The Sovereign Newspaper Issue 1

Page 1

Issue 1

20, May, 2009 - 30, May, 2009

$OO ,V 1RW :HOO ,Q 2EDPD /DQG By Naomi Klein

6XEPLWWHG RQ 0D\

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i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

SovereignNewspaper.com

=HOLNRZ +DV *RW WR *R By David Swanson DavidSwason.org

6XEPLWWHG RQ 0D\

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

PRYH IRUZDUG , P KRSHEURNHQ DOO RYHU DJDLQ +RSHODVK /LNH D EDFNODVK KRSHODVK LV D GHJUHH UHYHUVDO RI HYHU\WKLQJ 2EDPD UHODWHG 6XIIHUHUV ZHUH RQFH 2EDPD V PRVW SDVVLRQDWH HYDQJHOLVWV 1RZ WKH\ DUH KLV DQJULHVW FULWLFV 6DPSOH VHQWHQFH $W OHDVW ZLWK %XVK HYHU\RQH NQHZ KH ZDV DQ DVVKROH 1RZ ZH YH JRW WKH VDPH ZDUV WKH VDPH

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


,VVXH

7+( 0<7+ $1' 7+( 5($/,7< By David Ray Griffin DavidRayGriffin.com 6XEPLWWHG RQ 0D\

$OWKRXJK , DP D SKLORVRSKHU RI UHOLJLRQ DQG WKHRORJLDQ , KDYH VSHQW PRVW RI P\ WLPH GXULQJ WKH SDVW WKUHH \HDUV RQ ²VWXG\LQJ LW ZULWLQJ DERXW LW DQG VSHDNLQJ DERXW LW ,Q WKLV OHFWXUH , ZLOO WU\ WR PDNH FOHDU ZK\ , EHOLHYH WKLV LVVXH ZRUWK\ RI VR PXFK WLPH DQG HQHUJ\ , ZLOO GR WKLV LQ WHUPV RI WKH GLVWLQFWLRQ EHWZHHQ P\WK DQG UHDOLW\ , DP KHUH XVLQJ WKH WHUP ³P\WK´ LQ WZR VHQVHV ,Q RQH VHQVH D P\WK LI DQ LGHD WKDW ZKLOH ZLGHO\ EHOLHYHG LV IDOVH IDLOLQJ WR FRUUHVSRQG ZLWK UHDOLW\ ,Q D GHHSHU VHQVH ZKLFK LV HPSOR\HG E\ VWXGHQWV RI UHOLJLRQ D P\WK VHUYHV DV DQ RULHQWLQJ DQG PRELOL]LQJ VWRU\ IRU D SHRSOH D VWRU\ WKDW UHPLQGV WKHP ZKR WKH\ DUH DQG ZK\ WKH\ GR ZKDW WKH\ GR :KHQ D VWRU\ LV FDOOHG DV D P\WK LQ WKLV VHQVH²ZKLFK ZH FDQ FDOO 0\WK ZLWK D FDSLWDO 0²WKH IRFXV LV QRW RQ WKH VWRU\¶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³D PRQXPHQWDO VWUXJJOH RI *RRG YHUVXV (YLO ´ 7KHQ RQ 6HSWHPEHU KH GHFODUHG WKDW WKH IROORZLQJ GD\ ZRXOG EH D 1DWLRQDO 'D\ RI 3UD\HU DQG 5HPHPEUDQFH IRU WKH 9LFWLPV RI WKH 7HUURULVW $WWDFNV $QG RQ WKDW QH[W GD\ WKH SUHVLGHQW KLPVHOI VXUURXQGHG E\ %LOO\ *UDKDP D FDUGLQDO D UDEEL DQG DQ LPDP GHOLYHUHG D VHUPRQ LQ WKH QDWLRQDO FDWKHGUDO VD\LQJ ³2XU UHVSRQVLELOLW\ WR KLVWRU\ LV DOUHDG\ FOHDU WR DQVZHU WKHVH DWWDFNV DQG ULG WKH ZRUOG RI (YLO :DU KDV EHHQ ZDJHG DJDLQVW XV E\ VWHDOWK DQG GHFHLW DQG PXUGHU 7KLV QDWLRQ LV SHDFHIXO EXW ILHUFH ZKHQ VWLUUHG WR DQJHU ,Q HYHU\ JHQHUDWLRQ WKH ZRUOG KDV SURGXFHG HQHPLHV RI KXPDQ IUHHGRP 7KH\ KDYH DWWDFNHG $PHULFD EHFDXVH ZH DUH IUHHGRP¶V KRPH DQG GHIHQGHU $QG WKH FRPPLWPHQW RI RXU IDWKHUV LV QRZ WKH FDOOLQJ RI RXU WLPH >:@H DVN DOPLJKW\ *RG WR ZDWFK RYHU RXU QDWLRQ DQG JUDQW XV SDWLHQFH DQG UHVROYH LQ DOO WKDW LV WR FRPH $QG PD\ +H DOZD\V JXLGH RXU FRXQWU\ *RG EOHVV $PHULFD ´ 7KURXJK WKLV XQSUHFHGHQWHG HYHQW LQ ZKLFK WKH SUHVLGHQW RI WKH 8QLWHG 6WDWHV LVVXHG D GHFODUDWLRQ RI ZDU IURP D FDWKHGUDO )UHQFK DXWKRU 7KLHUU\ 0H\VVDQ REVHUYHG LQ ³WKH $PHULFDQ JRYHUQPHQW FRQVHFUDWHG LWV YHUVLRQ RI HYHQWV )URP WKHQ RQ DQ\ TXHVWLRQLQJ RI WKH RIILFLDO WUXWK ZRXOG EH VHHQ DV VDFULOHJH ´ 7KDW DWWLWXGH KDV UHPDLQHG GRPLQDQW LQ WKH SXEOLF VSKHUH XQWLO WKLV GD\ DV WKH RIILFLDO DFFRXQW KDV FRQWLQXHG WR VHUYH DV D 6DFUHG 6WRU\ :KHQ SHRSOH UDLVH TXHVWLRQV DERXW WKLV VWRU\ WKH\ DUH HLWKHU LJQRUHG ULGLFXOHG DV FRQVSLUDF\ WKHRULVWV RU²DV &KDUOLH 6KHHQ KDV UHFHQWO\ H[SHULHQFHG²DWWDFNHG SHUVRQDOO\ :KHQ DQ\RQH DVNV ZKDW ULJKW WKH DGPLQLVWUDWLRQ KDV WR LQYDGH DQG RFFXS\ RWKHU FRXQWULHV WR LPSULVRQ SHRSOH LQGHILQLWHO\ ZLWKRXW GXH SURFHVV RU HYHQ WR LJQRUH YDULRXV ODZV WKH DQVZHU LV DOZD\V WKH VDPH ³ ´

7KRVH ZKR EHOLHYH WKDW 86 ODZ DQG LQWHUQDWLRQDO ODZ VKRXOG EH UHVSHFWHG DUH GLVPLVVHG DV KDYLQJ ³D SUH PLQG VHW ´ *LYHQ WKH UROH WKH RIILFLDO DFFRXQW RI KDV SOD\HG DQG FRQWLQXHV WR SOD\ WKH PRVW LPSRUWDQW TXHVWLRQ EHIRUH RXU FRXQWU\ WRGD\ LV ZKHWKHU WKLV DFFRXQW EHVLGHV EHLQJ D 0\WK LQ WKH UHOLJLRXV VHQVH LV DOVR D P\WK LQ WKH SHMRUDWLYH VHQVH²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³P\WK´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²IRU H[DPSOH WKH 0H[LFDQ $PHULFDQ ZDU ZLWK LWV IDOVH FODLP WKDW 0H[LFR KDG ³VKHG $PHULFDQ EORRG RQ WKH $PHULFDQ VRLO ´ WKH 6SDQLVK $PHULFDQ ZDU ZLWK LWV ³5HPHPEHU WKH 0DLQH´ KRD[ WKH ZDU LQ WKH 3KLOLSSLQHV ZLWK LWV IDOVH FODLP WKDW WKH )LOLSLQRV ILUHG ILUVW DQG WKH 9LHWQDP ZDU ZLWK LWV 7RQNLQ *XOI KRD[ 7KH 8QLWHG 6WDWHV KDV DOVR VRPHWLPHV RUJDQL]HG IDOVH IODJ WHUURULVW DWWDFNV²NLOOLQJ LQQRFHQW FLYLOLDQV WKHQ EODPLQJ WKH DWWDFNV RQ DQ HQHP\ FRXQWU\

