe\Óhij[dj[h_d]j^[[n#7bkc_n<WYjeho HWgiC[Z_W9ebb[Yj_l[

/+

7ff[dZ_n

(,

J^[;j^_Yie\:kij07bkc_n"8ebpWde"(&&.

)*

:kij_d] 9Wheb_d[7$@ed[i

*(

J^[L[hW?Yede\L[d_Y[ LWb[h_W8kh]_e

*,

J^[Fb[Wikh[e\j^[Ikh\WY[ J^ehZ_i7hh^[d_ki

+&

J^[;j^_Yie\:kij0:e][ÊiFWbWY["L[d_Y["(&&/


FW_dj_d]J_c[ :Wd_[b8_hdXWkc I^bZ!hV^Y6jhiZga^io^ci]ZdWhZgkVi^dcgddb^c<gZZcl^X]!lVhWn [Vgi]ZbdhiVgi^ÒX^Vad[Vaadjg^ckZci^dch!VcY^cWZ^c\WdjcYidi]Z eaVcZiijgc^c\dc^ihdlcVm^hlVhcdaZhhVgW^igVgni]VcldjaYWZ! hVn!VXVaXjaVi^dcWVhZYdci]Z\gdli]d[igZZhdgi]ZYjgVi^dcgZfj^gZY [dgVe^ZXZd[a^bZhidcZidY^h^ciZ\gViZ!fj^iZVeVgi[gdbi]Z[VXii]Vi i]ZhdaVgYVnl]^X]lZiV`ZVhdjg\j^YZa^cZYdZhcdiegdk^YZVcnegZ" X^hZbZVhjgZbZci!hdi]Vi^cdgYZgidgZX`dci^bZlZ]VkZidYZk^hZ Vc^bV\^cVgn!VkZgV\Zhjcl]^X]]VhVc^ckVg^VWaZheZZYd[bdkZbZci VcYYdZhcdi^cXa^cZidlVgYhi]ZZfjVidg^c^ihdgW^i#>[CZlidci]dj\]i! hV^Y6jhiZga^io!ed^ci^c\i]gdj\]i]Zl^cYdlVcYYdlci]ZXjgkZd[i]Z lViZgVgdjcYi]Z>haZd[9d\h\a^hiZc^c\^ci]ZaVhid[i]ZYVna^\]i! ^[CZlidcgZVaani]dj\]ii]Vii^bZlVhVg^kZga^`Zi]ZI]VbZh!i]Zc l]ZgZ^h^ihhdjgXZVcY^cidl]VihZVYdZh^iÒcVaanÓdl4 M$=$I[XWbZ

_dj^[+)hZL[d_Y[7hj8_[dd_Wb$7i=_bb[i:[b[kp[Wh]k[Z"mh_j_d]WXekj j^['-j^Y[djkho0ÇFW_dj_d][nY[[Zi_ji\hWc[WdZ_ih[Wb_p[Z_dfebo# Y^hec[cWhXb[iYkbfjkh[1WdZiYkbfjkh[]e[iX[oedZ_ji[b\XoX[_d] WY^_[l[Z_dWhY^_j[Yjkh[1WdZ"_djkhd"WhY^_j[Yjkh[Z_iYel[hiW\hWc[ _dj^[\WYWZ["Xkjj^[\hWc[_ji[b\X[Yec[iZ[jWY^[Z\hecj^[_di_Z[" WdZ[ijWXb_i^[ih[bWj_edim_j^j^[ikhhekdZ_d]iieWijeh[Wb_p[WhY^_# j[Yjkh[_dY_jofbWdd_d]$<heced[[dZe\j^[Y^W_d"j^[fW_dj[h^WiX[# Yec[WdkhXWdZ[i_]d[h$ÈJ^kij^[Yedi_Z[hWj_ede\fW_dj_d]_dj^[ [nj[dZ[ZÓ[bZY[dj[hiedj^[_Z[Wj^Wjj^[c[Z_kcdebed][h[n_ijiWi Wijh_YjboY_hYkciYh_X[ZceZ[e\[nfh[ii_ed1hWj^[h"_j[c[h][iWiW ped[e\YedjW]_ed"YedijWdjboXhWdY^_d]ekjWdZm_Z[d_d]_jiiYef[$

E\Yekhi["Ej[he#FW_beiÊimehaYWddejX[h[ZkY[ZjeWZ_iYkii_edWXekj j^[feii_X_b_j_[ie\fW_dj_d]WiWZ_iY_fb_d[$IecWdoej^[hj^[c[iWh[ e\h[b[lWdY["\eh_dijWdY[j^[_dÓd_j[boh_Y^WdZfkppb_d]gk[ij_ede\^em jeh[fh[i[djj_c[$?ccWdk[bAWdj\WcekiboiW_Zj^Wjj_c[^Wiedbo ed[Z_c[di_ed$?j_ij^[\ehce\ekh_dd[h_djk_j_edWdZWiikY^bWYail_# ikWbboZ_iY[hdWXb[Yedjekhi$?j^Wide[l_Z[dji^Wf[Æ<ZhiVaiÆXkj m[fheZkY[ekhemd_cW][ie\j_c[j^hek]^lWh_ekiWdWbe]_[i$M[Xeh# Ç?jimWbbiWh[e\WbWXWij[h"XkjmehdWdZi^Wjj[h[Z"WdZZWhaboijW_d[Z hemceZ[bi\hec][ec[jhoje][jWX[jj[h]hWife\j^[_dd[hmeha_d]i m_j^W][$ÈHkia_dÊi\WcekimehZiWXekjL[d_Y[\ehcWijWhj_d] fe_dj\ehj^_i[nfbehWj_ede\j_c[WdZcWjj[h"^_ijehoWdZl_ikWbh_Y^d[ii$ e\j_c[$J^ki"m[h[fh[i[djj_c[WiWd_dÓd_j[b_d["WdZ\hecj^_i_cW][ m[j^[dZhWmYedYbki_ediYedY[hd_d]_jidWjkh[$9ecc[dj_d]ed M^[d?Óhij[dYekdj[h[Z@eh][Ej[he#FW_beiÊimeha"?ad[mdej^_d] WXekjj^[_iik[i^[[nfbeh[iehWXekjj^[Ó[bZe\h[i[WhY^_dm^_Y^^[ j^[f^[dec[debe]_YWbYedY[fj_ede\j_c["CWkh_Y[C[hb[Wk#FedjoYed# j[dZiYh_j_YWbbo"ÇJ_c[_idejWb_d[XkjWd[jmehae\_dj[dj_edWb_j_[i$È _ied[e\j^[b[WZ_d]Wkj^eh_j_[i$?beea[ZWj^_imeham_j^j^[[o[i e\WdWhjYh_j_Y"WdZm^Wj?iWmWff[Wh[Zjec[jeh[fh[i[djWikhfh_i_d] Edj^[ej^[h^WdZ"@eh][Bk_i8eh][i"j^[ceiji[l[h[e\WbbYh_j_Yie\ b_d[Wh_jo"iWoi"Ç?ademe\ed[=h[[abWXoh_dj^m^_Y^_iWi_d]b[ijhW_]^j WffheWY^jefW_dj[hboj^[c[i$J^[h[Wh[iecWdokd_dj[h[ij_d]Çh[# jkhdijefW_dj_d]"ÈXkjf[h^Wfij^[h[Wbgk[ij_ed_i"Ze[i_j^Wl[jeX[W b_d[$È7dZ^[WZZi"Ç7bed]j^Wjb_d[iecWdof^_beief^[hi^Wl[beij j^[ci[bl[i$$$ÈEj^[hj^_da[hi^Wl[ik]][ij[Zej^[hc[jWf^ehi0j^[h_l# Çh[jkhdÈ57\j[hWbbj^[jWbae\j^[Wbb[][ZÇ[dZÈe\fW_dj_d]"ed]e_d] i_dY[j^[[c[h][dY[e\YedY[fjkWbWhj_dj^['/,&i"_jdemi[[ciWi_\ [h"Whhem"Y_hYb["if_hWb"Yed["fohWc_Z"YhoijWb"\ebZ"cWp[$ j^[gk[ij_edYekbZX[Z_ifbWY[ZWdZh[\ehckbWj[Z_dj[hcie\Z_iY_# fb_d[#jhWdiY[dZ_d]ijhWj[]_[i$7Z_\\[h[djl_[medj^[Z_iY_fb_d[i_di_iji ?ZekXjj^WjEj[he#FW_beim_bb^[bfkiÓdWbboÓdZWmWoekje\j^[bWXo# h_dj^"Xkj_d^_iYecfWdo][jj_d]beij_dj_c[i[[cib[iie\WfheXb[c$ edj^[_hÔk_Z_jo0ZhWm_d]i"mWj[hYebehi"YWdlWi[i"mWbbfW_dj_d]i"feij# [hi"WhY^_j[YjkhWbceZ[bi"bWcfi"iYkbfjkh[i"_dijWbbWj_ediYWdWbbX[b_da[Z ?d\WYj"\ehc[_j^WiX[[dfkh[`eo$ WYYehZ_d]jeWjhWdi\ehcWj_l[be]_Yh[c_d_iY[dje\j^[8Whegk[Y_jo$ Ej[he#FW_beiÊimeha_iWYWi[_dfe_dj"WdZie_ij^Wje\cWdoej^[hWhj_iji L[d_Y["CWo(&&/

+


?djheZkYj_ed <hWdY[iYWled>WXiXkh]

9ebb[Yj_l["HW]dWhA`WhjWdiied"EbW\D_YebW_"9[h_j^Mod;lWdi"8hWZ AW^b^Wc[h"Wim[bbWiWhj_iji\hecj^[h[]_edikY^Wi?lWdW<hWda[" H[dWjWFeb`Wa"WdZ7bX[hj>[jW$J^[om[h[`e_d[ZXoWdkcX[he\WhY^_# 9edl[h]_d]Z_iY_fb_d[i^WiX[Yec[j^[Z[Ód_j_ede\J^oii[d#8ehd[c_ipW j[YjiikY^Wi<hWd‚e_iHeY^["D_aebWki>_hiY^":Wl_Z7Z`Wo["WdZ 7hj9edj[cfehWhoÊifhe`[YjiWdZif[Y_WbYecc_ii_edi"ieckY^ :_daeF[hWYó_Y $J^[dj^[h[m[h[j^[Wijhedec[hi"f^oi_Y_iji"XejWd_iji" iej^Wjj^[i[fhe`[YjicWa[j^[_hmWojeki"hWj^[hj^Wdj^[ej^[hmWo YkhWjehi"cki[kcZ_h[Yjehi"WdZ[l[d^W_hZh[ii[hiÆj^[b_ij_iWi WhekdZ$I]Z:i]^Xhd[9jhi/9d\ZhÉEVaVXZ!KZc^XZ!'%%._i_dj[h[ij# bed]Wi_j_iYebeh\kb$?d(&&,"J#87('^WZcel[ZEbW\kh;b_WiiedÊiWdZ _d]boed[e\j^ei[fhe`[Yjij^Wj^WiYec[\kbbY_hYb[$?^WZ_dl_j[Z@eh][ :Wl_Z7Z`Wo[ÊiNdjgWaVX`]dg^odc6giEVk^a^dcjeWmedZ[h\kbeb_l[ Ej[he#FW_beijeBefkZd[Wh:kXheld_a\ehed[e\ekhZ[XWj[i[ii_edi ]hel[_dj^[c_ZZb[e\j^[XWoedj^[dehj^i_Z[e\j^[_ibWdZe\BefkZ" _d@kd[(&&-"W\j[hX[_d][dYekhW][ZXoCWhaM_]b[o":[Wde\j^[ WiWd[nf[h_c[djed^emYedj[cfehWho[nfh[ii_ed_ij^[e\j[d 7hY^_j[Yjkh[:[fWhjc[djWj9ebkcX_WKd_l[hi_jo$CWha^WZX[[d_c# _]deh[Z_d]h[Z_[djjecWa_d]Yedi[hlWj_edWikYY[ii$JWa_d]j^[[nf[h_# fh[ii[Zm_j^j^[Yedi[hlWj_edmehaj^Wj?^WZX[[dkdZ[hjWa_d]m_j^ c[djWij[f\khj^[h"?Wia[Zj^[<h[dY^WhY^_j[Yji<hWd‚e_iHeY^[ 7H9>%7hjH[ijehWj_ed<eh9kbjkhWb>[h_jW]["W\ekdZWj_edYh[Wj[Z WdZIjƒf^Wd_[BWlWknHI_[jeYedi_Z[hWd[mfhe`[Yj_dWH[dW_i# _d'//'jekdZ[hjWa[Yedi[hlWj_edfhe`[YjiWbbel[hj^[mehbZ0?ibWc_Y iWdY[]WhZ[dd[WhXo$J^[oYedY[_l[ZWÇjen_Y]WhZ[d"Èm^_Y^mWi CWdkiYh_fji\hecj^[?dij_jkj[e\Eh_[djWbijkZ_[ie\IjF[j[hiXkh]" h[c_d_iY[dje\_ji^_ijeh_YWbheb[Wij^[dkhi[ho\ehc[Z_Y_dWbfbWdji\eh j^[^Wd]_d]Ye\Ódie\j^[8e_dj^[9^_d[i[OkddWdfhel_dY["W\h_[p[ j^[cedai$7bj^ek]^j^_ifhe`[Yj^WZh[Y[_l[Z]h[WjfhW_i[\hec j^[WhY^_j[YjkhWbfh[ii\eh_jil_i_edWhoWdZYekhW][ekidWjkh["_jmWi e\j^[I[XWij[_ed_d7f^heZ_i_Wi_dJkha[o"WdZj^[Ç9^[hX#ek#9^ek\È ÇZh_daWdZbeeaÈ\ekdjW_d_dj^[c[Z_dWe\CWhhWa[Y^"jedWc[W\[m$ jkhd[ZZemdXoj^[beYWbfbWdd_d]Wkj^eh_j_[i$IkY^h[WYj_ediWh[ Yedi_ij[djm_j^j^[jhWZ_j_edWbWffheWY^jeYedi[hlWj_edm^_Y^_iij_bb :kh_d]j^[bWijÓ\j[[do[Whi"j^[\ekdZWj_ed^WZ\eYki[Z_jimeha _dj^[:kXheld_aWh[W"h[ijeh_d]cWdoH[dW_iiWdY[WbjWhfW_dj_d]iWdZ kd\ehjkdWj[boel[h#h[]kbWj[Z"WdZ[ii[dj_Wbbo][Wh[ZjemWhZi\h[[p# _d]^[h_jW][WdZh_]ehekibofhej[Yj_d]_jXoh[ijh_Yj_d]_dj[hl[dj_ediWdZ iYkbfjkh[i"WdZj^[<hWdY_iYWdcedWij[hoedBefkZ^WZX[Yec[_ji WYj_l_j_[im_j^_d_j$ ceijWcX_j_ekikdZ[hjWa_d]jeZWj[$ Jho_d]jeZ[j[hc_d[m^_Y^Wd]b[jejWa[edj^[BefkZh[ijehWj_ed fhe`[YjmWij^[ikX`[Yje\Yekdjb[iiZ_iYkii_edi$IWZbo"W\j[hmWhh_ff[Z WYheii9heWj_WWdZ8eid_W#>[hp[]el_dW"BefkZ^WZbeijWbeje\_ji fefkbWj_ed$J^[beYWb[YedecoZ[f[dZ[Zedm^Wj^WZX[Yec[Wd Wbceijded#[n_ij[djjekh_ij_dZkijho"WdZj^[cedWij[homWi_jicW`eh YkbjkhWb\eYki$J^[h[ijehWj_edfheY[iij^[h[\eh[YWhh_[Zj^[YeddejWj_ed e\h[ikhh[Yj_ed"e\ÇXh_d]_d]_jXWYajeb_\[$ÈB_a[:kXheld_a"j^[ _ibWdZmWiYel[h[ZXoWbWo[he\Zkiji_dY[j^[mWh"WdZm_j^Wbb_ji dWjkhWbX[WkjoWdZ^[h_jW]["_jd[[Z[ZWd[mWdZ\h[i^_cfkbi[$