RU JURXS RIWHQ E\ SODQWLQJ HYLGHQFH :H KDYH HYHQ GRQH WKLV LQ DOOLHG FRXQWULHV $V 'DQLHOH *DQVHU KDV VKRZQ LQ KLV UHFHQW ERRN 1$72¶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³SUHWH[WV ZKLFK ZRXOG SURYLGH MXVWLILFDWLRQ IRU 86 PLOLWDU\ LQWHUYHQWLRQ LQ &XED ´ $PHULFDQ FLWL]HQV ZRXOG KDYH EHHQ NLOOHG LQ VRPH RI WKHP VXFK DV D ³5HPHPEHU WKH 0DLQH´ LQFLGHQW LQ ZKLFK ³:H FRXOG EORZ XS D 8 6 VKLS LQ *XDQWiQDPR %D\ DQG EODPH &XED ´ $W WKLV SRLQW VRPH SHRSOH KDYLQJ VHHQ HYLGHQFH WKDW 86 OHDGHUV ZRXOG EH PRUDOO\ FDSDEOH RI RUFKHVWUDWLQJ PLJKW DYRLG ORRNLQJ DW WKH HYLGHQFH E\ DSSHDO WR 0\WK 1XPEHU 2XU SROLWLFDO DQG PLOLWDU\ OHDGHUV ZRXOG KDYH KDG QR PRWLYH IRU RUFKHVWUDWLQJ WKH DWWDFNV 7KLV P\WK ZDV UHLQIRUFHG E\ 7KH &RPPLVVLRQ 5HSRUW :KLOH H[SODLQLQJ ZK\ DO 4DHGD KDG DPSOH PRWLYHV IRU FDUU\LQJ RXW WKH DWWDFNV WKLV UHSRUW PHQWLRQV QR PRWLYHV WKDW 86 OHDGHUV PLJKW KDYH KDG %XW WKH DOOHJHG PRWLYH RI DO 4DHGD²WKDW LW KDWHG $PHULFDQV DQG WKHLU IUHHGRPV²LV GZDUIHG E\ D PRWLYH KHOG E\ PDQ\ PHPEHUV RI WKH %XVK &KHQH\ DGPLQLVWUDWLRQ WKH GUHDP RI HVWDEOLVKLQJ D JOREDO 3D[ $PHULFDQD WKH ILUVW DOO LQFOXVLYH HPSLUH LQ KLVWRU\ 7KLV GUHDP KDG EHHQ DUWLFXODWHG E\ PDQ\ QHRFRQVHUYDWLYHV RU QHRFRQV WKURXJKRXW WKH V DIWHU WKH GLVLQWHJUDWLRQ RI WKH 6RYLHW 8QLRQ PDGH LW VHHP SRVVLEOH ,W ZDV ILUVW RIILFLDOO\ DUWLFXODWHG LQ WKH 'HIHQVH 3ODQQLQJ *XLGDQFH RI GUDIWHG E\ 3DXO :ROIRZLW] RQ EHKDOI RI WKHQ 6HFUHWDU\ RI 'HIHQVH 'LFN &KHQH\²D GRFXPHQW WKDW KDV EHHQ FDOOHG ³D EOXHSULQW IRU SHUPDQHQW $PHULFDQ JOREDO KHJHPRQ\´ DQG &KHQH\¶V ³3ODQ WR UXOH WKH ZRUOG ´ $FKLHYLQJ WKLV JRDO ZRXOG UHTXLUH IRXU WKLQJV 2QH RI WKHVH ZDV JHWWLQJ FRQWURO RI WKH ZRUOG¶V RLO HVSHFLDOO\ LQ &HQWUDO $VLD DQG WKH 0LGGOH (DVW DQG WKH %XVK &KHQH\ DGPLQLVWUDWLRQ FDPH WR SRZHU ZLWK SODQV DOUHDG\ PDGH WR DWWDFN $IJKDQLVWDQ DQG ,UDT

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³LPSHULDO PRELOL]DWLRQ ´ DQG WKLV UHIXVDO ³OLPLWV $PHULFD¶V FDSDFLW\ IRU PLOLWDU\ LQWLPLGDWLRQ ´ %XW WKLV LPSHGLPHQW FRXOG EH RYHUFRPH LI WKHUH ZHUH ³D WUXO\ PDVVLYH DQG ZLGHO\ SHUFHLYHG GLUHFW H[WHUQDO WKUHDW´ ²MXVW DV WKH $PHULFDQ SHRSOH ZHUH ZLOOLQJ WR HQWHU :RUOG :DU ,, RQO\ DIWHU ³WKH VKRFN HIIHFW RI WKH -DSDQHVH DWWDFN RQ 3HDUO +DUERU ´ 7KLV VDPH LGHD ZDV VXJJHVWHG LQ LQ D GRFXPHQW HQWLWOHG 5HEXLOGLQJ $PHULFD¶V 'HIHQVHV ZKLFK ZDV SXW RXW E\ D QHRFRQ WKLQN WDQN FDOOHG WKH 3URMHFW IRU WKH 1HZ $PHULFDQ &HQWXU\ PDQ\ PHPEHUV RI ZKLFK²LQFOXGLQJ &KHQH\ 5XPVIHOG DQG :ROIRZLW]²EHFDPH FHQWUDO PHPEHUV RI WKH %XVK DGPLQLVWUDWLRQ 7KLV GRFXPHQW UHIHUULQJ WR WKH JRDO RI WUDQVIRUPLQJ WKH PLOLWDU\ VDLG WKDW WKLV ³SURFHVV RI WUDQVIRUPDWLRQ LV OLNHO\ WR EH D ORQJ RQH DEVHQW VRPH FDWDVWURSKLF DQG FDWDO\]LQJ HYHQW²OLNH D QHZ 3HDUO +DUERU ´ :KHQ WKH DWWDFNV RI RFFXUUHG WKH\ ZHUH WUHDWHG OLNH D QHZ 3HDUO +DUERU 6HYHUDO PHPEHUV RI WKH %XVK DGPLQLVWUDWLRQ VSRNH RI DV SURYLGLQJ RSSRUWXQLWLHV 6HFUHWDU\ RI 'HIHQVH 5XPVIHOG VDLG WKDW FUHDWHG ³WKH NLQG RI RSSRUWXQLWLHV WKDW :RUOG :DU ,, RIIHUHG WR UHIDVKLRQ WKH ZRUOG ´ ,W FUHDWHG LQ SDUWLFXODU WKH RSSRUWXQLW\ WR DWWDFN $IJKDQLVWDQ DQG ,UDT WR LQFUHDVH WKH PLOLWDU\ EXGJHW HQRUPRXVO\ WR JR IRUZDUG ZLWK PLOLWDU\ WUDQVIRUPDWLRQ DQG WR WXUQ WKH QHZ LGHD RI SUHHPSWLYH ZDUIDUH LQWR RIILFLDO GRFWULQH 7KLV GRFWULQDO FKDQJH ZDV DQQRXQFHG LQ WKH YHUVLRQ RI WKH 1DWLRQDO 6HFXULW\ 6WUDWHJ\ ZKLFK VDLG WKDW $PHULFD ZLOO ³DFW DJDLQVW HPHUJLQJ WKUHDWV EHIRUH WKH\ DUH IXOO\ IRUPHG ´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


,VVXH

9/11: FRQWLQXHG IURP SDJH WKH JDV FKDPEHU 7KRVH SHRSOH ZKR KDG NQRZOHGJH ZLWKRXW EHLQJ FRPSOLFLW FRXOG EH LQGXFHG WR NHHS TXLHW E\ PHDQV RI PRUH RU OHVV VXEWOH WKUHDWV²VXFK DV ³-RH LI \RX JR IRUZDUG ZLWK \RXU SODQV WR WDON WR WKH SUHVV DERXW WKLV , GRQ¶W NQRZ ZKR LV JRLQJ WR SURWHFW \RXU ZLIH DQG NLGV IURP VRPH QXWFDVH DQJHUHG E\ \RXU VWDWHPHQW ´ 6WLOO DQRWKHU IDFW LV WKDW QHLWKHU WKH JRYHUQPHQW QRU WKH PDLQVWUHDP SUHVV KDV WR VD\ WKH OHDVW VKRZQ DQ\ VLJQV RI ZDQWLQJ DQ\RQH WR FRPH IRUZDUG , FRPH QRZ WR 0\WK 1XPEHU 7KH &RPPLVVLRQ ZKLFK KDV HQGRUVHG WKH RIILFLDO DFFRXQW ZDV DQ LQGHSHQGHQW LPSDUWLDO FRPPLVVLRQ DQG KHQFH FDQ EH EHOLHYHG 2QH QHHGV RQO\ WR ORRN DW WKH UHYLHZV RI 7KH &RPPLVVLRQ 5HSRUW RQ $PD]RQ FRP WR VHH WKDW WKLV DVVXPSWLRQ LV ZLGHO\ DFFHSWHG 3HUKDSV WKLV LV SDUWO\ EHFDXVH LQ WKH 3UHIDFH WKH &RPPLVVLRQ¶V FKDLUPDQ DQG YLFH FKDLUPDQ WHOO XV WKDW WKH &RPPLVVLRQ VRXJKW ³WR EH LQGHSHQGHQW LPSDUWLDO WKRURXJK DQG QRQSDUWLVDQ ´ %XW WKHVH WHUPV GR QRW GHVFULEH WKH UHDOLW\ 7KH &RPPLVVLRQ¶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¶V )RUHLJQ ,QWHOOLJHQFH $GYLVRU\ %RDUG =HOLNRZ ZDV WKHUHIRUH WKH :KLWH +RXVH¶V PDQ LQVLGH WKH &RPPLVVLRQ $QG \HW DV H[HFXWLYH GLUHFWRU KH JXLGHG WKH VWDII ZKLFK GLG YLUWXDOO\ DOO WKH ZRUN RI WKH &RPPLVVLRQ =HOLNRZ ZDV LQ SRVLWLRQ WKHUHIRUH WR GHFLGH ZKLFK WRSLFV ZRXOG EH LQYHVWLJDWHG DQG ZKLFK RQHV QRW 2QH GLVJUXQWOHG PHPEHU UHSRUWHGO\ VDLG DW WKH WLPH ³=HOLNRZ LV FDOOLQJ WKH VKRWV +H¶V VNHZLQJ WKH LQYHVWLJDWLRQ DQG UXQQLQJ LW KLV RZQ ZD\ ´ $FFRUGLQJO\ LQVRIDU DV WKH &RPPLVVLRQ ZDV VXSSRVHG WR EH LQYHVWLJDWLQJ WKH IDLOXUH RI WKH %XVK DGPLQLVWUDWLRQ WR SUHYHQW WKH DWWDFNV WKH &RPPLVVLRQ ZDV QR PRUH LQGHSHQGHQW DQG LPSDUWLDO WKDQ LI 'LFN &KHQH\ KDG EHHQ UXQQLQJ LW 7KH RQO\ GLIIHUHQFH LV WKDW QR RQH JRW VKRW

=HOLNRZ¶V LGHRORJLFDO DQG SHUVRQDO FORVHQHVV WR WKH %XVK DGPLQLVWUDWLRQ LV VKRZQ E\ RQH PRUH IDFW WKDW KDV XQWLO QRZ QRW EHHQ ZLGHO\ NQRZQ HYHQ ZLWKLQ WKH WUXWK PRYHPHQW , PHQWLRQHG HDUOLHU WKH %XVK DGPLQLVWUDWLRQ¶V 1DWLRQDO 6HFXULW\ 6WUDWHJ\ VWDWHPHQW RI LQ ZKLFK WKH QHZ GRFWULQH RI SUHHPSWLYH ZDUIDUH ZDV DUWLFXODWHG 7KH SULPDU\ DXWKRU RI WKLV GRFXPHQW UHSRUWV -DPHV 0DQQ LQ 5LVH RI WKH 9XOFDQV ZDV QRQH RWKHU WKDQ 3KLOLS =HOLNRZ $FFRUGLQJ WR 0DQQ DIWHU 5LFH VDZ D ILUVW GUDIW ZKLFK KDG EHHQ ZULWWHQ E\ 5LFKDUG +DDVV LQ WKH 6WDWH 'HSDUWPHQW VKH ZDQWLQJ ³VRPHWKLQJ EROGHU ´ EURXJKW LQ =HOLNRZ WR FRPSOHWHO\ UHZULWH LW 7KH UHVXOW ZDV D YHU\ EHOOLFRVH GRFXPHQW WKDW XVHG WR MXVWLI\ WKH DGPLQLVWUDWLRQ¶V VR FDOOHG ZDU RQ WHUURU 0D[ %RRW GHVFULEHG LW DV D ³TXLQWHVVHQWLDOO\ QHR FRQVHUYDWLYH GRFXPHQW ´ :H FDQ XQGHUVWDQG WKHUHIRUH ZK\ WKH &RPPLVVLRQ XQGHU =HOLNRZ¶V OHDGHUVKLS ZRXOG KDYH LJQRUHG DOO HYLGHQFH WKDW ZRXOG SRLQW WR WKH WUXWK WKDW ZDV D IDOVH IODJ RSHUDWLRQ LQWHQGHG WR DXWKRUL]H WKH GRFWULQHV DQG IXQGV QHHGHG IRU D QHZ OHYHO RI LPSHULDO PRELOL]DWLRQ 7KH VXJJHVWLRQ WKDW ZDV D IDOVH IODJ

RSHUDWLRQ EULQJV XV WR 0\WK 1XPEHU 7KH %XVK DGPLQLVWUDWLRQ SURYLGHG SURRI WKDW WKH DWWDFNV ZHUH FDUULHG RXW E\ DO 4DHGD WHUURULVWV XQGHU WKH GLUHFWLRQ RI 2VDPD ELQ /DGHQ 2QH RI WKH PDLQ SLHFHV RI DOOHJHG SURRI LQYROYHG WKH FODLP WKDW WKH EDJJDJH RI 0RKDPHG $WWD FDOOHG WKH ULQJOHDGHU RI WKH KLMDFNHUV ZDV GLVFRYHUHG DW WKH %RVWRQ DLUSRUW IURP ZKLFK )OLJKW GHSDUWHG 7KLV EDJJDJH EHVLGHV FRQWDLQLQJ $WWD¶V SDVVSRUW DQG GULYHU¶V OLFHQVH DOVR FRQWDLQHG YDULRXV W\SHV RI LQFULPLQDWLQJ HYLGHQFH VXFK DV IOLJKW VLPXODWRU PDQXDOV YLGHRWDSHV DERXW %RHLQJ DLUOLQHUV DQG D OHWWHU WR RWKHU KLMDFNHUV DERXW SUHSDULQJ IRU WKH PLVVLRQ %XW WKH EDJV DOVR FRQWDLQHG $WWD¶V ZLOO :K\ ZRXOG $WWD KDYH LQWHQGHG WR WDNH KLV ZLOO RQ D SODQH WKDW KH SODQQHG WR IO\ LQWR WKH :RUOG 7UDGH &HQWHU" 7KHUH DUH DOVR PDQ\ RWKHU SUREOHPV LQ WKLV VWRU\ :H DSSHDU WR KDYH SODQWHG HYLGHQFH $QRWKHU HOHPHQW RI WKH RIILFLDO VWRU\ DERXW WKH DOOHJHG KLMDFNHUV LV WKDW WKH\ ZHUH YHU\ GHYRXW 0XVOLPV 7KH &RPPLVVLRQ 5HSRUW VDLG WKDW $WWD KDG EHFRPH YHU\ UHOLJLRXV HYHQ ³IDQDWLFDOO\ VR ´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³QR FUHGLEOH HYLGHQFH H[SODLQLQJ ZK\ RQ WKLV RFFDVLRQ DQG RWKHUV WKH RSHUDWLYHV IOHZ WR RU PHW LQ /DV 9HJDV ´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¶V SKRWRJUDSK RI KLP ,W HYHQ VXJJHVWHG WKDW DO 6KHKUL VWDEEHG RQH RI WKH IOLJKW DWWHQGDQWV VKRUWO\ EHIRUH )OLJKW FUDVKHG LQWR WKH QRUWK WRZHU %XW DV %%& 1HZV KDG UHSRUWHG GD\V DIWHU DO 6KHKUL KDYLQJ VHHQ KLV SKRWRJUDSK LQ QHZVSDSHUV DQG 79 SURJUDPV QRWLILHG DXWKRULWLHV DQG MRXUQDOLVWV LQ 0RURFFR ZKHUH KH ZRUNV DV D SLORW WKDW KH LV VWLOO DOLYH %XW LI WKHUH DUH YDULRXV SUREOHPV ZLWK WKH JRYHUQPHQW¶V VWRU\ DERXW WKH KLMDFNHUV VXUHO\ LW SUHVHQWHG SURRI WKDW 2VDPD ELQ /DGHQ ZDV EHKLQG WKH RSHUDWLRQ" ,QVRIDU DV WKLV EHOLHI LV ZLGHO\ KHOG LW DOVR LV D P\WK 6HFUHWDU\ RI 6WDWH &ROLQ 3RZHOO SURPLVHG WR SURYLGH D ZKLWH SDSHU SURYLGLQJ SURRI WKDW WKH DWWDFNV KDG EHHQ SODQQHG E\ ELQ /DGHQ EXW WKLV SDSHU ZDV QHYHU SURGXFHG %ULWLVK 3ULPH 0LQLVWHU 7RQ\ %ODLU GLG SURYLGH VXFK D SDSHU ZKLFK ZDV HQWLWOHG ³5HVSRQVLELOLW\ IRU WKH 7HUURULVW $WURFLWLHV LQ WKH 8QLWHG 6WDWHV ´ %XW LW EHJLQV ZLWK WKH DGPLVVLRQ WKDW LW ´GRHV QRW SXUSRUW WR SURYLGH D SURVHFXWDEOH FDVH DJDLQVW 8VDPD %LQ /DGHQ LQ D FRXUW RI ODZ ´ 6R HYLGHQFH JRRG HQRXJK WR JR WR ZDU EXW QRW JRRG HQRXJK WR JR WR FRXUW $QG DOWKRXJK WKH 7DOLEDQ VDLG WKDW LW ZRXOG KDQG ELQ /DGHQ RYHU LI WKH 8QLWHG 6WDWHV SUHVHQWHG HYLGHQFH RI KLV LQYROYHPHQW LQ %XVK UHIXVHG 7KLV IDLOXUH WR SURYLGH SURRI ZDV ODWHU VDLG