J^[BefkZ:[XWj[I[ii_edijeeafbWY[jm_Y[Wo[Wh$ÇFh[i[hlWj_ed WdZH[Wd_cWj_edj^hek]^9edj[cfehWho7hjWdZ7hY^_j[Yjkh[ÈmWied[ e\j^[jef_Yij^Wjm[Z_iYkii[Zm_j^@eh][Ej[he#FW_bei"<hWd‚e_i HeY^["CWhaM_]b[o"7dZh[WiHkXo"7bX[hj>[jW"WdZ:_daeF[hWYó_Y  _d@kd[(&&-WdZikXi[gk[djbofkXb_i^[Z_dW9ebkcX_WKd_l[hi_jo `ekhdWbYWbb[Z;jijgZ6ciZg^dg$8[YWki[_jmWifh[Y_i[boj^WjfkXb_YWj_ed ^em[l[hj^Wj]ejkiWbbX[b_[l_d]j^Wjm[m[h[edjeiec[j^_d]_c# fehjWdj"m[Z[Y_Z[Zjeh[fh_djj^[jhWdiYh_fjedj^[d[nj\[mfW][ije cWa[_jWlW_bWXb[\ehoekWim[bb$

?_dl_j[ZWhj_ijijeYedi_Z[hWdZZ[i_]dfhe`[Yjij^[h[0EbW\kh;b_Wiied" @Wd[j9WhZ_\\WdZ=[eh][8kh[iC_bb[h"9Whij[d>bb[h"HWgiC[Z_W

:kh_d]j^_ij_c["cWdofhe`[Yji^Wl[X[[d_d_j_Wj[ZWdZdejWbbe\j^[c \khj^[h[Zehdkhjkh[ZXoJ#87('$?dj^[ikcc[he\(&&-"HWgiC[Z_W

,


9ebb[Yj_l[m[h[Wbie_dBefkZWifWhje\j^[Z[XWj[]hekf"WdZi^ehjboW\# j[hmWhZij^[om[h[_dl_j[ZjeX[Yec[Ye#YkhWjehi\ehCWd_\[ijW-$J^[o Yecc_ii_ed[Z@eh][Ej[he#FW_beiFhe\[iiehe\>_ijeh_YFh[i[hlWj_edWj 9ebkcX_WKd_l[hi_jojeYh[Wj[Wmeha\ehj^[_h[n^_X_j_ed"ÇJ^[H[ij e\Dem"È_dj^[[n#7bkc_n\WYjeho_d8ebpWde$J^[_dijWbbWj_edjkhd[Zekj jeX[cW]d_ÓY[djÆdeed[^WZ[l[hi[[dWdoj^_d]gk_j[b_a[_jJ^[ bWo[he\Zkijj^Wj^WZXk_bjkfel[hj^[Z[YWZ[i_dj^Wj\WYjehom^_b[_j ^WZX[[d_dki[mWiYebb[Yj[ZXoWffbo_d]Wj^_dbWo[he\ia_d#Yebeh[Z bWj[n"WdZj^[d^kd]fWd[bXofWd[bj^[m_Zj^e\WiYW\\ebZ_d]ijhkYjkh[ WmWo\hecj^[mWbb"j^kiYedY[Wb_d]j^[ijhkYjkh[XkjWbbem_d]j^[ ZWob_]^jjeÔemj^hek]^_j"Yh[Wj_d]WijhWd][_cfh[ii_ede\]ebZb[W\$ @eh][Êi_dijWbbWj_edWjjhWYj[ZWbeje\Wjj[dj_ed$:Wd_[b8_hdXWkc"j^[ ^[_hWffWh[dje\j^[L[d_Y[8_[dd_Wb"mWide[nY[fj_ed"WdZX[\eh[ ?YekbZfbWdWdZiY^[c[^emjecel[j^_iZ_Wbe]k[edjej^[d[njb[l[b" @eh][mWi_dl_j[ZjeYh[Wj[Wd[mfhe`[Yj\ehj^[7hi[dWb["_dj^[Yed# j[nje\j^[[n^_X_j_edÇ<Wh[CedZ_%CWa_d]MehbZi$È?j_im_j^jh[c[d# Zekifh_Z[WdZ`eoj^WjJ#87('^Wiikffehj[Zj^_ifhe`[Yj_dYebbWX# ehWj_edm_j^9ebkcX_WKd_l[hi_jo$7\j[hWbb"Yedi[hlWj_edmWifhWYj_YWbbo _dl[dj[Z_dL[d_Y["WdZWjj^[iWc[j_c["j^[8_[dd_Wb^WiX[Yec[ Wd_cfehjWdjiocXebe\j^[Yedj[cfehWhocel[c[dji_dY[j^['/+&i$ 8oXh_d]_d]j^[i[jmemehbZiWjekY^Ybei[hm_j^j^_ifhe`[Yj"m[ ^ef[jeZ[cedijhWj[m^WjCWhaM_]b[o"@eh][Ej[he#FW_bei"WdZco# i[b\\kdZWc[djWbboX[b_[l[_d0j^Wjj^[\kjkh[e\Yedi[hlWj_edWdZ_ji ]eeZfhWYj_Y[b_[im_j^j^[Yedl[h][dY[e\Z_iY_fb_d[iWdZkdZ[hjWa# _d]ij^WjYedjh_Xkj[_dWd[\\[Yj_l[WdZh[WbmWojefh[i[hl_d]^[h_# jW][m_j^b_\["j^ki"dejYedZ[cd_d]_jjeZ[Wj^Xo\h[[p_d]_j_dj_c[$ Je][j^[hm_j^j^[=hWZkWj[IY^eebe\7hY^_j[Yjkh["FbWdd_d]WdZ Fh[i[hlWj_ede\9ebkcX_WKd_l[hi_jo"J#87('^WiWbieeh]Wd_p[ZWioc# fei_kcÆjh_]][h[ZXo@eh][ÊimehaÆWjj^[?ij_jkjeL[d[je_dL[d_Y[" Wfjbo[dj_jb[ZÇJ^[BWijJ[cfjWj_ede\j^[9edj[cfehWho"Èm^_Y^ \eYki[iedj^[_cfehjWdY[e\Yedj[cfehWhoYh[Wj_l_jom_j^_dj^[mehbZ e\Yedi[hlWj_edWdZedj^[heb[e\Yedj[cfehWhoWhj_dYbWii_YWbeh jhWZ_j_edWbcki[kcim^_Y^_dj^[h[Y[djfWij^Wl[X[[dYecf[bb[Zje ef[dYedj[cfehWhoWhjZ[fWhjc[dji$

Coif[Y_Wbj^Wdai]eje@eh][Ej[he#FW_bei0oek^Wl[fkjieckY^ [\\ehjWdZYecc_jc[dj_djej^_i"?YWd^WhZboX[b_[l[oekWbie cWdW][Zje\Wj^[hWXWXo_dj^[fheY[ii?mekbZb_a[jej^WdaCWha M_]b[o\ehWbb^_i[dYekhW][c[djjeX[b_[l[_dikY^kdehj^eZen fhWYj_Y[WdZ\eh^_i^Wl_d]]_l[dj^[i[[nf[h_c[dji^_i\kbbWdZkdZ_# l_Z[ZikffehjWdZWjj[dj_edWim[bbWi9ebkcX_WKd_l[hi_jo\ehj^[ \kdZ_d]j^Wjm[dj_djej^[h[Wb_pWj_ede\j^[fhe`[YjWdZ_jifkXb_YWj_ed$ :Wd_[b8_hdXWkcÊiYekhW][ekiZ[Y_i_edjel[djkh[ekjWdZX[oedZ ekhej^[hm_i[hWj^[hdWhhemkdZ[hijWdZ_d]e\j^[l_ikWbWhji_idej^_d] i^ehje\Wikh[Z[cedijhWj_ede\^_iXh_bb_WdY[$?dL[d_Y[?mekbZ b_a[jej^WdaH[dWjW9eZ[bbe"Ikf[h_dj[dZ[dj\ehj^[7hY^_j[YjkhWbWdZ BWdZiYWf[H[iekhY[ie\L[d_Y[WdZBW]eed"m^e]Wl[kij^[Wkj^e# h_pWj_edjemehaedL[d_Y[ÊiYhemd`[m[b"j^[:e][ÊiFWbWY["Wim[bbWi ?bWh_W9WlW]]_ed_"j^[WhY^_j[YjWii_]d[Zje\ebbem@eh][Êimehaed X[^Wb\e\j^[Iefh_dj[dZ[dpW$ :Wd_[bWPocWd"m^eYeehZ_dWj[Zj^_ifhe`[YjWdZa[fjj^[Z_Wbe]k[ Ôem_d]el[hW]h[WjifWde\j_c[WdZbed]Z_ijWdY[i"^WijeX[ Y[b[XhWj[Z\eh^[hf[hi[l[hWdY[?mekbZb_a[jej^Wdaj^[J#87(' j[Wcj^Wj?WcWbmWoiiel[hofhekZe\"m^_Y^_dYbkZ[iF^_b_ff Ahkcc[b";lW;X[hiX[h][h"8WhXWhW>ehlWj^"L[h[dWFbWjp]kcc[h" 7b[nWdZhW>[dd_]"7dZh[W>eÓd][h"7d][bW>_hiY^"IWcW[bW 8_b_Y#;h_Y"8WhXWhWI_ccWWdZ;b_iWX[j^CWh[iY^Wb$Coj^WdaiWbie h[WY^ekjje@eh][ÊiWii_ijWdji@ei^kW:hWf[hWdZ9Whbei>kX[h m^e^Wl[fheZkY[Z_dlWbkWXb[ikffehj\ehj^_ifhe`[Yj"WdZm^e^Wl[ h[c_dZ[ZkiedY[W]W_d^emj[Wcif_h_jcWa[i[l[hoj^_d]feii_Xb[$ ?mekbZb_a[jej^WdaIfWd_i^IjWj[9ehfehWj_ed\eh9kbjkhWb7Yj_ed 7XheWZI;79;Nm^e^Wi][d[hekiboikffehj[Zj^[fhe`[Yj"WdZ [if[Y_Wbbo7hj[CkdZ_je\<J8H[cc[h\ehifedieh_d]j^[a_beikfed a_beie\bWj[nd[[Z[Z$

-


Fh[i[hlWj_edWdZH[Wd_cWj_edj^hek]^9edj[cfehWho7hj WdZ7hY^_j[Yjkh[

<hWdY[iYWled>WXiXkh]07dZh[WiHkXoh[Y[djbojebZc[j^WjcWdo j^_d]i^Wl[[dZ[Z_d:kXheld_a"\ehed[h[WiedehWdej^[h$?j^ek]^j j^Wjm[i^ekbZ\eYkij^[d[njYekfb[e\ZWoied_d_j_Wj_d]j^_d]i_d:k# I_dY[ikcc[h(&&+J^oii[d#8ehd[c_ipW7hj9edj[cfehWho^Wi Xheld_a_dij[WZ?jhkboWffh[Y_Wj[j^[_dj[hZ_iY_fb_dWhodWjkh[e\j^_ifWd[b$ X[[d^eij_d]i[c_dWhiWdZZ[XWj[iedj^[9heWj_Wd_ibWdZe\BefkZ$ J^_icehd_d]"m[Wbbl_i_j[Zj^[<hWdY_iYWdcedWij[ho$<ehWXekjÓl[ 9edY[_l[ZjeYh[Wj[Wd_cf[jki\eh_ddelWj_ed"Z_Wbe]k["WdZ[n# o[Whi"?Êl[X[[djho_d]jeh[YedY_b[_jiWZWfj_l[h[ki[\ehXej^fh_lWj[WdZ Y^Wd][Xo_dj[hYedd[Yj_d]Z_\\[h[djW][dZWiWdZfhWYj_Y[ij^[ÇBefkZ fkXb_Yfkhfei[i"m_j^Wi[di_j_l[h[ijehWj_ed]k_Z[ZXofh_dY_fb[ie\ I[c_dWhiÈd[]ej_Wj[h[b[lWdj_iik[ih[]WhZ_d]Whj"WhY^_j[Yjkh["WdZ cWn_ckch[j[dj_ede\eh_]_dWbikXijWdY[$M[Êl[^WZWdkcX[he\Z_\\[h# fh[i[hlWj_ed$?jmWiWjj^_ic[[j_d]_d@kd[(&&-j^WjJ#87('^WZ_d# [djef_d_edi"Z_iYkii_ediWdZWh]kc[djiWXekj^emj^_icedWij[ho l_j[Z@eh][Ej[he#FW_bei"CWhaM_]b[o"8[Wjh_p9ebec_dW"<hWd‚e_i i^ekbZX[h[ijeh[Z$>Wl_d]X[[dWYj_l[bo_dlebl[Z_d^[h_jW][fh[i[hlW# HeY^["HWgiC[Z_W9ebb[Yj_l[":Wd_[b8_hdXWkc"WdZD_aebWki>_hiY^ j_edi_dY[j^[[Whbo'//&Êi"?dWjkhWbboh[Wb_p[^emYecfb[nWdZZ[cWdZ# \ehj^[Óhijj_c[edj^[eYYWi_ede\j^[h[ef[d_d]e\EbW\kh;b_WiiedÊi _d]j^[fhWYj_Y[e\Yedi[hlWj_ed_i$M^[doekWh[h[ijeh_d]iec[j^_d]" WdZ:Wl_Z7Z`Wo[ÊiNdjgWaVX`]dg^odc6giEVk^a^dc_dBefkZ$ j^[Óhijgk[ij_edj^Wj[l[hoXeZoWiai_i"^emoekWh[]e_d]jeki[_j$Co l_i_ede\j^[cedWij[hoÊi\kjkh[YecX_d[iW^ec[m_j^Wh[jh[Wj\eh ?dj^[\ebbem_d]Z_iYkii_edWd[ml_i_ede\Yedj[cfehWhofh[i[hlWj_ed iY^ebWhijeX[Yh[Wj_l[WdZZ[l[bef_Z[Wi"_j_dYbkZ[iki[e\iec[e\j^[ _i\ehckbWj[Zm_j^j^[[dYekhW][c[dje\@eh][Ej[he#FW_bei"m^_Y^ bWh][hifWY[i\ehYedj[cfehWhoWhj_dj[hl[dj_ediWdZfhe`[Yji"feii_Xbo fkjiYh[Wj_l_joWdZYedj[cfehWho_dj[hfh[jWj_edW^[WZe\j^[jhWZ_j_edWb c_d_#[n^_X_j_edi"fWhj_YkbWhbof[h\ehcWdY[i_dj^[bWh][\ehjh[ii_dj^[ XWYa$J^[Yecfb[n_iWYjkWbboW\ehj_Ó[ZcedWij[ho"m^_Y^_dYbkZ[ZW WffheWY^jej^[Yedi[hlWj_edZ_iY_fb_d[$?dj^_ih[l[hi[ZfWhWZ_]c" Yedj[cfehWhoWhY^_j[Yjkh[[n[cfb_Ó[ZXoNdjgWaVX`]dg^odc6giEVk^a" f^WhcWYo"m_j^Wjh[Wjc[djY[dj[h"WdZceijb_a[boWc[Z_Y_dWb]WhZ[d$?j ^WiWh[b_]_eki^_ijehoWim[bbWiWfhej[Yj_l[\kdYj_ed"Wbed]m_j^j^[ ^dc_ii[[dWiWdWYje\fh[i[hlWj_edÆgk_j[b_j[hWbboXofh[i[hl_d] j^[b_]^jie\BefkZÆWdZj^[fh[i[hlWj_ede\j^[<hWdY_iYWdCedWij[ho ^_ijeh_YWbheb[j^Wjj^[<hWdY_iYWdehZ[h^WZ_dj^[[ZkYWj_ede\j^[Yec# ckd_jo$?i[[^[h[Wb_dajej^[fheY[iie\h[ijeh_d]j^[^_ijeh_YWbh[dW_i# WiWhWZ_YWbjhWdi\ehcWj_l[WYj$M^[h[Wij^[WhY^_j[YjÊih[ifedi_X_b_jo iWdY[]WhZ[die\BefkZWdZYh[Wj_d]Wif[Y_WbXejWd_YWb]WhZ[dj^[h["Wi _iWbmWoije]eW]W_dijj_c["j^[fh[i[hlWj_ed_ijfkjiWhY^_j[Yjkh[_dje Wdej^[hbe]_YWbfWhje\j^[h[l_jWb_pWj_ede\j^[_ibWdZ$J^[^_ijeh_YWb_c# j_c[$7ibed]Wij^[XWjjb[X[jm[[dWhY^_j[Yjkh[WdZfh[i[hlWj_ed_i YedijhkYj[ZWifhe]h[ii_l[il[hikiYedi[hlWj_l[i"Wh]k[iCWhaM_]b[o" fehjWdY[e\XejWdoWdZc[Z_Y_dWbfbWdjie\h[dW_iiWdY[:WbcWj_W_iZ_h[Yj# boYedd[Yj[Zjej^[<hWdY_iYWdehZ[h"m^_Y^mWil[hoYecc_jj[Zjej^[i[ m[hkdj^[ZWd][he\]_l_d]mWojej^[hWZ_YWbh[fh[ii_edij^WjWh[ h[c[Z_[iWdZj^[_hf^WhcWY_[ii_dY[j^[j^_hj[[dj^Y[djkhoedmWhZi$ _dlebl[Z_dYedijhkYj_d]WfWhj_YkbWh^[h_jW][_cW][e\j^[fWij$ Oek^Wl[Wbiei[[dl_i_j[ZEbW\kh;b_WiiedWdZ:Wl_Z7Z`Wo[ÊiX[Wkj_\kb" [njhWehZ_dWho7hjfWl_b_ed"WYedj[cfehWhoWhjWdZWhY^_j[Yjkh[Yeb# J^_iZ_iYkii_ed_ij^kijeX[i[[dWij^[_dYkXWjeh\ehj^[[dik_d] bWXehWj_edj^WjJ#87('Yecc_ii_ed[Zjmeo[WhiW]eÓhiji^emdWjj^[ fhe`[YjiI]Z:i]^Xhd[9jhi/6ajb^m!7daoVcd!'%%-YkhWj[ZXoHWgi +'ijL[d_Y[8_[dd_Wb_d(&&+"WdZdemh[Xk_bjWijed[Êij^hem\hec C[Z_W9ebb[Yj_l[WdZI]Z:i]^Xhd[9jhi/9d\ZÉhEVaVXZ!KZc^XZ! '%%.YkhWj[ZXo:Wd_[b8_hdXWkcWim[bbWij^[ed]e_d]h[bWj_edi^_f j^[cedWij[ho$ ?ÊZb_a[jeijWhjj^_iZ[XWj[XoWia_d]@eh][jejWbaWXekj^_i_cfh[ii_edi m_j^9ebkcX_WKd_l[hi_joÊi=hWZkWj[IY^eebe\7hY^_j[Yjkh["FbWd# X[YWki[^[Êi]ejWl[ho_dj[h[ij_d]ijkZo]hekfWj9ebkcX_WKd_l[hi_jo" d_d]WdZFh[i[hlWj_ed$ m^_Y^?X[b_[l[_i[njh[c[boh[b[lWdjjej^_iZ_iYkii_ed$

.


BefkZÊi<hWdY_iYWdcedWij[hol_[m[Z\hecj^[XWo

:Wl_Z7Z`Wo[WdZEbW\kh;b_Wiied"OekhXbWYa^eh_ped7hjFWl_b_ed$BefkZ"(&&-

@eh][Ej[he#FW_bei0M[Êh[_dW^_ijeh_YWbcec[dj_dm^_Y^WhjWdZ WhY^_j[Yjkh[Wh[X[]_dd_d]jeh[Z_iYel[h[WY^ej^[hj^hek]^^_ijeh_Y fh[i[hlWj_ed$?dehZ[hjecWa[lWbkWXb[Z_iYel[h_[i_d[WY^ej^[h" j^[i[j^h[[Z_iY_fb_d[ickijbem[hj^[_h]kWhZi$J^[gk[ij_ed\ehc[ _i^emYWdm[bem[hj^[]kWhZe\fh[i[hlWj_ed"m^_Y^_iieckY^ WXekj]kWhZ_d]Æfhej[Yj_d]^[h_jW][Æiej^Wj_jX[Yec[ief[djeej^# [h_dj[hfh[jWj_edie\^[h_jW][j^WjWh[dej_djhW#Z_iY_fb_dWhoXkjj^WjWh[ [njhW#Z_iY_fb_dWhoWdZj^WjYec[\hecWhjWdZWhY^_j[Yjkh[$?j^_daj^Wj _im^[h[j^[Yedjh_Xkj_ede\j^[fWl_b_edi"Wbh[WZoi[[dWifWhj e\BefkZÊi^[h_jW]["_ih[Wbbogk_j[ijh_a_d]$J^[fWl_b_edWbbemijeWia gk[ij_edie\j^_i^_ijeh_Yi_j["j^Wjc_]^jdej^Wl[X[[dfeii_Xb[ m_j^_d`kijj^[h[Wbce\Yedi[hlWj_ed$>emYWd^_ijeh_YBefkZ_d\ehc Yedj[cfehWhoWhjWdZW[ij^[j_Yf[hY[fj_ed5Gk[ij_edib_a[j^_iWh[ dejYedi_Z[h[Zb[]_j_cWj[_d^_ijeh_Yfh[i[hlWj_ed$Iej^[c[h[\WYjj^Wj oekWh[X[]_dd_d]jeef[dkfWifWY["\ehWia_d]gk[ij_edij^WjWh[

_dWi[di[]kWhZ[Zeh\ehX_ZZ[diejeif[Wa_dfh[i[hlWj_ed_iW^k][ Yedjh_Xkj_ed$?^ef[j^Wj_dj^[fheY[iie\ekhZ_iYkii_edi"m[m_bb X[]_djecWa[j^ei[Z_iYel[h_[ie\j^_d]ij^Wjm[h[kdWdj_Y_fWj[Z iec[^em"e\d[mjof[ie\c[j^eZiWdZmWoie\j^_da_d]WXekj ^[h_jW][j^Wjiec[^em^Wl[X[[d[nYbkZ[Z\hecj^[^[h_jW][Z_iYki# i_ed_dehZ[hjeh[Wbbo\khj^[hWmWoe\j^_da_d]WXekj^[h_jW][$JeZWo" Yedd[Yj_ediWh[ceh[_cfehjWdjj^WdXekdZWh_[i"WdZfh[i[hlWj_ed_i WbbWXekji[jj_d]XekdZWh_[i"i[jj_d]XekdZWh_[iWXekjm^WjoekYWd jekY^WdZm^WjoekYWddejjekY^"m^Wj_i[nYbkZ[ZWdZm^Wj_i_dYbkZ# [Z"m^[h[^_ijehoX[]_diWdZm^[h[_j[dZi$M[b[]_ibWj[m^Wj_iW cedkc[djWdZm^Wj"jmec[j[hiWmWo\hec_j"_idej$M[Wh[X[]_d# d_d]jegk[ij_edj^ei[XekdZWh_[i^[h[$?Êcl[ho[nY_j[ZjeX[^[h[ WdZX[WfWhje\j^_i"WdZbeea_d]\ehmWhZjebem[h_d]co]kWhZWdZ i[[_d]m^Wjej^[hf[efb[YWdYedjh_Xkj[WdZXh_d]_djej^[Z_iYkii_ed e\fh[i[hlWj_ed$

/


7jj^[jWXb[\hecb[\jjeh_]^j0CWhaM_]b[oeXiYkh[ZXoWkZ_[dY["<hWd‚e_iHeY^[":_daeF[hWYô_Y " 7dZh[WiHkXo"<hWdY[iYWled>WXiXkh]"@eh][Ej[he#FW_bei"7bX[hj>[jW$@kd['."(&&-"BefkZ