WR EH XQQHFHVVDU\ EHFDXVH ELQ /DGHQ LQ D YLGHR DOOHJHGO\ IRXQG LQ $IJKDQLVWDQ DGPLWWHG UHVSRQVLELOLW\ IRU WKH DWWDFNV 7KLV ³FRQIHVVLRQ´ LV QRZ ZLGHO\ FLWHG DV SURRI +RZHYHU WKH PDQ LQ WKLV YLGHR KDV GDUNHU VNLQ IXOOHU FKHHNV DQG D EURDGHU QRVH WKDQ WKH 2VDPD ELQ /DGHQ RI DOO WKH RWKHU YLGHRV :H DJDLQ VHHP WR KDYH SODQWHG HYLGHQFH 7KHUH DUH PRUHRYHU RWKHU SUREOHPV LQ WKH RIILFLDO DFFRXQW RI 2VDPD ELQ /DGHQ )RU RQH WKLQJ LQ -XQH RI ZKHQ KH ZDV DOUHDG\ $PHULFD¶V ³PRVW ZDQWHG´ FULPLQDO KH UHSRUWHGO\ VSHQW WZR ZHHNV LQ WKH $PHULFDQ +RVSLWDO LQ 'XEDL DW ZKLFK KH ZDV WUHDWHG E\ DQ $PHULFDQ GRFWRU DQG YLVLWHG E\ WKH ORFDO &,$ DJHQW $OVR DIWHU ZKHQ $PHULFD ZDV UHSRUWHGO\ WU\LQJ WR JHW ELQ /DGHQ ³GHDG RU DOLYH ´ WKH 86 PLOLWDU\ HYLGHQWO\ DOORZHG KLP WR HVFDSH RQ DW OHDVW IRXU RFFDVLRQV WKH ODVW RQH EHLQJ WKH ³EDWWOH RI 7RUD %RUD ´ ZKLFK WKH /RQGRQ 7HOHJUDSK ODEHOHG ³D JUDQG FKDUDGH ´ 6KRUWO\ WKHUHDIWHU %XVK VDLG ³, GRQ¶W NQRZ ZKHUH KH >ELQ /DGHQ@ LV , MXVW GRQ¶W VSHQG WKDW PXFK WLPH RQ KLP , WUXO\ DP QRW WKDW FRQFHUQHG DERXW KLP ´ 6RPHWLPHV WKH WUXWK VOLSV RXW

,Q DQ\ FDVH WKH LGHD WKDW WKH %XVK DGPLQLVWUDWLRQ KDV SURYLGHG SURRI IRU LWV FODLPV DERXW 2VDPD ELQ /DGHQ DQG WKH DO 4DHGD KLMDFNHUV LV D P\WK , WXUQ QRZ WR 0\WK 1XPEHU 7KH DWWDFNV FDPH DV D VXUSULVH WR WKH %XVK DGPLQLVWUDWLRQ 1RWKLQJ LV PRUH HVVHQWLDO WR WKH RIILFLDO VWRU\ WKDQ WKLV LGHD $ERXW PRQWKV DIWHU IRU H[DPSOH )%, 'LUHFWRU 5REHUW 0XHOOHU VDLG ³7R WKLV GD\ ZH KDYH IRXQG QR RQH LQ WKH 8QLWHG 6WDWHV H[FHSW WKH DFWXDO KLMDFNHUV ZKR NQHZ RI WKH SORW ´ 7KHUH LV PXFK HYLGHQFH KRZHYHU WKDW FRXQWV DJDLQVW WKLV FODLP 7KH 3XW 2SWLRQV 2QH W\SH RI HYLGHQFH LQYROYHV DQ H[WUDRUGLQDULO\ KLJK YROXPH RI ³SXW RSWLRQV´ SXUFKDVHG LQ WKH WKUHH GD\V SULRU WR 7R EX\ SXW RSWLRQV IRU D SDUWLFXODU FRPSDQ\ LV WR EHW WKDW LWV VWRFN SULFH ZLOO JR GRZQ 7KHVH H[WUDRUGLQDU\ SXUFKDVHV LQFOXGHG WZR DQG RQO\ WZR DLUOLQHV±8QLWHG DQG $PHULFDQ±WKH WZR DLUOLQHV XVHG LQ WKH DWWDFNV 7KH\ DOVR LQFOXGHG 0RUJDQ 6WDQOH\ 'HDQ :LWWHU ZKLFK RFFXSLHG VWRULHV RI WKH :RUOG 7UDGH &HQWHU 7KH SULFH RI WKHVH VKDUHV GLG RI FRXUVH SOXPPHW DIWHU UHVXOWLQJ LQ HQRUPRXV SURILWV IRU WKH SXUFKDVHUV 7KHVH XQXVXDO SXUFKDVHV DV WKH 6DQ )UDQFLVFR &KURQLFOH VDLG UDLVH ³VXVSLFLRQV WKDW WKH LQYHVWRUV KDG DGYDQFH NQRZOHGJH RI WKH VWULNHV ´ ,W ZRXOG DSSHDU LQ RWKHU ZRUGV WKDW WKRVH ZKR PDGH WKH SXUFKDVHV NQHZ WKDW 8QLWHG DQG $PHULFDQ DLUOLQHUV ZHUH JRLQJ WR EH XVHG LQ DWWDFNV RQ WKH :RUOG 7UDGH &HQWHU 7KH &RPPLVVLRQ WULHG WR VKRZ WKHVH VXVSLFLRQV WR EH XQIRXQGHG ,W FODLPHG IRU H[DPSOH WKDW WKH SXUFKDVHV IRU 8QLWHG $LUOLQHV GR QRW VKRZ WKDW DQ\RQH RWKHU WKDQ DO 4DHGD KDG IRUHNQRZOHGJH RI WKH DWWDFNV EHFDXVH SHUFHQW RI WKHVH RSWLRQV ZHUH SXUFKDVHG E\ ³>D@ VLQJOH 8 6 EDVHG LQVWLWXWLRQDO LQYHVWRU ZLWK QR FRQFHLYDEOH WLHV WR DO 4DHGD ´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