7dZh[WiHkXo0CWoX[oekYekbZj^_daWXekjm^WjYec[iW\j[hj^[ ]kWhZ_d]fWhWZ_]c$?jmekbZdÊj[nWYjboX[j^[jejWbeffei_j[e\_j"b_a[ `kijb[jj_d]]e"Xkjiec[j^_d]_dX[jm[[d$?jÊiYb[Whj^Wj_jÊiW^_]^bo feb_j_YWbi_jkWj_ed$Edj^[ed[^WdZoek^Wl[j^_i[njh[c[f[jh_\WYj_ede\ j^[fWij_dj^[dWc[e\Wkj^[dj_Y_joWdZedj^[ej^[h^WdZoek^Wl[ i_jkWj_edim^[h[j^[fWij_i`kijXkbbZep[ZWi_\dej^_d]^WZ^Wff[d[Z i_dY[j^[jWXkbWhWiWZWoie\ceZ[hd_ic"b_a[_d9^_dWm^[h[ebZl_b# bW][iehebZY_joYeh[iWh[h[fbWY[ZXoX_]^_]^h_i[iWdZ98:i$?j^_da j^[h[ckijX[WmWojed[]ej_Wj[j^[fWijWdZj^[fh[i[dj"WdZj^Wj jhWdi_j_edmekbZX[_dj[h[ij_d]jej^_daWXekj$?ij^[h[WmWojeWYademb# [Z][j^[fWijXkjdej[dibWl[oekje_j5?ij^[h[WmWojej_[\kjkh[_dje j^[fWijm_j^ekjWdd_^_bWj_d]j^[fWij5J^_ijof[e\Yedj_dk_joi[[ci je^Wl[debeXXoo[j$J^[fh[i[hlWj_ed_ijii[[cjeX[j^[beXXo_ijie\ j^[]kWhZ_d]fWhWZ_]c$J^[doek^Wl[j^[feij"feij"feijjhWdi#ceZ# [hd_ijim^eij_bbX[b_[l[_d_dl[dj_d]Wd[dj_h[bod[m\kjkh["Wim[YWd i[[_dj^[j_][hijWj[ie\7i_Wm^[h[j^[fWiji_cfbo^WidebeXXo$?j YekbZX[_dj[h[ij_d]jej^_daWXekjj^WjWbceiji[Wcb[iijhWdi_j_edX[# jm[[dfWij"fh[i[djWdZ\kjkh[$?ji[[cij^Wjj^[h[[n_ij[ZWademb# [Z][e\j^_ijhWdi_j_ed"_\m[beeaXWYa_d^_ijehom^[d"\eh_dijWdY[" 9^h_ij_WdcedWij[h_[im[h[Xk_bj_dj^[h[cW_dZ[hie\ebZHecWdXWj^i m^_Y^m[h[Z[ijheo[Z_dj^[X_]c_]hWj_edmWhi_dj^[Ó\j^WdZi_nj^ WdZi[l[dj^Y[djkh_[i$J^[h[mWide_Z[We\h[Xk_bZ_d]j^[c"XkjhWj^# [hki_d]j^[cWiWhWmYedijhkYj_ed"_d\hWijhkYjkh["i^[[hcWjj[h"

'&

_d\WYj1j_[Z_djej^[^WhZmWh[e\Wdej^[hijhkYjkh[o[jjeYec["m_j^e\# j[djejWbboYedjhWZ_Yj_d]_Z[ebe]_YWbfh[c_i[i$?c[Wd"j^[h[YekbZdÊj X[WX_]][h]Wfj^WdX[jm[[dj^[^[Zed_ijifWY[e\WHecWdXWj^WdZ j^[dW9^h_ij_WdcedWij[ho\ehc[dedbo$Kdb[iioekj^_daj^Wjj^[h[Êi WdWdj_Y_fWj_ede\W]WoYbkX$J^Wjjof[e\iel[h[_]djo"e\Z[Wb_d]m_j^ ^_ijehoXo_dYehfehWj_d]_jicWj[h_WbjhWY[im^_b[]_l_d]j^[cWd[m fhe]hWccWj_YjhW`[Yjeho_iiec[j^_d]j^Wjm[YWdÓdZ_dZ_\\[h[djf[h_# eZie\^_ijehoXkjWh[iec[m^WjbWYa_d]jeZWo"WdZ?ÊcmedZ[h_d] m^oj^Wj_iieWdZm^[j^[hm[YWdÓdZXWYaj^Wja_dZe\if_h_j$ <hWdY[iYWled>WXiXkh]07bX[hj"oek^Wl[WfheXb[ch_i_d]_dFh_j_dW dem"m^_Y^h[lebl[iWhekdZj^[h[YedijhkYj_ede\WdebZ]VbbVb# Fb[Wi[j[bbkiWXekj_j$ 7bX[hj>[jW0<_hije\Wbb"?ZedÊjYec[\hecWXWYa]hekdZe\WhY^_j[Y# jkh["?ÊcWdWhj_ij"WdZ?ÊcWX_jceh[Yh_j_YWbjemWhZWdWffheWY^" m^_Y^_iYkhh[djboX[_d]ki[Z_dj^[Yekdjh_[ie\j^_ih[]_ed$>[h["XW# i_YWbbo"^[h_jW][_ifeb_j_Yi"feb_j_Yi_ic[ceho"WdZ^[h_jW][_iki[Z je[_j^[h[hWi[WfWhje\ekhc[cehoehh[Yh[Wj[W\ehY[\kb_cW][j^Wj Z_ZdÊj[n_ijX[\eh[$Je][j^[hm_j^iec[Yebb[W]k[i"m[Wh[meha_d] edWfhe`[YjYWbb[Z6gX]^iZXijgZd[;gZZYdbm^_Y^_dl[ij_]Wj[im^Wj ^Wff[di_dWYekdjhoW\j[hb_X[hWj_edehW\j[hWd[c[h][dYoi_jkWj_ed$ ?j_ib_a[jho_d]je\ebbemj^[i[X_jiWdZf_[Y[ie\^_ijeho_dYh[Wj_edÆe\


W\ehY[\kb"ded[n_ij[dj^_ijeho_dYh[Wj_ed$7fWhje\j^[ijeho_iWdebZ Jkha_i^XWj^"W]VbbVb!_dFh_j_dWm^_Y^mWiXk_bj_dj^[Ó\j[[dj^ Y[djkho"Zkh_d]j^[EjjecWd;cf_h["WdZjeZWoj^[beYWb]el[hdc[dj _ijho_d]jeh[ijeh[_jWdZfeii_Xbojkhd_j_djeWd;khef[WdYkbjkhWb Y[dj[h$<ehc[j^_iWffheWY^"ehi_c_bWhed[i"beeab_a[WYjie\jejWbYeb# ed_pWj_ed"b_a[j^[YkbjkhWbYebed_pWj_ede\WifWY[j^Wjki[Zje\kdY# j_edWiWhekj[h\ehj^[Y_j_p[die\Fh_j_dW"WiW]Wj^[h_d]ifWY["WiWh[# bWn_d]fbWY[Zkh_d]j_c[ie\f[WY[$JeZWo"j^_iWbh[WZoZ[WZXk_bZ_d] _iX[_d]h[ijeh[ZWdZcWZ[Z[WZW]W_d"X[YWki[_j_iX[_d]_iebWj[Z\hec j^[f[efb[WdZdejWbbem[ZjeYecckd_YWj[m_j^j^[f[efb[m^[h[ _jÊibeYWj[Z$I_c_bWh_d_j_Wj_l[i[n_ij_dj^[h[]_ed$J^[ceij[njh[c[YWi[ _dAeiele_ij^[_iik[e\YkbjkhWb^[h_jW]["m^_Y^_dj^[fheY[iie\ feb_j_YWbd[]ej_Wj_edi^WZj^[X_]][ij_cfehjWdY["ehWjb[Wijj^[X_]][ij ifWY[$7bWh][Wcekdje\ÇI[hXÈEhj^eZenY^khY^[iWh[_dAeiele h_]^jdem"WdZj^WjYkbjkhWb^[h_jW][jeZWo_ifeb_j_Y_p[ZX[YWki[_j_i[j^# d_Y_p[Z$J^[oZedÊjX[bed]jej^[f[efb[$J^[oX[bed]edbojeWd[j^# d_Y_jo"WdZj^hek]^j^ei[Y^khY^[ied[fWhje\j^[fefkbWj_ed_iYbW_c#

_d]Wj[hh_jeho$J^[Y^khY^[i^Wl[X[[dWmWhZ[ZWY[hjW_dWcekdje\ bWdZWhekdZj^[c$?\j^[h[m[h[ceh[Y^khY^[ij^[omekbZ^Wl[ceh[ bWdZ$?j_iWi_\oek^WZ[_]^jcedWij[h_[ij^[doekYekbZYbW_c_dZ[# f[dZ[dY[$?dj^_iYWi["j^hek]^Ól[ehi_nY^khY^[ij^[om_bb^Wl[kd# Z[hYedjhebjm[djo[_]^jf[hY[dje\j^[j[hh_jehoe\j^[Yekdjho$Ie ^[h_jW][_dAeiele_iedbofeb_j_YWb"_jZe[idÊjX[bed]je[nf[hjiehje Ykbjkh[eZghZ$?j_iWd_iik["m^_Y^_i^_]^bofeb_j_Y_p[Z$M[Wh[ijWhj_d] WZ[XWj[jejWYab[W\[m_iik[iWdZjeXWi_YWbboj^hemWÇl_hkiÈ_dj^Wj [dl_hedc[dj"WYh_j_YWbl_hki"WdZm[W_cjeWZZh[iij^[i[_iik[ied Wdej^[hb[l[bm^_Y^Ze[idÊj[n_ijh_]^jdemZemdj^[h[$ @eh][Ej[he#FW_bei0?j^_daj^WjÊiWd_cfehjWdjfe_djjeXh_d]_d"jeh[# c_dZfh[i[hlWj_ede\feb_j_Yi"X[YWki[iee\j[dfh[i[hlWj_edijWdZi XWYaWdZWiikc[ij^[cWdjb[e\Z[jWY^c[dje\j^[WhY^_j[YjkhWb^_ije# h_Wd"ehj^[Whj^_ijeh_Wd$8kj_d\WYj"m^[doekbeeaWjj^[^_ijehofh[i# [hlWj_ed_j_i_dj_cWj[bob_da[Zm_j^mWh$Dej`kij^[h["XkjWbie_dj^[ Kd_j[ZIjWj[im^[h[j^[[Whboij_hh_d]ie\Wfh[i[hlWj_edYediY_ekid[ii X[]Wdm_j^j^['.,)B_[X[h9eZ["m^_Y^[ijWXb_i^[Zj^[hkb[ie\ [d]W][c[djZkh_d]j^[9_l_bMWhWdZh[]kbWj[Zm^WjYekbZX[Zed[je YWfjkh[Z[d[cofhef[hjo$?jWZZh[ii[ZW\kdZWc[djWbfh[i[hlWj_ed gk[ij_edXoWia_d]0ÇM^[dm[Ó]^j[WY^ej^[h"m^WjWh[m[]e_d]je h[jW_d\hec[WY^ej^[hÊi^[h_jW][5ÈJ^[B_[X[h9eZ[Wbiei[hl[ZWi j^[XWi_i\ehj^['/(/=[d[lW9edl[dj_ed$JeZWom[Wh[X[]_dd_d]je beeakfedj^[Z[ijhkYj_ede\^[h_jW][WiWmWhYh_c[$<h[dY^fh[i[h# lWj_edWbie^WZ_jieh_]_di_dY_l_bmWh"j^[<h[dY^H[lebkj_ed$M^[dh[l# ebkj_edWh_[im[djWXekjZ[ijheo_d]Wbbi_]die\j^[cedWhY^o"_dj[bb[Y# jkWbiij[ff[ZXWYaWdZiW_Z0ÇM[ckijZ[#feb_j_Y_p[WhY^_j[Yjkh[$J^[i[ Wh[X[Wkj_\kbXk_bZ_d]i"\eh][jWXekjj^[_hfeb_j_YWbiocXeb_icWdZb[jÊi `kijfh[i[hl[j^[c\ehj^[_hW[ij^[j_YWdZijob_ij_YlWbk[$ÈJ^WjmWij^[ X[]_dd_d]e\fh[i[hlWj_edÊi_dleYWj_ede\ijob[WiWc[WdijeZ[#feb_j_# Y_p[WhY^_j[Yjkh[$J^[_dj[h[ij_d]fWhje\j^[Yedl[hiWj_edm_j^j^[Yed# i[hlWjehie\j^[cedWij[homWij^Wjj^[oYWdÊji[[cjeÓdZj^[ijob[ \eh_j$J^_iWXi[dY[e\Wijob[Yh[Wj[iWYh_i_im_j^_dfh[i[hlWj_edX[# H[ijehWj_edmeha_dBefkZÊi\ehjh[ii

''


YWki[j^[dedm^Wj]hekdZiZeoekfh[i[hl[_j5J^[gk[ij_ede\feb_# j_Yi_cc[Z_Wj[bo\ebbem"Xkjm[^Wl[dÊj]ejj[djej^Wjo[j¾

mWdjjefh[i[hl[_ij^[c[cehoe\j^[cedkc[djm_j^Wbb_jiZ_\\[h[dj bWo[hi"Wbie_dYbkZ_d]fWhje\j^[YedZ_j_edj^Wj_jÊi_ddem$J^_iYedY[fj _il[hoZ_\ÓYkbjje][jj^hek]^jej^[?dij_jkj[e\Fhej[Yj_ede\Cedk# <hWd‚e_iHeY^[0?jÊil[hoijhWd][^emekh\kjkh[_iWi[diWj_ede\ c[djiX[YWki[\ehj^[c_jÊiYhkY_Wbjeh[ijeh[j^[eh_]_dWbYedZ_j_edWi j^[fWij"_jÊideijWb]_W$Ekh\kjkh[^WiX[[dZ[i_]d[Z_dj^[i_nj_[iWdZ X[ijWifeii_Xb["eXl_ekibo[hWi_d]h[YehZie\h[Y[djd[]b[Yj$ j^[h[_iWl_djW][i[diWj_ede\j^[\kjkh[$Ie?ZedÊjadem^emm[ ?dl_[me\j^[Z_iYh[fWdYoX[jm[[dco_dj[dZ[Zh[ki[e\j^[Yecfb[n YekbZ_djheZkY[fh[i[hlWj_ed_dj^_imehbZ"_j_il[hoZ_\ÓYkbj\ehc[je WdZj^[Yedi[hlWj_edWkj^eh_j_[iÊ_di_ij[dY[edYecfb[j[h[ijehWj_ed"? ki[$J^[h[_iWd^ekhe\j_c[X[jm[[dfWijWdZ\kjkh["^[i_jWj_d]" Yecc_ii_ed[Z@Wd[j9WhZ_\\"W9WdWZ_WdWhj_ij"jeYh[Wj[WÇl_Z[emWbaÈ fWbf_jWj_d]X[jm[[dXej^i[diWj_edi$?j_iiec[j^_d]l[ho_dj[h[ij_d]"_d j^hek]^j^[cedWij[ho$I^[^WiWbh[WZoX[[d^[h[jm_Y["Óbc_d]"ZeY# WmWo$?h[c[cX[hWcel_[e\A_oei^_AkheiWmW"8]Vg^hbV"WXekjW kc[dj_d]"WdZ_cc[hi_d]^[hi[b\_dj^[ckbj_bWo[h[Z^_ijehoe\j^[Yec# jh[["Wl[hoebZjh[["m^_Y^_bbkijhWj[ij^[ieY_Wbfh[iikh[i^_ijeh_Yfh[i# fb[n"WdZi^[m_bbYec[XWYa\ehi[l[hWbceh[l_i_ji$J^[ÓdWbfhe`[Yj [hlWj_ed\WY[i$?dj^[cel_[j^[jh[[mWiWjÓhijfhej[Yj[ZX[YWki[_j m_bb_dYehfehWj[j^[i[cWdol_i_ji_djeed[l_Z[e#mWba"ZhWm_d]j^[l_[m# mWij^[ebZ[ij_dj^[\eh[ij$8kjj^[Yecckd_jo\ekdZekjj^Wjj^[jh[[ [h_dje@Wd[jÊi_cW]_dWj_ed$?dfWhjie\j^[mWbaed[m_bbX[WXb[jei[[ mWi_dÓbjhWj_d]j^[]hekdZWdZjen_\o_d]j^[h[Wb\eh[ij"m^_Y^mWi j^[fheY[iie\Y^Wd][ÆWdZj^WjÊij^[edbomWo?YekbZh[YWfjkh[j^Wj j^[iekhY[e\j^[beYWb[Yedeco$Iej^[oZ[Y_Z[ZjeZ[ijheoj^[jh[[" c[ceho$?dj[h[ij_d]bo"meha_d]m_j^WYedj[cfehWhoWhj_ij^WiX[Yec[ X[YWki[_jmWidejfh[i[hl_d]m^Wjj^[^kcWdiYh[Wj[ZW\j[hj^[Z_de# j^[ceij[\ÓY_[djmWojea[[fj^_ic[cehoWb_l[$?ademj^WjedY[j^[ iWkhf[h_eZ$IeZem[d[[Zjefh[i[hl[j^[jen_Y_joe\j^[cedWij[ho" Xk_bZ_d]_iÓd_i^[Z"_jm_bbX[l[hoZ_\ÓYkbjjeh[Yebb[Yjj^ei[o[Whiif[dj ehZem[d[[Zje_d`[YjWd[mjen_Y_jo_djej^[cedWij[ho5 XWjjb_d]m_j^_jih[ijehWj_ed$?j_iWbieco_dj[dj_edjeh[l_jWb_p[j^[\ehjh[ii WdZjhWdi\ehc_j_djeWYh[Wj_l[fbWj\ehc\ehd[mWhjmehai$J^_i^Wi 7dZh[WiHkXo09ekbZdÊjm[WbiekdZ[hijWdZ^_ijeh_Yfh[i[hlWj_edWi demb[Zjeej^[hd[mYecc_ii_ediikY^WiEbW\khÊifhe`[YjjeYh[Wj[W ^Wd]_d]Xh_Z][j^WjYh[Wj[iWd[ii[dj_Wbd[mfkXb_YWYY[iijej^[ j^Wj_ib[iilWbk[#bWZ[d"iec[j^_d]b_a[WjhWdi\ehcWj_ed"m^_Y^cWo ^Wl[Wm^eb[lWh_[joe\YeddejWj_ediXkjm^_Y^Ze[idej_cfboj^WjWdo \ehjh[ii\hecj^[cedWij[ho$9Wj^[h_d[Ikbb_lWdm_bbYec[WdZYh[Wj[W d[mmeha^[h[_dj^[\WbbXWi[ZedI^Wa[if[Wh[ÊiIlZa[i]C^\]iWdZ ed[f[h_eZ^WiWdoa_dZe\cehWbiel[h[_]djoel[hWdoej^[h$?\m[ j^[ZkWbi[nkWbheb[e\j^[jmecW_dY^WhWYj[hij^Wj^[Yh[Wj[Z\eh^_i jWa[j^_icedWij[hoWiWd[nWcfb["j^[h[_iWd_dj[h[ij_da[[f_d]_jWi fbWoi"ki_d]?bboh_WWiWXWYaZhef$?jÊih[Wbbo_cfehjWdjjec[j^Wjj^[ ^_ijeh_YWb^[h_jW]["Xkjj^[h[_iWbieWd[[Zjeh[fhe]hWc_j$<hWdY[iYW" m^Wj_ij^[Y^Wbb[d][\ehoek"j^[cedWij[hoÊi^_ijehoehj^[fej[dj_Wb mWbbie\j^[\ehjh[iiZedÊjjkhd_djeWijW][XWYaZhef"XkjhWj^[hX[Yec[ Wd_dj[]hWbfWhje\j^[Yh[Wj_l[fheY[iie\j^[Whj_ijiÊfhe`[Yji"j^ki j^WjoekYWdi[[Yedd[Yj[Zje_j5 ]_l_d]d[mc[Wd_d]WdZfkhfei[\ehcWdZ\kdYj_edjej^[Xk_bZ_d]$ ?Wcl[ho_dj[h[ij[Z_dj^[mehae\f[efb[m^e^Wl[WdkdkikWbi[di_# <hWdY[iYWled>WXiXkh]0?mWba[Z_djej^WjXk_bZ_d]j[do[WhiW]e$ ?jmWiWh[Wbboj[hh_Xb[hk_dm_j^ceije\_jihee\c_ii_d]$>em[l[h"?\[bj j_l_joWdZWffheWY^jej^[Yedj[nje\Wi_j[$ j^[ijed[im[h[Wb_l[WdZj^[h[mWiij_bbWd_dYh[Z_Xb[l_lWY_jojej^[ 7dZh[WiHkXo0:_dae"m^WjZeoekj^_damekbZ^Wl[^Wff[d[Zje fbWY[$?j^WZX[[dWXWdZed[ZWXekj'+&o[Whi"WdZcWdof[efb[^WZ j^[cedWij[ho_\<hWdY[iYW^WZdÊjYec[Wbed]j[do[WhiW]eWdZiW_Z ki[Z"WXki[ZWdZbeej[Z_ji_dY[j^[d$M^[dj^[?jWb_Wd\WiY_ijiYWc[ Ç?mWdjjeZeiec[j^_d]m_j^_j$ÈM^WjmekbZj^[dehcWbijWj[e\ ^[h[_dj^[I[YedZMehbZMWhj^[omhej[Ç?b:kY[È_dX_]]hW\Ój_edW W\\W_hiX[_d9heWj_W5 mWbb"WZZ_d]o[jWdej^[h_dYh[Z_Xb[bWo[hjej^[i_j[Êi^_ijeho$M^Wj?

'(


EbW\kh;b_Wiied"OekhXbWYa^eh_ped$?dijWbbWj_edl_[m"BefkZ"(&&-

:_daeF[hWYô_Y 0?ÊZb_a[je[nj[dZj^_iYedl[hiWj_edWX_jjeYedj[njkWb# _p[WdZjekdZ[hijWdZm^Wjfh[i[hlWj_edc[Wdi"_dWm_Z[hi[di[" _d9heWj_W$;l[hoed[Wjj^[cec[djademij^Wj9heWj_W_iWdkdZ[l[b#

ef[ZehkdjekY^[ZYekdjho"[if[Y_Wbbo_jiYeWijWbfehji"WdZX[YWki[ e\j^[]beXWbfh[iikh[WdZX[YWki[e\cWdoej^[h_dÔk[dY[i"_j_i]e_d] jeX[Xk_bjkfl[hoieed$9heWj_W_iX[Yec_d]WcW`ehjekh_ijZ[ij_dW# j_ed$?djekh_ic"Wkj^[dj_Y_jo_im^Wj_iiebZWij^[Yedj[dj$J^[h[ikbj_i Wa_dZe\fhe`[Yj_ede\Wm_i^\ehWkj^[dj_Y_joedjeekhWhY^_j[Yjkh[$

')


;l[hoed[mWdjiiec[j^_d]j^WjbeeaiebZWdZa_dZe\cWZ[_dWdebZ mWo$7kj^[dj_Y_jo^WiX[Yec[ekhdWj_edWbeX`[Yj_l[$J^[cWha[j_d] ibe]Wd\eh9heWj_W_iWÇC[Z_j[hhWd[WdWi_jedY[mWi"ÈWdZm[Wh[Wbie ikffei[Zjeb_l[_dj^WjfbWY[Wi_jki[ZjeX[$7dZj^[f[efb[Wh[ X[_d]Wia[ZjeYh[Wj[j^_ijekh_ijfheZkYj$7bbj^[i[f[efb[Wh[_dWmWo Yh[Wj_d]j^_iC[Z_j[hhWd[WdWi_jedY[mWi$DejWC[Z_j[hhWd[WdWi_j YekbZX["ehWi_j^WijeX[$?dIfb_j"j^[h[_iWibe]Wd0ÇIfb_j_iWY_jo m^[h[j^[j_c[ijWdZiij_bb$ÈJhoje_cW]_d[oekhemdYekdjhoÊiieY_[j# _[i"WifbWY[im^[h[j_c[_iijeff[Z$M^Wj?Wch[Wbbo_dj[h[ij[Z_d _ijeÓdZekjm^WjYekbZX[[njhWfebWj[Z\hecj^_iijehoWXekjj^[^_i# jehoe\9heWj_WdWhY^_j[Yjkh[$?Êch[WbboYkh_ekiWXekjZ[l[bef_d]"[n# jhWfebWj_d]j^[c[j^eZiWdZfh_dY_fb[iXom^_Y^m[YWdjWbaWXekj^_i# jehoWiWb_l_d]ioij[chWj^[hj^WdWijob[$