7RZHUV KH GLVPLVVHG WKH LQFLGHQW DV PHUHO\ D ³KRUULEOH DFFLGHQW ´ ZKLFK PHDQW WKDW WKH\ FRXOG JR DKHDG ZLWK WKH SKRWR RS 1HZV RI WKH VHFRQG VWULNH KRZHYHU ZRXOG KDYH LQGLFDWHG²DVVXPLQJ WKDW WKH VWULNHV ZHUH XQH[SHFWHG²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³>W@KH 6HFUHW 6HUYLFH WROG XV WKH\ GLG QRW WKLQN LW LPSHUDWLYH IRU >WKH SUHVLGHQW@ WR UXQ RXW WKH GRRU ´ 0DLQWDLQLQJ GHFRUXP LQ RWKHU ZRUGV ZDV PRUH LPSRUWDQW WKDQ SURWHFWLQJ WKH SUHVLGHQW¶V OLIH &DQ DQ\RQH VHULRXVO\ EHOLHYH WKDW KLJKO\ WUDLQHG 6HFUHW 6HUYLFH DJHQWV ZRXOG DFW WKLV ZD\ LQ D VLWXDWLRQ RI JHQXLQH GDQJHU" 0LQHWD¶V 5HSRUW DERXW &KHQH\ 7KH DWWDFN RQ WKH 3HQWDJRQ DV ZHOO DV WKH DWWDFN RQ WKH :RUOG 7UDGH &HQWHU ZDV VDLG WR EH D VXUSULVH HYHQ WKRXJK LW RFFXUUHG RYHU D KDOI KRXU DIWHU WKH VHFRQG VWULNH RQ WKH 7ZLQ 7RZHUV $ 3HQWDJRQ VSRNHVSHUVRQ LQ H[SODLQLQJ ZK\ WKH 3HQWDJRQ ZDV QRW HYDFXDWHG EHIRUH LW ZDV VWUXFN FODLPHG WKDW ³>W@KH 3HQWDJRQ ZDV VLPSO\ QRW DZDUH WKDW WKLV DLUFUDIW ZDV FRPLQJ RXU ZD\ ´ 7KH &RPPLVVLRQ FODLPHG WKDW WKHUH ZDV QR ZDUQLQJ DERXW DQ XQLGHQWLILHG DLUFUDIW KHDGLQJ WRZDUGV :DVKLQJWRQ XQWLO DQG KHQFH RQO\ ³RQH RU WZR PLQXWHV´ EHIRUH WKH 3HQWDJRQ ZDV VWUXFN DW %XW WKLV FODLP LV FRQWUDGLFWHG E\ 6HFUHWDU\ RI 7UDQVSRUWDWLRQ 1RUPDQ 0LQHWD¶V WHVWLPRQ\ DERXW DQ HSLVRGH WKDW RFFXUUHG LQ WKH 3UHVLGHQWLDO (PHUJHQF\ 2SHUDWLRQV &HQWHU XQGHU WKH :KLWH +RXVH ,Q RSHQ WHVWLPRQ\ WR WKH &RPPLVVLRQ 0LQHWD JDYH WKLV DFFRXQW ³'XULQJ WKH WLPH WKDW WKH DLUSODQH ZDV FRPLQJ LQ WR WKH 3HQWDJRQ WKHUH ZDV D \RXQJ PDQ ZKR ZRXOG FRPH LQ DQG VD\ WR WKH 9LFH 3UHVLGHQW µ7KH SODQH LV PLOHV RXW ¶ µ7KH SODQH LV PLOHV RXW ¶ $QG ZKHQ LW JRW GRZQ WR µWKH SODQH LV PLOHV RXW ¶ WKH \RXQJ PDQ DOVR VDLG WR WKH 9LFH 3UHVLGHQW µ'R WKH RUGHUV VWLOO VWDQG"¶ $QG WKH 9LFH 3UHVLGHQW VDLG µ2I FRXUVH WKH RUGHUV VWLOO VWDQG +DYH \RX KHDUG DQ\WKLQJ WR WKH FRQWUDU\"¶´ 0LQHWD VDLG WKDW WKDW WKLV ILQDO H[FKDQJH RFFXUUHG DW DERXW RU $FFRUGLQJ WR 0LQHWD¶V DFFRXQW WKHUHIRUH &KHQH\ NQHZ DERXW DQ DSSURDFKLQJ DLUFUDIW PRUH WKDQ PLQXWHV EHIRUH ZKHQ WKH 3HQWDJRQ ZDV VWUXFN $VVXPLQJ WKDW &KHQH\ ZRXOG QRW KDYH NHSW WKLV LQIRUPDWLRQ IURP KLV JRRG IULHQG 'RQDOG 5XPVIHOG 0LQHWD¶V WHVWLPRQ\ FRQWUDGLFWV WKH FODLP RI WKH 3HQWDJRQ DQG WKH &RPPLVVLRQ WKDW WKHUH ZDV QR DGYDQFH NQRZOHGJH DW OHDVW QRW VXIILFLHQW DGYDQFH NQRZOHGJH WR KDYH HYDFXDWHG WKH 3HQWDJRQ ZKLFK ZRXOG KDYH VDYHG OLYHV 7KLV H[DPSOH JLYHV XV RQH RI WKH FOHDUHVW H[DPSOHV RI WKH IDFW WKDW WKH =HOLNRZ OHG &RPPLVVLRQ FDQQRW EH WUXVWHG +DYLQJ FODLPHG WKDW WKHUH ZDV QR NQRZOHGJH WKDW DQ DLUFUDIW ZDV DSSURDFKLQJ WKH 3HQWDJRQ XQWLO WKH ODVW PLQXWH RU VR LW VLPSO\ RPLWWHG 0LQHWD¶V WHVWLPRQ\ WR WKH FRQWUDU\ ZKLFK KDG EHHQ JLYHQ LQ RSHQ WHVWLPRQ\ WR WKH &RPPLVVLRQ LWVHOI IURP LWV ILQDO UHSRUW 7KHQ SDJH


,VVXH

,QWHUQHW 7KUHDWHQHG E\ &HQVRUVKLS 6HFUHW 6XUYHLOODQFH DQG &\EHUVHFXULW\ /DZV By Stephen Lendman RawStory.com 6XEPLWWHG RQ 0D\

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

FRPPXQLFDWLRQV WKDW DUH WUDQVPLWWHG LQ ZKROH RU LQ SDUW E\ WKH LQWHUQHW IRU WKH DOOHJHG SXUSRVH RI KDUDVVPHQW HYHQ LI RQO\ YLJRURXV FRQVWLWXWLRQDO GHEDWH ZDV LQWHQGHG RU RUGLQDU\ IUHH VSHHFK ,Q 2FWREHU WKH +RXVH SDVVHG WKH 9LROHQW 5DGLFDOL]DWLRQ DQG +RPHJURZQ 7HUURULVP $FW FDOOHG WKH WKRXJKW FULPH SUHYHQWLRQ ELOO ,W ZDV LQWURGXFHG LQ WKH 6HQDWH UHIHUUHG WR WKH +RPHODQG 6HFXULW\ DQG *RYHUQPHQWDO $IIDLUV &RPPLWWHH EXW QHYHU

YRWHG RQ RU SDVVHG ,I LW HYHU EHFRPHV ODZ LQ LWV SUHVHQW IRUP LW ZLOO HVWDEOLVK D FRPPLVVLRQ DQG &HQWHU IRU ([FHOOHQFH WR VWXG\ DQG DFW DJDLQVW WKRXJKW FULPLQDOV LQFOXGLQJ RQOLQH RQHV IRU DOOHJHG DFWV RI YLROHQW UDGLFDOL]DWLRQ DQG

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

*HQHUDO +HQU\ 0F0DVWHU QRWLILHG LWV &(2 -LP %XFNPDVWHU WKDW XQOHVV DQ HURWLF VHUYLFHV VHFWLRQ LV UHPRYHG LQ GD\V FUDLJVOLVW PDQDJHPHQW PD\ EH VXEMHFW WR FULPLQDO LQYHVWLJDWLRQ DQG SURVHFXWLRQ 2WKHU $*V LQ 5KRGH ,VODQG ,OOLQRLV DQG &RQQHFWLFXW LVVXHG VLPLODU WKUHDWV HYHQ WKRXJK DOO RI WKHP DUH EDVHOHVV 3UHYLRXV FRXUWV KDYH KHOG WKDW 6HFWLRQ RI WKH &RPPXQLFDWLRQV 'HFHQF\ $FW &'$

SURWHFWV LQWHUDFWLYH FRPSXWHU VHUYLFH SURYLGHUV OLNH FUDLJVOLVW DQG OHWV WKHP EH VHOI UHJXODWLQJ DQG IUHH IURP OLDELOLW\ 7KH ODZ FOHDUO\ VWDWHV WKDW WKH\ VKRXOGQ W EH UHVSRQVLEOH IRU WKLUG SDUW\ FRQWHQW EHFDXVH

WKH\ GLGQ W GR HQRXJK WR FRPSO\ ZLWK LQGLYLGXDO 6WDWH VWDQGDUGV WKDW PD\ YLRODWH WKH )LUVW $PHQGPHQW DQG IHGHUDO ODZ ,Q FUDLJVOLVW V FDVH LW V JRQH ZD\ EH\RQG LWV OHJDO REOLJDWLRQV ,Q 1RYHPEHU LW DJUHHG WR WHFKQLFDO DQG SROLF\ FKDQJHV WR FXUE WKH XVH RI LWV VLWH IRU LOOHJDO SXUSRVHV E\ WKLUG SDUWLHV LQFOXGLQJ UHTXLULQJ WHOHSKRQH DQG FUHGLW FDUG YHULILFDWLRQ IRU HURWLF VHUYLFHV DGV WR UHMHFW RQHV GHHPHG LOOHJDO (DUOLHU FUDLJVOLVW VFUHHQHG RXW RI WKHVH DGV 1RQHWKHOHVV LW V EHLQJ XQIDLUO\ WDUJHWHG E\ $*V LQWHUSUHWLQJ 6HFWLRQ DQG )LUVW $PHQGPHQW ULJKWV DV WKH\ SOHDVH )HGHUDO ODZ KRZHYHU SURWHFWV FUDLJVOLVW EXW QRW DJDLQVW DPELWLRXV $*V KDUDVVPHQW IRU WKHLU RZQ SROLWLFDO DGYDQWDJH DQG VHOI LQWHUHVW 2Q 0D\ FUDLJVOLVW DQQRXQFHG WKDW LW ILOHG VXLW DJDLQVW 6RXWK &DUROLQD $WWRUQH\ *HQHUDO +HQU\ 0F0DVWHU VHHNLQJ GHFODUDWRU\ UHOLHI DQG D UHVWUDLQLQJ RUGHU ZLWK UHVSHFW WR FULPLQDO FKDUJHV KH KDV UHSHDWHGO\ WK U H D WH Q H G D J D LQ V W F U D LJ V OLV W D Q G LWV H[HFXWLYHV &UDLJVOLVW LV RQ VROLG IRRWLQJ ,W V LQ IXOO FRPSOLDQFH ZLWK WKH ODZ EXW 0F0DVWHU V SHUVLVWHQW WKUHDWV IRUFHG LW WR VXH LQ IHGHUDO FRXUW 7KHVH DQG QXPHURXV RWKHU FRQJUHVVLRQDO DQG RWKHU DWWHPSWV DLP WR FHQVRU SURWHFWHG VSHHFK LQFOXGLQJ RQOLQH ([SHFW PRUH RI WKLV DKHDG VRPH OHJLVODWLRQ WR EH HQDFWHG DW WLPHV XSKHOG E\ WKH FRXUWV DQG DV D UHVXOW RXU OLEHUWLHV WR EH FKLSSHG DZD\ LQFUHPHQWDOO\ DQG ORVW XQOHVV D OLQH LQ WKH VDQG LV GUDZQ DQG GHIHQGHG E\ HQRXJK RI WKH FRPPLWWHG WR GR LW 2Q )HEUXDU\ RQH VNLUPLVK WXUQHG RXW VXFFHVVIXOO\ ZKHQ D IHGHUDO MXGJH OHW WKH DQRQ\PRXV ZKLVWOH EORZLQJ :LNL/HDNV UHVXPH RSHUDWLRQV DIWHU D ZHHN HDUOLHU RUGHULQJ LWV 86 KRVWLQJ FRPSDQ\ DQG GRPDLQ UHJLVWUDU '\QDGRW WR VKXW GRZQ DQG ORFN RXW LWV VLWH ,Q KLV UHFRQVLGHUHG UXOLQJ 'LVWULFW -XGJH -HIIUH\ :KLWH FRQFHGHG KH ZDV KDYLQJ VHFRQG WKRXJKWV UHJDUGLQJ VHULRXV TXHVWLRQV RI SULRU UHVWUDLQW DQG SRVVLEOH YLRODWLRQV RI WKH )LUVW $PHQGPHQW +H DGGHG WKDW WKH FRXUW GRHV QRW ZDQW WR EH D SDUW RI DQ\ RUGHU WKDW LV QRW FRQVWLWXWLRQDO (YHQ VR RQH WULXPSK GRHVQ W PHDQ YLFWRU\ 7KH VWUXJJOH IRU XQLPSHGHG IUHH VSHHFK FRQWLQXHV 6HFUHW 8QFRQVWLWXWLRQDO 6XUYHLOODQFH ,QFOXGLQJ 2QOLQH 'DWD 0LQLQJ 7KH ULJKW WR SULYDF\ LV VDFUHG HYHQ WKRXJK QR FRQVWLWXWLRQDO SURYLVLRQ VSHFLILFDOO\ PDQGDWHV LW 1RQHWKHOHVV WKH )LUVW $PHQGPHQW JXDUDQWHHV IUHH DQG RSHQ VSHHFK DQG EHOLHIV 7KH 7KLUG $PHQGPHQW WKH SULYDF\ RI RXU KRPHV DJDLQVW GHPDQGV WR EH XVHG WR KRXVH VROGLHUV 7KH )RXUWK $PHQGPHQW DJDLQVW XQUHDVRQDEOH VHDUFKHV DQG VHL]XUHV 7KH )LIWK $PHQGPHQW DJDLQVW VHOI LQFULPLQDWLRQ DQG SULYDF\ RI RXU SHUVRQDO LQIRUPDWLRQ $OVR WKH 1LQWK $PHQGPHQW VWDWHV WKDW WKH HQXPHUDWLRQ RI FHUWDLQ RI WKH %LOO RI ULJKWV VKDOO QRW EH FRQVWUXHG WR GHQ\ RU GLVSDUDJH RWKHU ULJKWV UHWDLQHG E\ WKH SHRSOH ,Q *ULVZROG Y &RQQHFWLFXW WKH 6XSUHPH &RXUW KHOG WKDW WKH &RQVWLWXWLRQ SURWHFWV SULYDF\ LQ D FDVH DIILUPLQJ WKH ULJKW WR XVH FRQWUDFHSWLYHV DQG WKDW EDQQLQJ WKHP YLRODWHG WKH ULJKW WR PDULWDO SULYDF\ ,Q -XVWLFH $UWKXU *ROGEHUJ V FRQFXUULQJ RSLQLRQ KH FLWHG WKH 1LQWK $PHQGPHQW LQ GHIHQVH RI WKH UXOLQJ (DUOLHU +LJK &RXUWV DOVR DIILUPHG WKH FRQVWLWXWLRQDO ULJKW RI SULYDF\ RQ PDWWHUV RI PDUULDJH FKLOG UHDULQJ SURFUHDWLRQ HGXFDWLRQ WHUPLQDWLRQ RI PHGLFDO WUHDWPHQW SRVVHVVLQJ DQG YLHZLQJ SRUQRJUDSK\ DERUWLRQ DQG PRUH DV ZHOO DV RYHUDOO SULYDF\ SURWHFWLRQ 7KH WK $PHQGPHQW V OLEHUW\ FODXVH DOVR UHODWHV WR SULYDF\ E\ VWDWLQJ QRU VKDOO DQ\ 6WDWH GHSULYH DQ\ SHUVRQ RI OLIH OLEHUW\ RU SURSHUW\ ZLWKRXW GXH SURFHVV RI ODZ ,17(51(7 SDJH


,VVXH

9/11: FRQWLQXHG IURP SDJH WR UXOH RXW HYHQ WKH SRVVLELOLW\ WKDW WKH HSLVRGH UHSRUWHG E\ 0LQHWD FRXOG KDYH RFFXUUHG LW FODLPHG WKDW &KHQH\ GLG QRW HYHQ DUULYH LQ WKH 3UHVLGHQWLDO (PHUJHQF\ 2SHUDWLRQV &HQWHU XQWLO DOPRVW R¶FORFN KHQFH DERXW PLQXWHV DIWHU WKH 3HQWDJRQ ZDV VWUXFN %XW WKLV FODLP EHVLGHV FRQWUDGLFWLQJ 0LQHWD¶V H\HZLWQHVV WHVWLPRQ\ WKDW &KHQH\ ZDV DOUHDG\ WKHUH ZKHQ 0LQHWD DUULYHG DW DOVR FRQWUDGLFWV DOO RWKHU UHSRUWV DV WR ZKHQ &KHQH\ KDG DUULYHG WKHUH LQFOXGLQJ D UHSRUW E\ &KHQH\ KLPVHOI ,Q OLJKW RI WKLV LQIRUPDWLRQ DERXW WKH SXW RSWLRQV WKH 6HFUHW 6HUYLFH DQG 0LQHWD¶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²WKH 1RUWK $PHULFDQ $HURVSDFH 'HIHQVH &RPPDQG²WR VHQG XS RU ³VFUDPEOH ´ MHW ILJKWHUV WR ILQG RXW ZKDW LV JRLQJ RQ 125$' WKHQ LVVXHV D VFUDPEOH RUGHU WR WKH QHDUHVW DLU IRUFH EDVH ZLWK ILJKWHUV RQ DOHUW 7KH MHW ILJKWHUV DW 125$'¶V GLVSRVDO FRXOG UHVSRQG YHU\ TXLFNO\ $FFRUGLQJ WR WKH 86 $LU )RUFH ZHEVLWH ) V FDQ JR IURP ³VFUDPEOH RUGHU´ WR IHHW LQ RQO\ PLQXWHV DIWHU ZKLFK WKH\ FDQ IO\ RYHU PLOHV SHU KRXU 7KHUHIRUH±DFFRUGLQJ WR *HQHUDO 5DOSK (EHUKDUW WKH KHDG RI 125$'²DIWHU WKH )$$ VHQVHV WKDW VRPHWKLQJ LV ZURQJ ³LW WDNHV DERXW RQH PLQXWH´ IRU LW WR FRQWDFW 125$' DIWHU ZKLFK DFFRUGLQJ WR D VSRNHVSHUVRQ 125$' FDQ VFUDPEOH ILJKWHU MHWV ³ZLWKLQ D PDWWHU RI PLQXWHV WR DQ\ZKHUH LQ WKH 8QLWHG 6WDWHV ´ 7KHVH VWDWHPHQWV ZHUH WR EH VXUH PDGH DIWHU VR ZH PLJKW VXVSHFW WKDW WKH\ UHIOHFW D SRVW VSHHG XS LQ SURFHGXUHV %XW DQ $LU 7UDIILF &RQWURO GRFXPHQW SXW RXW LQ ZDUQHG SLORWV WKDW DQ\ DLUSODQHV SHUVLVWLQJ LQ XQXVXDO EHKDYLRU ³ZLOO OLNHO\ ILQG WZR >MHW ILJKWHUV@ RQ WKHLU WDLO ZLWKLQ RU VR PLQXWHV ´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³>125$'¶V@ ILJKWHUV URXWLQHO\ LQWHUFHSW DLUFUDIW ´ :K\ GLG VXFK LQWHUFHSWLRQV QRW RFFXU RQ " 'XULQJ WKH ILUVW IHZ GD\V WKH SXEOLF ZDV WROG WKDW QR ILJKWHU MHWV ZHUH VHQW XS XQWLO DIWHU WKH VWULNH RQ WKH 3HQWDJRQ DW +RZHYHU LW ZDV DOVR UHSRUWHG WKDW VLJQV RI )OLJKW ¶V KLMDFNLQJ KDG EHHQ REVHUYHG DW 7KDW ZRXOG PHDQ WKDW DOWKRXJK LQWHUFHSWLRQV XVXDOO\ RFFXU ZLWKLQ ³ RU VR´ PLQXWHV DIWHU VLJQV RI WURXEOH DUH REVHUYHG LQ WKLV FDVH RU VR PLQXWHV KDG HODSVHG EHIRUH ILJKWHUV ZHUH HYHQ DLUERUQH 7KLV VWRU\ VXJJHVWHG WKDW D ³VWDQG GRZQ´ RUGHU KDG EHHQ LVVXHG :LWKLQ D IHZ GD\V KRZHYHU D VHFRQG VWRU\