Wj_l[fheY[ii_djej^[Yedi[hlWj_edmeha"Wieffei[ZjeYecc_ii_ed# _d]Wfhe`[Yj\ehWÓd_i^[ZifWY[$?dj[]hWj_d]Yedj[cfehWho[nfh[ii_ed _djeW^_ijeh_YWbcedkc[dj"Wieffei[Zje`knjWfei_d]j^[cbWj[h" i[[ci\Wh\khj^[hh[WY^_d]WdZ_ddelWj_l[$?jÊiWi_c_bWhfheY[iijej^[ ed[j^Wj:Wl_ZWdZEbW\khm[djj^hek]^0j^[Xk_bZ_d]WdZj^[Whj# meham[h[WYjkWbboYh[Wj[ZWdZYedY[_l[Zi_ckbjWd[ekibo$?\?jWa[W \[mij[fiXWYaWdZbeeaWjj^[h[l_jWb_pWj_ede\BefkZ"Wieffei[Z je`kijh[ijeh_d]j^[cedWij[ho"?i[[BefkZWiWd[njhWehZ_dWhofh_ij_d[ fbWY[j^Wjh[Wbbo^Wij^[fej[dj_Wbe\X[_d]Z[l[bef[Z\WhZ_\\[h[djbo j^Wdj^[j[hh_\o_d]mWoj^Wj:_dae`kijZ[iYh_X[ZWij^[\kjkh[l_i_ed\eh jekh_ic_d9heWj_W$?jYekbZX[Yec[WYkbjkhWb^kXe\Yedj[cfehWho [nfh[ii_ed"WfbWY[e\h[\[h[dY["WdZ_dif_hWj_ed$J^[fWl_b_ed_ji[b\_i iec[j^_d]j^WjYWdh[l_jWb_p[edbofWhje\j^[_ibWdZ1?YWdÊj_cW]_d[ _jh[l_jWb_p_d]j^[m^eb[_ibWdZX[YWki["eXl_ekibo"_jWbieZ[f[dZied @eh][Ej[he#FW_bei0?W]h[[j^Wjc[j^eZiWh[_cfehjWdj"WdZi^ekbZ j^[[Yedeco][d[hWj[ZXoYedl[dj_edWbjekh_icjeikhl_l[$>em[l[h X[h[j^ek]^j$<_dZ_d]i_c_bWh_j_[i_d^emm[Zej^_d]i_iWÓhijij[fje# fWhWY^kj_d]WmedZ[h\kbfhe`[Yj_djeWX[Wkj_\kbbeYWj_ed_ii_cfbodej mWhZ_dj[hZ_iY_fb_dWhomeha$<eh_dijWdY["j^[fh_dY_fb[e\h[l[hi_X_b_jo [dek]^$M[d[[Z[Zjejh_]][he\\Wd_dj[hWYj_ed$J^[gk[ij_edh[cW_di _iY[djhWbjeYedi[hlWj_edfhWYj_Y[$?dej^[hmehZi"_\oekZeiec[j^_d] ^emZe[i_jh[iedWj[m_j^j^[bWdZiYWf[Wim[bbWij^[Yecckd_jo5 B[Whd_d]jeh[WZj^[h_ffb[[\\[Yj_jYh[Wj[iWieffei[ZjeYh[Wj_d]Wj_Z# WdZoekZ_Z_j_cfhef[hbo"iec[XeZo_dW\kjkh[][d[hWj_edc_]^jX[ WXb[jeZe_jX[jj[h$?jÊil[ho_dj[h[ij_d]j^Wjj^[edbomWoje][jj^[fW# WbmWl[e\Y^Wd][_ij^[a[o$M[Wh[h[Wbbo^[h[Wia_d]ekhi[bl[ij^[i[ gk[ij_edi"^emZe[ij^_imehaWdZ^emYekbZ_jmeha_dj^[\kjkh[" l_b_edXk_bjmWijef_jY^_jWiWa_dZe\h[l[hi_Xb[_dj[hl[dj_ed$?jÊiYed# i_Z[h[ZWj[cfehWhofWl_b_edXoj^[Xk_bZ_d]iZ[fWhjc[dj$?jÊii[[dWi m^WjmekbZX[j^[fej[dj_Wbe\b[Wl_d]WfWl_b_ed^[h[Ç\kbbj_c[È57dZ m^Wj[\\[YjmekbZ_j^Wl[edj^[_ibWdZWdZm^WjmekbZ_j][d[hWj["_\ Wa_dZe\j[ij$?j^_daj^WjÊih[Wbboj^[b[l[bWjm^_Y^j^[Z_iYkii_ed Wdoj^_d]WjWbb5?jYekbZX[feii_Xbo[Wi_boZ_ic_ii[Z"deXeZoXej^[h_d] _ief[hWj_l[WdZl[ho\hk_j\kb_dj^[i[di[j^Wjj^[l[hoYedY[fjj^Wj_i je[l[dYec[ekj^[h[jel_i_j_j$?ZeX[b_[l[_di[jj_d]Wfhe`[Yjkf Y[djhWbjefh[i[hlWj_ed"WdZj^WjcWa[ifh[i[hlWj_edj^[ceijYed# j^Wjj^[dfei[iikY^gk[ij_edi"j^[dmW_j_d]\ehj^[h[ifedi[X[\eh[ i[hlWj_l["iejeif[Wa"^WidemX[[dWXb[jeX[Z[fbeo[ZWij^[ceij oekijWhjjecel[\ehmWhZWdZfbWdceh[fhe`[Yji"X[YWki[?j^_da_jÊi fhe]h[ii_l[a_dZe\fh_dY_fb["[dWXb_d]j^_ihWZ_YWbfWl_b_edjeX[Xk_bj _dj^[_ibWdZe\BefkZ$?j_iWjj^Wjc[j^eZebe]_YWbb[l[bj^Wj?j^_daj^[h[ fhWYj_YWbbo_cfeii_Xb[je^Wl[WYb[Wh]k_Z[b_d[ed^emjeh[l_jWb_p["eh _iWdeffehjkd_jojeXh_Z][mehbZie\Whj"WhY^_j[Yjkh[WdZfh[i[hlWj_ed$ ^emjeXh[Wj^[b_\[_djeiec[j^_d]$J^_ih[cW_diWd[nf[h_c[dj\ehc[ >emYekbZm[Z[l[befj^Wj5M^WjmekbZ_jX[jej^_daWXekjj^[YeWij CWhaM_]b[o0J^[jmefhe`[Yji"j^[Yedj[cfehWhoWhjfWl_b_ed"`kij e\9heWj_WWiWa_dZe\h[l[hi_Xb[YeWij5M^WjmekbZ_jX[je^Wl[Wh[# YedijhkYj[Z"WdZj^[h[ijehWj_ede\WdebZXk_bZ_d]WiWded]e_d]bed] l[hi_Xb[Z[l[befc[dj"Wieffei[ZjeikijW_dWXb[Z[l[befc[dj5 fhe`[Yj_ia_dZe\b_a[Wj[njXeea"WXh_bb_Wdjj[njXeeaWh]kc[djWXekj j^[dWjkh[e\Whj"fh[i[hlWj_edWdZWhY^_j[Yjkh[X[YWki[ieYb[WhboWdZ <hWdY[iYWled>WXiXkh]0?j^_daj^Wj"_dWmWo"?mWiZ[iYh_X_d] @Wd[jÊifhe`[Yj_dj^[cedWij[hoX[YWki[?\[bjj^Wj_j_dj[]hWj[Zj^[Yh[# ieijhed]boÆWi@eh][cWZ[[l_Z[dj[Whb_[hÆj^[fWl_b_ed_iWfh[i[hlW#

'*


j_ed`eX$;l[d\hecj^[ceiji_cfb[i[di[_jÊiWfh[i[hlWj_ede\j^[fW# l_b_ed_dL[d_Y[$L[hofh[Y_i[eXi[hlWj_edi"iY_[dj_ÓYeXi[hlWj_edi^Wl[ X[[dcWZ[edj^[Z_\\[h[dY[ie\j^[b_]^j_dj^[fbWY["j^[b_]^jed j^[ekji_Z[XkjWbiej^[b_]^jedj^[WYjkWb^eh_pedb_d[_ji[b\$Edj^[ej^# [h^WdZ_jÊil[hoYb[Whj^Wjj^[h[ijehWj_ed`eXedj^[cedWij[ho_i hWZ_YWbWhj"_iWhWZ_YWbjhWdi\ehcWj_l[WYj"Wh[l_jWb_p_d]WYje\Whj$?jÊiW hWZ_YWbij[fWdZ_dd[_j^[hYWi[i^ekbZj^WjYec[WiWdoikhfh_i[je kiX[YWki[_dWdoYWi[fh[i[hlWj_ed_i[njh[c[bohWZ_YWb$Jefkj_jed[ mWo"jefh[i[hl[iec[j^_d]_ijeY^Wd][_jWdZiefh[i[hlWj_ed_iji Wh[f[efb[m^eY^Wd][j^_d]iX[YWki[j^[oZedÊjb[jj^[cX[$J^[fh_# cWhofkhfei[e\WhY^_j[Yjkh[_ijeh[l[WbY^Wd][WdZjeh[l[Wb_jXo dejY^Wd]_d]_j"ie_jÊiibem$M[mWdjj^[^eki[WbmWoi`kijjeX[i_jj_d] j^[h["iej^[h[ifedi_X_b_joe\j^[WhY^_j[Yj_iWbmWoije]eW]W_dijj_c[ WdZiej^[fh[i[hlWj_ed_ij_dj[h[ij_d]bo[dek]^[dj[hi_djej^[i_jkWj_ed WdZ_d\WYj_dl_]ehWj[ij^[WhY^_j[Yjkh[WdZfkji_j_djej_c[$M^_Y^ _im^oWibed]Wim[j^_dae\j^[fh[i[hlWj_ed_ijiWij^[cehj_Y_Wdi"fh[# i[hl_d]j^[fWijl[hikij^[Whj_ijiWdZWhY^_j[YjiWij^[h[lebkj_edWh_[i m^eY^Wd][j^[\kjkh[ikY^j^Wjj^[fh[i[hlWj_ed_iji^Wl[jei[[j^[ Whj_ijiWij^[_h[d[co"m[\W_bjei[[j^[ceh[ehb[iiYedi[hlWj_l[ dWjkh[e\WhY^_j[YjiWdZWhj_ijiWdZj^[ceh[ehb[iihWZ_YWbdWjkh[e\ fh[i[hlWj_ed_iji$J^[fWij_iWbmWoiWfhe`[Yj"j^[fWij_idejiec[j^_d] j^Wj^Wff[d[Z"_jÊiWfhe`[Yj"j^Wjoekj^hem_djej^[\kjkh[WdZoek Y^eei[oekhm[WfedijecWa[j^[j^hem$J^[fh[i[hlWj_ed_ijÓ[bZ_iWd [nf[hjWjWY[hjW_da_dZe\j^hem"m^_Y^m_bb]_l[ki_dj^[\kjkh[W coj^_YWbfWij$?jÊiWbmWoicoj^_YWb$Iej^[gk[ij_ed_im^Wja_dZe\ j^hem"m^Wja_dZe\coj^57dZ_dj^[YWi[e\j^[cedWij[ho"j^[h[Wh[ cWdoZ_\\[h[dja_dZie\j^hemi"WdZj^[eX`[Yj_ji[b\_ibWo[h[Z$Fh[# i[hlWj_ed_ijiWh[hWZ_YWb"WdZj^[ockijjWa[h[ifedi_X_b_joe\_jihWZ_YWb j[Y^d_gk[i$B_j[hWbbo"m[iWmijed[mWbbim_j^^ofeZ[hc_Yd[[Zb[i WdZdeWhY^_j[Yj[l[hki[ij[Y^debe]oWi]eeZWij^Wj$?jÊij^[fh[i[h# lWj_ed_ijij^Wj^Wl[Wbbj^[X[ijjh_Yai$8kj_jÊiZed[_dj^[dWc[e\j^[ fWij"_dj^[dWc[e\deY^Wd][Xkj_jÊiWbbWXekjhWZ_YWbY^Wd][WdZ? j^_daj^[fh_cWho\eYki_ije[dYekhW][fh[i[hlWj_ed_ijijei[[m^Wj j^[oWh[j^[ci[bl[i_d\WYjZe_d]WdZX[Yec[Wb_jjb[ceh[Yh[Wj_l[_d j^[cel[ij^[ocWa[$Ikhl_lWb_iXWi[Zedef[dd[iijeckjWj_edWdZ

j^[dWa_dZe\h[iebkj[Ze]cW$7dZ?j^_dam^Wjm[d[[ZjeZe_i jeYedijhkYjWfh[i[hlWj_edZ_iY_fb_d["m^_Y^_iWXiebkj[boijkXXehdÆ b[]WbboWdZj[Y^debe]_YWbboijkXXehdÆWdZWbieWXb[jeckjWj[$ 7bX[hj>[jW0?j^_daj^WjWbboekhj^[eh_[iYWddejX[Wffb_[Z[l[hom^[h[$ M^[h[?Yec[\hec"^[h_jW][ehb[jÊiiWo0fh[i[hlWj_ed_ii[[dWij^[ X_]][ij[d[co"h_]^jdem$J^[f[efb[_dj^Wjj[hh_jehomekbZb_a[j^Wj j^[h[mWidefWhj_YkbWh^[h_jW][_dj^Wjj[hh_jeho$Ded[m^Wjie[l[h$ Fh[Y_i[boX[YWki[^_ijeh_Yfh[i[hlWj_ed_iki[ZXoj^[\ehc[heYYkf_[hi e\j^[YekdjhoWiWjeebm_j^Yb[Whfeb_j_YWbW_ci$J^[fheXb[c"?j^_da" _im^[d^[h_jW][_ijkhd[Z_djeiec[j^_d][j^d_Y$ CWhaM_]b[o07YjkWbbo?ZedÊjW]h[[WdZ?mWdjjeiWoj^Wj?YedY[Z[Z edWbbe\j^_i$7YjkWbbo?j^_da_jÊidejjhk[$?\j^ei[m^e^Wl[feb_j_YWb Wkj^eh_joel[hfh[i[hlWj_ed"\eh[nWcfb["m[h[ef[hWj_d]_dWmWooek Wh[Z[iYh_X_d]_jmekbZX[_cfeii_Xb[jeh[i_ijj^[c$?dj^_ii_jkWj_ed" _jÊi_cfeii_Xb[jeh[i_ijikY^\ehY[i_\j^[oWh[fei_j_ed[ZWib[jÊiiWo Yedi[hlWj_l[fhej[Yj_ed_iji"]kWhZ_d]l[hikib[jÊiiWoWdej^[hZ_iYekhi[ m^_Y^_ikdZ[hijeeZjeX[ckbj_fb["ef[d"Z_l[hi["WdZieed$?j^_da j^[edbofeb_j_YWbbo[\\[Yj_l[WYj_i"jeiehje\fkXb_YboWdZYb[Whbo_Z[dj_\o j^[hWZ_YWbdWjkh[e\j^Wjie#YWbb[Zfhej[Yj_ed_ic$?dej^[hmehZi0j^[ hWZ_YWbh[fh[ii_edij^WjWh[_dlebl[Z_dYedijhkYj_d]j^WjfWhj_YkbWh^[h_# jW][_cW][$?jÊij^[edbomWojeY^Wd][_j"WdZWibed]Wij^[XWjjb[ _ia_dZe\YedijhkYj[ZWifhe]h[ii_l[il[hikiYedi[hlWj_l[i"_jÊiWZ_iWi# j[hX[YWki[WYjkWbboj^[h[Wbfhe]h[ii_l[i_dj^Wji[di[Wh[j^[fh[# i[hlWj_ed_ijim^eWh[kikWbboh[Z[i_]d_d]#Wi_dj^_iYWi[#Wd[dj_h[ dWj_ed"j^[W[ij^[j_Yie\Wd[dj_h[dWj_ed$7dZj^_ia_dZe\feb_j_Yi_i h[Wbbofeb_j_YiWiWmehae\Whj$?W]h[[j^[bWd]kW][_ie\\[di_l[$J^[i_j# kWj_ed_ie\\[di_l[$8kj_jÊih[Wbbo^Wff[d_d]$?jÊidejedbo^Wff[d_d] ^[h[$?jÊij^[mWoj^_d]imeha$?jÊifWhje\j^[[d]_d[[h_d]e\jekh_ic" Xkjjekh_ic_ji[b\_ied[e\j^[cWij[h_dZkijh_[ie\\eh][jj_d]Wbbj^Wj mWiZed[_dj^[dWc[e\c[ceho$ 7dZh[WiHkXo0CWoX[WdWhY^_j[Yjdem_dehZ[hjeY^Wd][iec[j^_d] d[[Zijeij[f_dWdZjWa[j^[heb[e\Wfh[i[hlWj_ed_ij$<hec^_ijehom[