ZDV SXW RXW DFFRUGLQJ WR ZKLFK 125$' KDG VHQW XS ILJKWHUV EXW EHFDXVH QRWLILFDWLRQ IURP WKH )$$ KDG EHHQ YHU\ VORZ LQ FRPLQJ WKH ILJKWHUV DUULYHG WRR ODWH 2Q 6HSWHPEHU 125$' PDGH WKLV VHFRQG VWRU\ RIILFLDO HPERG\LQJ LW LQ D WLPHOLQH ZKLFK LQGLFDWHG ZKHQ 125$' KDG EHHQ QRWLILHG E\ WKH )$$ DERXW HDFK DLUSODQH DQG ZKHQ LW KDG VFUDPEOHG ILJKWHUV LQ UHVSRQVH &ULWLFV VKRZHG KRZHYHU WKDW HYHQ LI WKH )$$ QRWLILFDWLRQV KDG FRPH DV ODWH DV 125$'¶V WLPHOLQH LQGLFDWHG 125$'¶V MHWV ZRXOG KDYH KDG WLPH WR PDNH WKH LQWHUFHSWLRQV 7KLV VHFRQG VWRU\ GLG QRW WKHUHIRUH UHPRYH WKH VXVSLFLRQ WKDW D VWDQG GRZQ RUGHU KDG EHHQ JLYHQ +RSLQJ WR RYHUFRPH WKLV SUREOHP 7KH &RPPLVVLRQ 5HSRUW SURYLGHG D WKLUG DFFRXQW DFFRUGLQJ WR ZKLFK FRQWUDU\ WR 125$'¶V WLPHOLQH RI 6HSWHPEHU WKH )$$ GLG QRW QRWLI\ 125$' DERXW )OLJKW XQWLO DIWHU LW KDG VWUXFN WKH VRXWK WRZHU RU DERXW )OLJKW XQWLO DIWHU LW KDG VWUXFN WKH 3HQWDJRQ %XW WKHUH DUH VHULRXV SUREOHPV ZLWK WKLV WKLUG VWRU\ 2QH SUREOHP LV WKH YHU\ IDFW WKDW LW LV WKH WKLUG VWRU\ 1RUPDOO\ ZKHQ D VXVSHFW LQ D FULPLQDO LQYHVWLJDWLRQ NHHSV FKDQJLQJ KLV VWRU\ ZH JHW VXVSLFLRXV /HW¶V VD\ WKDW WKH SROLFH DVN &KDUOLH -RQHV ZKHUH KH ZDV 6DWXUGD\ QLJKW +H VD\V KH ZDV DW WKH PRYLH WKHDWHU EXW WKH\ VD\ ³1R WKH PRYLH WKHDWHU KDV EHHQ FORVHG DOO ZHHN ´ 7KHQ &KDUOLH VD\V ³2K WKDW¶V ULJKW , ZDV ZLWK P\ JLUO IULHQG ´ %XW WKH SROLFH VD\ ³1R ZH FKHFNHG ZLWK KHU DQG VKH ZDV KRPH ZLWK KHU KXVEDQG ´ ,I DW WKDW SRLQW &KDUOLH VD\V ³2K QRZ , UHPHPEHU , ZDV KRPH UHDGLQJ P\ %LEOH ´ \RX DUH SUREDEO\ QRW JRLQJ WR EHOLHYH KLP $QG \HW WKDW¶V ZKDW ZH KDYH KHUH 7KH PLOLWDU\ WROG RQH VWRU\ ULJKW DIWHU DQRWKHU VWRU\ D ZHHN ODWHU DQG D WKLUG VWRU\ WKURXJK 7KH &RPPLVVLRQ 5HSRUW LQ $ VHFRQG SUREOHP ZLWK WKLV WKLUG VWRU\ LV WKDW LW FRQWUDGLFWV VHYHUDO IHDWXUHV RI WKH VHFRQG VWRU\ ZKLFK KDG VHUYHG DV WKH RIILFLDO VWRU\ IRU DOPRVW WKUHH \HDUV )RU H[DPSOH 125$'¶V WLPHOLQH RI 6HSWHPEHU KDG LQGLFDWHG WKDW WKH )$$ KDG QRWLILHG LW DERXW )OLJKW H[DFWO\ PLQXWHV EHIRUH LW KLW LWV WDUJHW DQG DERXW )OLJKW VRPH PLQXWHV EHIRUH WKH 3HQWDJRQ ZDV VWUXFN 7KH &RPPLVVLRQ PDLQWDLQV WKDW ERWK RI WKHVH VWDWHPHQWV ZHUH ³LQFRUUHFW´²WKDW UHDOO\ WKHUH KDG EHHQ QR QRWLILFDWLRQ DERXW WKHVH IOLJKWV XQWLO DIWHU WKH\ KLW WKHLU WDUJHWV 7KLV LW FODLPV LV ZK\ WKH PLOLWDU\ KDG IDLOHG WR LQWHUFHSW WKHP %XW LI 125$'¶V WLPHOLQH ZDV IDOVH DV WKH &RPPLVVLRQ QRZ FODLPV 125$' PXVW KDYH EHHQ HLWKHU O\LQJ RU FRQIXVHG %XW LW LV KDUG WR EHOLHYH WKDW LW FRXOG KDYH EHHQ FRQIXVHG RQH ZHHN DIWHU 6R LW PXVW KDYH EHHQ O\LQJ %XW LI WKH PLOLWDU\¶V VHFRQG VWRU\ ZDV D OLH ZK\ VKRXOG ZH EHOLHYH WKLV WKLUG RQH" )XUWKHU VFHSWLFLVP DERXW WKLV WKLUG VWRU\ DULVHV IURP WKH IDFW WKDW LW LV FRQWUDGLFWHG E\ FRQVLGHUDEOH HYLGHQFH )RU H[DPSOH WKH &RPPLVVLRQ¶V FODLP WKDW WKH PLOLWDU\ GLG QRW NQRZ DERXW )OLJKW XQWLO LW FUDVKHG LV FRQWUDGLFWHG E\ D UHSRUW LQYROYLQJ &DSWDLQ 0LFKDHO -HOOLQHN D &DQDGLDQ ZKR RQ ZDV RYHUVHHLQJ 125$'¶V KHDGTXDUWHUV LQ &RORUDGR $FFRUGLQJ WR D VWRU\ LQ WKH 7RURQWR 6WDU -HOOLQHN ZDV RQ WKH SKRQH ZLWK 125$' DV KH ZDWFKHG )OLJKW FUDVK LQWR WKH VRXWK WRZHU +H WKHQ DVNHG 125$' ³:DV WKDW WKH KLMDFNHG DLUFUDIW \RX ZHUH GHDOLQJ ZLWK"´±WR ZKLFK 125$' VDLG ³\HV ´ 7KH &RPPLVVLRQ¶V FODLPV DERXW )OLJKWV DQG DUH DOVR FRQWUDGLFWHG E\ D PHPR VHQW WR WKH &RPPLVVLRQ E\ /DXUD %URZQ RI WKH )$$ +HU PHPR VWDWHG WKDW DW DERXW WKH )$$ KDG VHW XS D WHOHFRQIHUHQFH LQ ZKLFK LW VWDUWHG VKDULQJ LQIRUPDWLRQ ZLWK WKH PLOLWDU\ DERXW DOO IOLJKWV 6KH VSHFLILFDOO\ PHQWLRQHG )OLJKW LQGLFDWLQJ WKDW WKH )$$ KDG EHHQ VKDULQJ LQIRUPDWLRQ DERXW LW HYHQ EHIRUH WKH IRUPDO QRWLILFDWLRQ WLPH RI +HU PHPR ZKLFK LV DYDLODEOH RQ WKH :HE ZDV GLVFXVVHG E\ WKH &RPPLVVLRQ DQG UHDG LQWR LWV UHFRUG RQ