'+


H[ijehWj_edmeha_dj^[cedWij[ho

YWdb[Whdj^Wjj^[jhk[dWjkh[e\fh[i[hlWj_ed_ijhWdi\ehcWj_ed$?\? cWa[WijWj[c[djeh_dj[hl[dj_edj^WjhWZ_YWbboY^Wd][ij^[i_jkWj_ed" ?ÊcWYjkWbbocWa_d]Wfh[i[hlWj_l[WYj$EXl_ekiboj^WjY^Wbb[d][i j^[i[b\#kdZ[hijWdZ_d]e\j^[Z_iY_fb_d[ie\WhX[YWki[WioekiW_Z[l[d _\fh[i[hlWj_edkdZ[hjWa[ij^[i[hWZ_YWbY^Wd][ij^[oWbmWoiZe_j \ehj^[iWa[eh_dj^[dWc[e\a[[f_d]j^_d]iWij^[oWh[$Iej^[gk[i# j_ed_i^emYWdoekXh[Wakfj^[i[b\#_cW][e\fh[i[hlWj_edWdZ^em YWdoekY^Wd][j^[_Z[We\m^WjWfh[i[hlWj_ed_ijZe[i$

_dl[djWd_dijhkYj_ed\ehki_d]iec[j^_d]$?dj^[YWi[e\j^[cedWi# j[ho"m[YWd_djheZkY[WdWhhWj_l[\kdYj_ed"m^_Y^_idejedboh[meha_d] j^[_Yede]hWf^oe\j^[[n_ij_d]fWjh_cedo$M[YWd_djheZkY[WdWhhW# j_l[mWojeZ[Wbm_j^j^_iZ[WZXeZo"ie_jYec[i\hecj^[]hWl[jeiWo Ç^[bbeÈM[YWdmh_j[WiY[dWh_ee\j^_idWhhWj_l[h[l_lWbe\j^[Z[WZ XeZoWiWY[h[cedo$J^[Y[h[cedo_i_cfehjWdj"m[mWdjjeh[Yh[Wj[ W<hWdY_iYWdceda$?cW]_d[WYedif_hWYo0F[efb[b[Wl_d]j^[jem[h¾ m[ZedÊjadem[nWYjbom^WjÊi^Wff[d[Z¾

<hWdYe_iHeY^[0Ie_\oekmWdjjeh[l_l[j^[ijed["j^[dfkjWcWd_# \[ije_di_Z[j^[ijed["fWbf_jWj_d]"h[l_l_d]_ji_dijhkYj_edi$M[YWd

7dZh[WiHkXo08kj?j^_da_jÊi_cfehjWdjj^WjoekiW_Zj^[Y[h[cedo i^ekbZdejX[j^[iWc[Y[h[cedoj^Wj_j^WiX[[d$OekÊh[iWo_d]

',


j^Wjj^[ijed[_idej[dek]^WdZm[d[[Zje_dl[djiec[a_dZe\ iY[dWh_ej^Wj^[bfikijeki[_jWiWd_d\hWijhkYjkh[\ehb_\[WdZdejWiW \[j_i^j^Wj_ie\Wcki[kc$?j^_daj^WjÊifheXWXbom^WjoekÊh[Ze_d]$ OekÊh[jho_d]jeYh[Wj[j^Wjjof[e\Y[h[cedoj^Wj^[bfikijei[[_d_j ceh[j^Wdijed[$

Wjj^[JWb_XWdWh]kc[djicWZ[Zkh_d]j^[cec[djie\cWn_ckc l_eb[dY[WdZj^[bWd]kW][j^[h[mekbZX[WbWd]kW][e\fh[i[hlWj_ed$ E\Yekhi["_jÊij^[fh[i[hlWj_ede\j^[i[b\WdZZ[ijhkYj_ede\j^[ej^[h$ Dejedbo_ifh[i[hlWj_edWbmWoi^Wkdj[ZXoi_ckbjWd[ekifhej[Yj_edWdZ l_eb[dY[Xkjj^[h[ÊiWbmWoil_eb[dY[_dfh[i[hlWj_ed$Ed[medZ[hi jem^Wj[nj[djj^[iehje\M[ij[hdb[]_j_c_pWj_ede\j^ei[Ó]kh[iWbie <hWdY[iYWled>WXiXkh]0J^[h[_ij^_id[[ZWdZZ[i_h[WdZ"e\Yekhi[" b[Zjej^[_hZ[ijhkYj_ed$ j^[h[_iW\h[i^d[ii_dZ[i_]d_d]oekhemdXk_bZ_d]"iec[j^_d]d[m" WdZ_jÊih[WbboZ_\ÓYkbjjeÓdZWdWhY^_j[Yjm^eÊih[Wbbom_bb_d]jebeeaWj <hWdY[iYWled>WXiXkh]0?^[WhZj^[X[bbie\j^[Y^khY^e\j^[ j^[ebZXk_bZ_d]WdZ^[bfoekh[_dj[hfh[j_j$J^_i_iWZ_iYkii_edÆ^em <hWdY_iYWdcedWij[hoh_d]j[dj_c[iWdZj^_i_iWYjkWbboZ_dd[hj_c[$ ZeoekZej^Wj59edj[cfehWhoWhY^_j[YjiÓdZ_jl[hoZ_\ÓYkbjje][j[n# ?j^_daj^[j^ek]^je\j^[h[YedijhkYj_ede\j^[8Wc_oWd8kZZ^Wi Y_j[ZWXekjj^[i[a_dZie\fheXb[ci"WdZYedi[hlWj_edWhY^_j[YjiWh[ WiX[_d]W^ehh[dZeki][ijkh[_iiec[j^_d]m[WbbW]h[[WXekj$ Xe]][ZZemd_dj^[eho"Wh[l[hoh[ijh_Yj[Z_dj^[_h_Z[Wi$ @eh][Ej[he#FW_bei0Fh[i[hlWj_ed_idej`kijmeha_d]edcedkc[dji XkjWbie_dYbkZ[ij^[i[a_dZie\f[h\ehcWdY[f_[Y[i"Y[h[ced_[i_\ oekm_bb"j^Wj^Wff[dZkh_d]j^[fheY[iie\l_i_j_d]^_ijeh_Yi_j[i$Fh[i# [hlWj_edeh]Wd_p[i^emed[l_i_ji$?d\WYj"?Z[Ód[fh[i[hlWj_edWi j^[eh]Wd_pWj_ede\Wjj[dj_ed$?jÊij^[a_dZe\eh]Wd_pWj_ede\Wjj[dj_ed j^Wj_iWbbWXekjZ_ijhWYj_d]$?jÊiZ_ijhWYj_d]oek\hecbeea_d]Wjj^Wj m^_Y^oekWh[dejikffei[ZjeX[beea_d]Wj$<eh_dijWdY["j^_daWXekj j^[YeWij^[h[WdZj^[m^eb[XhWdZ_d]e\9heWj_WWiÇj^[C[Z_j[hhW# d[WdWi_jki[ZjeX[$È?jÊi_dj[h[ij_d]j^Wj_jÊiZ_l[hj_d]oek\hec9heWj_W Wi_jki[ZjeX[$J^[m^eb[eh]Wd_pWj_ede\oekhWjj[dj_ed_ijemWhZi j^[C[Z_j[hhWd[Wd"WdZj^WjÊij^[m^eb[`ekhd[oWdZj^[m^eb[[nf[h_# [dY[j^WjoekÊh[ikffei[Zje^Wl[$8kjm^WjmekbZ^Wff[d_\m[ m[h[jeh[#ibe]Wd9heWj_W_dj^[`ekhdWbiWdZjhWl[bcW]Wp_d[iWiÇ9he# Wj_WWi_jki[ZjeX[$ÈJ^WjWbed[mekbZh[eh]Wd_p[Wjj[dj_ed$

J^_iZ[XWj[i[ii_edjeeafbWY[ed@kd['."(&&-edj^[_ibWdZ e\BefkZ$ FWhj_Y_fWdji <hWdY[iYWled>WXiXkh]_ij^[Y^W_hcWdWdZ\ekdZ[he\ J#87('_dL_[ddW$ 7bX[hj>[jW_iWdWhj_ijXWi[Z_dFh_ij_dW%Aeiele$ @eh][Ej[he#FW_bei_iWFhe\[iiehe\>_ijeh_YFh[i[hlWj_ed Wj9ebkcX_WKd_l[hi_jo"D[mOeha$ :_daeF[hWYó_Y _iWdWhY^_j[YjFbWj\ehcW/.'_dIfb_j$ <hWd‚e_iHeY^[_iWdWhY^_j[YjHI_[_dFWh_i$ 7dZh[WiHkXo_iWdWhY^_j[YjkhWbYh_j_YWdZj^[eh_ij j[njX_bZ_d8[hb_d$ CWhaM_]b[o_ij^[:[Wde\=hWZkWj[IY^eebe\7hY^_j[Yjkh[" FbWdd_d]WdZFh[i[hlWj_edWj9ebkcX_WKd_l[hi_jo"D[mOeha$

7bX[hj>[jW09heWj_WZkh_d]7dj[FWl[b_Y ?dj[hcie\fh[i[hlWj_ed_j_i b_a[Wia_d]_\j^[JWb_XWdm[h[Ze_d]fh[i[hlWj_edm^[dj^[oZ[ijheo[Z j^[8Wc_oWd8kZZ^Wi$ CWhaM_]b[o0O[i"\hecWijkf_ZboWXijhWYjfe_dje\l_[m"j^[JWb_XWd ^Wl[jeX[kdZ[hijeeZWi[nf[hjfh[i[hlWj_ed_iji$Ed[YekbZbeea

'-


J^[;j^_Yie\:kij


J^[;j^_Yie\:kijI[h_[i <ehX[jj[hehmehi["febbkj_ed_ied[e\ekhceij_cfehjWdjfheZkYji$?\ febbkj_edYekbZX[fh[i[hl[Z"m^WjmekbZ_jj[bbkiWXekjekhieY_Wb"Ykb# jkhWbWdZ_dZkijh_WbfWij5M^Wjiehje\[j^_YWbgk[ij_edimekbZW^_ijeho e\febbkj_edhW_i[5J^[X[ijh[YehZie\W_hXehd[febbkj_edWh[\ekdZZ[# fei_j[ZWibWo[hiedj^[ikh\WY[ie\ebZXk_bZ_d]i$8kjX[YWki[e\febbk# j_edÊid[]Wj_l[YeddejWj_edi"Xk_bZ_d]iWh[_dZ_iYh_c_dWj[boYb[Wd[Z$ FWhje\ekh^_ijeho_i[hWi[Zm^[dfebbkj_ed_ih[cel[ZWdZZ_iYWhZ[Z$ @eh][Ej[he#FW_bei^WikdZ[hjWa[djeYh[Wj[Wh[YehZe\j^[mehbZÊi febbkj_edj^hek]^I]Z:i]^Xhd[9jhi"Wi[h_[ie\_dijWbbWj_edih[ikbj_d] \hec_jifh[i[hlWj_ed$Ie\Whjme_dijWbbWj_edi^Wl[X[[dh[Wb_p[ZWj CWd_\[ijW-_d8ebpWdeWdZWjj^[+)hZ8_[ddWb[Z_L[d[p_W$7iWdWhY^_# j[YjWdZj^[eh_ijif[Y_Wb_p[Z_d[nf[h_c[djWb\ehcie\fh[i[hlWj_ed" Ej[he#FW_beiiY_[dj_ÓYWbboh[cel[iWdZfh[i[hl[ij^[Zkiji[jjb[Zeda[o ^_ijeh_YXk_bZ_d]ie\j^[mehbZ$BWj[n"j^[Ykjj_d]#[Z][e\fh[i[hlWj_ed Yb[Wd_d]j[Y^debe]o"Wbbemi^_cje_iebWj[j^Wjc_YheiYef_YbWo[he\^_i# jeho$I[fWhWj["Xkjd[l[h[dj_h[bo\h[[\hecj^[Xk_bZ_d]"febbkj_ed_i Wbbem[Zjeh[YWij_jiemdijeho$8k_bZ_d]edj^[jhWZ_j_ede\'/j^Y[djkho WhY^_j[YjiWdZYedi[hlWjehi"m^ecWZ[fbWij[hYWijie\j^[mehbZÊi cedkc[djiieWYWZ[c_YiYekbZijkZoj^[WhY^_j[Yjkh[e\Z_ijWdjYkb# jkh[i"Ej[he#FW_beiÊYWijie\febbkj_edik]][ijWd[mmWoe\beea_d] WjWhY^_j[Yjkh[WdZekh^_ijeho$ 8[\eh[febbkj_edmWi[l[hom^[h["_jmWiWZc_h[ZWdZ[l[dZ[i_h[Z$Feb# bkj_edmWij^[jhk[cWhae\ceZ[hd_jo"edbol_i_Xb[_dj^[_dZkijh_WbYWf# _jWbie\j^[d_d[j[[dj^Y[djkho$7hY^_j[YjkhWbYedi[hlWjehim[h[Wced] j^[Óhijjeh[Ye]d_p[Wfei_j_l[lWbk[_dfebbkj_ed$@e^dHkia_d'.'/Å '/&&"ed[e\j^[\Wj^[hie\ceZ[hdWhY^_j[YjkhWbYedi[hlWj_ed"j^[eh_p[Z j^[ZkijZ[fei_j[ZedXk_bZ_d]iWi\ekdZWj_edWbjej^[_h^_ijeh_YlWbk[ WdZY^WhWYj[h$>[l[^[c[djboeffei[ZYb[Wd_d]Xk_bZ_d]i"m^_Y^^[Yed# i_Z[h[ZWdWYjj^Wj[\\WY[Zj^[_h^_ijeh_YWbi_]d_ÓYWdY[$B_a[cWdoe\^_i HecWdj_YYedj[cfehWh_[i"Hkia_djh[Wikh[Zfebbkj_edWiWd_dZ[ne\j^[ j[cfehWb_joe\WhY^_j[Yjkh["h[\[hh_d]je_jWiWhY^_j[Yjkh[ÊiÇj_c[#ijW_d$È

Deej^[hfbWY[_iWiY[djhWbjej^[Z[XWj[iWXekjYb[Wd_d]Xk_bZ_d]ij^Wj i^Wf[Zj^[Z_iY_fb_d[e\fh[i[hlWj_edWiL[d_Y[$7d;d]b_i^cWdXo X_hj^"Hkia_dif[djbed]f[h_eZie\^_ib_\[_dL[d_Y["m^[h[^[Z[l[bef[Z ckY^e\^_ij^_da_d]WXekjYedi[hlWj_ed$Meha_d]kdZ[hHkia_dÊibed] i^WZem"L[d[j_WdYedi[hlWjehie\j^['/j^Y[djkhoYWh[\kbbocW_djW_d[Z j^[ZkijoWff[WhWdY[e\\WYWZ[i"[l[dZWha[d_d]j^[_hh[fW_hijeXk_bZ# _d]\WYWZ[iiej^Wjj^[omekbZWff[Wh[l[dboie_b[Z$J^_ifhWYj_Y[X[]Wd jeY^Wd][_dj^['./&i"W\j[h9Wc_be8e_je'.),Å'/'*"j^[ceij fhec_d[djL[d[j_WdYedi[hlWjehe\j^[j_c["^[h[j_YWbbofheYbW_c[Z Hkia_dÊij_c[#ijW_dijeX[Ç[njh_di_YÓbj^"ÈdejjeX[Yed\ki[Zm_j^ j^[_djh_di_YW][_d]e\ijed[i"fhef[hboYWbb[ZfWj_dW$9edj[cfehWd[eki m_j^;khef[Wd^o]_[d_ijcel[c[dji"8e_jeÊij^_da_d]]Wl[h_i[je m^eb[iWb[Yb[Wd_d]YWcfW_]dijeh[cel[j^[demYedi_Z[h[Z_diWbk# Xh_ekifebbkj_ed\hecXk_bZ_d]\WYWZ[i$J^[jh_kcf^e\8e_jeÊij^_da_d] YWdX[X[ijWffh[Y_Wj[Z_dj^[:e][ÊiFWbWY["j^[[nj[h_ehe\m^_Y^ ^WiX[[dj^[eX`[Yje\h[f[Wj[ZYb[Wd_d]YWcfW_]di$8e_jeWbie_dl[dj# [Zj^[_Z[Wj^Wj[WY^cedkc[dji^ekbZi[hl[Wi_jiemdcki[kc$J^[ Cki[eZ[bbÊEf[hW"beZ][Z_dj^[]hekdZÔeehe\j^[:e][ÊiFWbWY[" i[hl[ij^WjWhY^_lWbfkhfei[$?jYedjW_dij^_hj[[dYWf_jWbi\hecj^[Xk_bZ# _d]Êiekj[hbe]]_Wj^Wjm[h[h[fbWY[Zm_j^Yef_[iZkh_d]j^[h[ijehWj_ed YWcfW_]de\'.-,Å'..-$?dYedjhWijm_j^j^[i[ijed[i"Wbbj^[Zkijj^Wj Yedi[hlWjehih[cel[Z\hecj^[:e][ÊiFWbWY[el[hj^[o[WhimWi dejYedi_Z[h[Zmehj^oe\j^[cki[kc"WdZmWimWi^[Z_djej^[bW]eed$ Ej[he#FW_beiÊ_dijWbbWj_edi_jkWj[ifebbkj_edWjj^[_dj[hi[Yj_ede\j^[ jm_dZ_iYekhi[ie\fh[i[hlWj_edWdZYkhWjehi^_f$>[Xej^Yb[Wdi WdZfh[i[hl[ij^[febbkj_ededed[e\j^[bWijh[cW_d_d]ie_b[ZmWbbi _dj^[:e][ÊiFWbWY["m^_Y^mWi^_ZZ[d\hecjekh_iji_di_Z[j^[ Xk_bZ_d]$J^[h[ikbj_d]_dijWbbWj_ed^ebZiWdWcX_]kekiijWjki"kdÓj\eh j^[Cki[eZ[bbÊEf[hWedWYYekdjj^Wjfebbkj_edZe[idejX[bed] jej^[Xk_bZ_d]"d[_j^[hWhjmehadehWhY^_j[Yjkh["o[jYedij_jkj[ZXo j^[c[[j_d]e\j^ei[jmemehbZi$

('


((


()


Ikif[dZ[Z7d_cWj_ed0J^ek]^jih[Yel[h[Z\hec j^[c[cehoe\Óhij[dj[h_d]j^[[n#7bkc_n<WYjeho HWgiC[Z_W9ebb[Yj_l[ QH[jheif[Yj_l[WddejWj_edijej^[YkhWjeh_Wb_dl_jWj_edXoj^[ HWgiC[Z_W9ebb[Yj_l[je@eh][Ej[he#FW_beijeh[Wb_p[I]Z:i]^Xhd[ 9jhi\ehÇJ^[H[ije\DemÈWjCWd_\[ijW-_d8ebpWde%8ep[d"(&&.S J^[Y_hYkbWhcWhae\WdWXi[djYbeYaWdZj^[fWb[h[YjWd]kbWhekjb_d[ e\Wc_ii_d]dej_Y[m[h[jmeZ_iYh[[ji_]dij^Wj]h[[j[Zl_i_jehije j^[_dj[h_ehe\m^WjmWib[\je\j^[[n#7bkc_n\WYjeho_dj^[_dZkijh_Wb ped[e\j^[Y_joe\8ebpWde%8ep[d_dIekj^Joheb$ J^[i[Yj_edie\j^[mWbbjekY^[ZXoj^[YbeYaWdZj^[dej_Y[^WZX[[d i^_[bZ[Z\hecj^[]h_c[e\j^[bed]ZkhWj_ed_dm^_Y^j^[\WYjeho^WZ Óhijmeha[ZWdZj^[dbW_d\Wbbem$ M^_b[j^[h[ije\j^[\WYjehomWijekY^[ZXoj_c["j^[i[jmefWjY^[i fh[i[hl[ZWl_i_Xbol_h]_dWbZ_\\[h[dY[$7i_\deZWoi"deo[Whi"de Z[YWZ[i^WZfWii[Z$7i_\j^[om[h[Yb[l[hWb_X_i"Wh]kc[dji\ehWded# ^_ijeho$7i_\j^[YbeYa^WZdejo[jh[]kbWj[Zj^[h^oj^ce\bWXekh" Wi_\j^[dej_Y[^WZd[l[h_iik[Z_dijhkYj_ediWdZWZced_j_edi$7i_\ c[dWdZmec[d^WZdej]hemdW][ZWdZj_h[Z"Wi_\demWhi^WZ X[[d\ek]^j"kdZ[hj^[mWjY^e\j^[YbeYaWdZj^[dej_Y[$

j[Yjkh[WdZYedi[hlWj_edWhY^W[ebe]o$M^[dm[_dl_j[Z^_cjel_i_j j^[\WYjehoWdZfhefei[Wmeha"^[mWij^_da_d]e\Wd[nf[h_c[djje [nfei[j^[kdl[_b_d]e\WbWo[he\j_c[j^hek]^Wi[h_[ie\\hW]c[dji e\ed[e\j^[mWbbie\j^[\WYjeho$?dj^[Z_iYkii_edij^WjeYYkhh[ZX[# jm[[dki"D_aebWki>_hiY^ekh[n^_X_j_edWZl_i[hWdZWhY^_j[YjWdZ Ej[he#FW_beiWjj^[i_j["m[Wbbh[Wb_p[Zj^Wjj^[h[WbY^Wbb[d][bWo_dYed# \hedj_d]j^[Wcd[i_W_dZkY[ZXoj^[WXi[djYbeYaWdZj^[c_ii_d] dej_Y[$=_l[d^em^_]^j^[cWhae\j^[WXi[djYbeYamWiedj^[mWbb" j^_ic[WdjY^Wbb[d]_d]Wjb[WijWd[dj_h[mWbbe\j^[\WYjehom_j^Wd [nf[h_c[djWbWYje\h[ijehWj_ed$ J^[iYWb[WdZiYef[e\j^[fhe`[Yj]Wl[h_i[jeWi[h_[ie\gk[ij_edi j^Wjfh[eYYkf_[Zkij^hek]^ekjj^[h[ijehWj_edfheY[ii$J^[i[gk[i# j_ediYWdX[ikccWh_p[ZWi\ebbemi0 Ö?\j^[mWbbm[h[jeX[Yb[Wd[Z"WdZ_\Yb[Wd_d]m[h[W`ekhd[o"j^[d m^_Y^fe_dj_dj_c[fWijmekbZX[j^[Z[ij_dWj_ed5M^[h[mekbZj^[ h[ijeh[h][je\\j^[jhW_d5?ih[ijehWj_edWÉed[mWoÊehWÉh[jkhdÊ`ekhd[o5 ÖM^Wj_ij^[Z_\\[h[dY[X[jm[[d^[Wb_d]"Yeic[j_Yikh][ho"\eh[di_Yi WdZWcehj_Y_WdÊi[\\ehjijeWhh[ijj^[_d[l_jWX_b_joe\Z[YWo5 Ö?ij^[h[dejiec[j^_d]ik_Y_ZWb"ehWjb[WijWcd[i_WY"_dj^[_cfkbi[j^Wj Z_YjWj[ij^WjWdWYje\h[ijehWj_edi^ekbZX[ieiboWijeX[_dl_i_Xb[5

M^[dm[Z[Y_Z[Zjei_j[ekh[n^_X_j_edÇJ^[H[ije\DemÈ\eh CWd_\[ijW-_dj^_ii_j[m[ad[mj^Wjm[^WZjecWa[ikh[dejjeX[ jWa[d_dXoj^[Wb_X_ib[\jXoj^[WXi[djYbeYaWdZj^[c_ii_d]dej_Y[$

ÖEdj^[ej^[h^WdZ"YWdj^[WYje\Yb[Wd_d]X[Zed[ieWijeh[jW_dW c[cehoe\Yb[Wd_d]"WdZe\m^WjmWiYb[Wdi[Z59WdYb[Wd_d]Wjed[ \ehj^[[hWikh[_jfheZkY[i5

M[^WZje[dikh[j^WjWdoWjj[cfjiWjj^[h[ijehWj_ede\j^[Xk_bZ_d] mekbZdej[dZkfh[fb_YWj_d]j^[WXi[djYbeYaWdZc_ii_d]dej_Y[Êi YecX_d[Z[\\ehjWj[\\WY_d]j_c[$

Ö8[\eh[Wif[Yae\ZkijX[Yec[i]h_c[m^[d_jbWdZiedWmWbb"_j ZWdY[iWiWcej[_dYWdZ[iY[dj_dWi^W\je\ikdb_]^j$

M[^WZ^[WhZ@eh][Ej[he#FW_beifh[i[djWd_djh_]k_d]hWd][e\ Wh]kc[djiedYb[Wd_d]WdZceZ[hd_joj^Wjm[Wl[ZWhjfhWYj_Y["WhY^_#

(*

J^[_j[hWj_ede\I]Z:i]^Xhd[9jhij^WjEj[heFW_beiWdZ^_iijkZ[dj# Y ebbWXehWjehih[Wb_p[Zm_j^_dÇJ^[H[ije\DemÈWjj^[[n#7bkc_n\WYjeho _d8ebpWde_d(&&.mWiWdWjj[cfjjeh[ijeh[j^[_dYWdZ[iY[dY[e\


7Xi[djYbeYa_d[n#7bkc_n\WYjeho

C_ii_d]dej_Y[

Wikdb_jZWdY[jeWdWhh[ij[Zif[Yae\Zkij$?d_jiemdmWo_jWdim[h[Z j^[gk[ij_edWijem^[j^[hehdejj^[WYje\f[[b_d]bWo[hie\Zkije\\W mWbbYWdWbie[dZkfh[l[Wb_d]j^[ZWdY[e\j_c[5 Demm[ademj^Wjj^[Wb_X_ie\j^[WXi[djYbeYaWdZj^[c_ii_d] dej_Y[ZedejijWdZ$J^[h[Wh[deWh]kc[djij^WjYWdX[ckij[h[Zeh cWhi^Wb[ZXoWded^_ijeho$

(+


I]Z:i]^Xhd[9jhi/6ajb^m!7daoVcd!'%%- [n^_X_j_edl_[miÇJ^[H[ije\DemÈ YkhWj[ZXoHWgiC[Z_W9ebb[Yj_l[" CWd_\[ijW-"8ebpWde

(,


Jorge Otero-Pailos: The Ethics of Dust  

Eva Ebersberger and Daniela Zyman, eds. Documenting Otero-Pailos 2009 installation at the 53rd Venice Biennial. With texts by Thordis Arrhen...

Advertisement
Read more
Read more
Similar to
Popular now
Just for you