0D\ %XW =HOLNRZ¶V &RPPLVVLRQ 5HSRUW IDLOV WR PHQWLRQ WKLV PHPR %HFDXVH RI WKHVH DQG VWLOO PRUH SUREOHPV ZKLFK , KDYH GLVFXVVHG LQ P\ ERRN RQ WKH &RPPLVVLRQ¶V UHSRUW DQG DOVR LQ D OHFWXUH FDOOHG ³)OLJKWV RI )DQF\´ WKLV WKLUG VWRU\ GRHV QRW UHPRYH WKH JURXQGV IRU VXVSLFLRQ WKDW D VWDQG GRZQ RUGHU KDG EHHQ LVVXHG 7KHUH LV PRUHRYHU HDU ZLWQHVV WHVWLPRQ\ IRU WKLV VXVSLFLRQ $Q XSSHU PDQDJHPHQW RIILFLDO DW /$; ZKR QHHGV WR UHPDLQ DQRQ\PRXV KDV WROG PH WKDW KH RYHUKHDUG PHPEHUV RI /$; 6HFXULW\±LQFOXGLQJ RIILFHUV IURP WKH )%, DQG /$3'²LQWHUDFWLQJ RQ WKHLU ZDONLH WDONLHV VKRUWO\ DIWHU WKH DWWDFNV ,Q VRPH FDVHV KH FRXOG KHDU ERWK VLGHV RI WKH FRQYHUVDWLRQ $W ILUVW WKH /$; RIILFLDOV ZHUH WROG WKDW WKH DLUSODQHV WKDW DWWDFNHG :RUOG 7UDGH &HQWHU DQG WKH 3HQWDJRQ KDG QRW EHHQ LQWHUFHSWHG EHFDXVH WKH )$$ KDG QRW QRWLILHG 125$' DERXW WKH KLMDFNLQJV %XW ODWHU KH UHSRUWV WKH\ ZHUH WROG WKDW 125$' KDG EHHQ QRWLILHG EXW GLG QRW UHVSRQG EHFDXVH LW KDG EHHQ ³RUGHUHG WR VWDQG GRZQ ´ :KHQ /$; VHFXULW\ RIILFLDOV DVNHG ZKR KDG LVVXHG WKDW RUGHU WKH\ ZHUH WROG WKDW LW KDG FRPH ³IURP WKH KLJKHVW OHYHO RI WKH :KLWH +RXVH ´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²ZKLFK LV ZKDW MHW IXHO LV²FDQQRW XQGHU WKH PRVW LGHDO FLUFXPVWDQFHV ULVH DERYH GHJUHHV $ VHFRQG H[SODQDWLRQ HQGRUVHG E\ 7KH &RPPLVVLRQ 5HSRUW LV D ³SDQFDNH´ WKHRU\ DFFRUGLQJ WR ZKLFK WKH ILUHV ZKLOH QRW PHOWLQJ WKH VWHHO KHDWHG LW XS VXIILFLHQWO\ WR FDXVH WKH IORRUV ZHDNHQHG E\ WKH DLUSODQH VWULNHV WR EUHDN ORRVH IURP WKH VWHHO FROXPQV²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³D KROORZ VWHHO VKDIW ´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³JOREDO FROODSVH ´ %XW DV SK\VLFLVWV -LP +RIIPDQ DQG 6WHYHQ -RQHV KDYH VKRZQ WKLV DFFRXQW LV ULGGOHG ZLWK

SUREOHPV 2QH RI WKHVH LV WKDW 1,67¶V FODLP DERXW WUHPHQGRXVO\ KRW ILUHV LQ WKH FRUH LV FRPSOHWHO\ XQVXSSRUWHG E\ HYLGHQFH 1,67¶V RZQ VWXGLHV IRXQG QR HYLGHQFH WKDW DQ\ RI WKH FRUH FROXPQV KDG UHDFKHG WHPSHUDWXUHV RI HYHQ ) & $ VHFRQG SUREOHP LV WKDW HYHQ LI WKLV VHTXHQFH RI HYHQWV KDG RFFXUUHG 1,67 SURYLGHG QR H[SODQDWLRQ DV WR ZK\ LW ZRXOG KDYH SURGXFHG JOREDO² WKDW LV WRWDO±FROODSVH 7KH 1,67 5HSRUW DVVHUWV WKDW ³FROXPQ IDLOXUH´ RFFXUUHG LQ WKH FRUH DV ZHOO DV WKH SHULPHWHU FROXPQV %XW WKLV UHPDLQV D EDUH DVVHUWLRQ 7KHUH LV QR SODXVLEOH H[SODQDWLRQ RI ZK\ WKH FRUH FROXPQV ZRXOG KDYH EURNHQ RU HYHQ EXFNOHG VR DV WR SURGXFH JOREDO FROODSVH $QG WKLV LV RQO\ WR EHJLQ WR HQXPHUDWH WKH SUREOHPV LQ 1,67¶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²HLWKHU EHIRUH RU DIWHU ²EHHQ EURXJKW DERXW E\ ILUH DORQH RU ILUH FRPELQHG ZLWK H[WHUQDOO\ SURGXFHG VWUXFWXUDO GDPDJH 7KH FROODSVH RI %XLOGLQJ KDV EHHQ UHFRJQL]HG DV HVSHFLDOO\ GLIILFXOW WR H[SODLQ ,W ZDV QRW KLW E\ D SODQH VR WKH H[SODQDWLRQ KDV WR UHO\ RQ ILUH DORQH DQG \HW EHFDXVH WKHUH ZDV QR MHW IXHO WR JHW D ELJ ILUH VWDUWHG WKLV EXLOGLQJ KDG ILUHV RQ RQO\ WZR RU WKUHH IORRUV DFFRUGLQJ WR VHYHUDO ZLWQHVVHV DQG DOO WKH SKRWRJUDSKLF HYLGHQFH )(0$ DGPLWWHG WKDW WKH EHVW H[SODQDWLRQ LW FRXOG FRPH XS ZLWK LW KDG ³RQO\ D ORZ SUREDELOLW\ RI RFFXUUHQFH ´ 7KH &RPPLVVLRQ 5HSRUW LPSOLFLWO\ DGPLWWHG WKDW LW FRXOG QRW H[SODLQ WKH FROODSVH RI %XLOGLQJ E\ QRW HYHQ PHQWLRQLQJ LW 7KH 1,67 5HSRUW ZKLFK FRXOG QRW FODLP WKDW WKH ILUH SURRILQJ KDG JRWWHQ NQRFNHG RII WKH VWHHO RI WKLV EXLOGLQJ KDV \HW WR RIIHU DQ H[SODQDWLRQ DV WR ZK\ LW FROODSVHG $QG 1,67 OLNH WKH &RPPLVVLRQ HYLGHQWO\ GLG QRW ZDQW FLWL]HQV DVNLQJ ZK\ %XLOGLQJ FROODSVHG HYHQ WKRXJK LW ZDV QRW KLW E\ D SODQH 2Q LWV :HEVLWH LW VD\V WKDW RQH RI LWV REMHFWLYHV LV WR GHWHUPLQH ³ZK\ DQG KRZ :RUOG 7UDGH &HQWHU EXLOGLQJV DQG FROODSVHG DIWHU WKH LQLWLDO LPSDFW RI WKH DLUFUDIW´²WKHUHE\ LPSO\LQJ WKDW EXLOGLQJ OLNH WKH 7ZLQ 7RZHUV ZDV KLW E\ D SODQH ,Q DQ\ FDVH D WKLUG SUREOHP ZLWK WKH RIILFLDO DFFRXQW RI WKH FROODSVH RI WKHVH WKUHH EXLOGLQJV LV WKDW DOO SULRU DQG VXEVHTXHQW WRWDO FROODSVHV RI VWHHO IUDPH KLJK ULVHV KDYH EHHQ FDXVHG E\ H[SORVLYHV LQ WKH SURFHGXUH NQRZQ DV ³FRQWUROOHG GHPROLWLRQ ´ 7KLV SUREOHP LV PDGH HYHQ PRUH VHYHUH E\ WKH IDFW WKDW WKH FROODSVHV RI WKHVH WKUHH EXLOGLQJV PDQLIHVWHG PDQ\ VWDQGDUG IHDWXUHV RI WKH PRVW GLIILFXOW W\SH RI FRQWUROOHG GHPROLWLRQ NQRZQ DV LPSORVLRQ , ZLOO PHQWLRQ VHYHQ VXFK IHDWXUHV )LUVW WKH FROODSVHV EHJDQ VXGGHQO\ 6WHHO LI ZHDNHQHG E\ ILUH ZRXOG JUDGXDOO\ EHJLQ WR VDJ %XW DV RQH FDQ VHH IURP YLGHRV DYDLODEOH RQ WKH :HE DOO WKUHH EXLOGLQJV DUH FRPSOHWHO\ PRWLRQOHVV XS WR WKH PRPHQW WKH\ SDJH


,VVXH

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

VXVSLFLRXV FKDUDFWHUV OLNH DQWL ZDU DQG HQYLURQPHQWDO DFWLYLVWV WUDSSHG LQ WKH .DINDHVTXH FOXWFKHV RI WKLV OLVW ZLWK OLWWOH KRSH RI HVFDSH

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


,VVXH

*XDQWiQDPR $ 3ULVRQ %XLOW 2Q /LHV By Andy Worthington 6XEPLWWHG RQ 0D\

$V WKH 2EDPD DGPLQLVWUDWLRQ SUHSDUHV WR UHODXQFK 'LFN &KHQH\ DQG 'DYLG $GGLQJWRQ¶V UHYLOHG 0LOLWDU\ &RPPLVVLRQV ZLWK FODLPV WKDW WKH\ ZLOO EH XVHG IRU OHVV WKDQ RI WKH SULVRQHUV VWLOO KHOG VHQLRU RIILFLDOV KDYH EHHQ ODUJHO\ VLOHQW DERXW WKH HYHQWXDO IDWH RI WKH UHVW RI WKH SULVRQ¶V SRSXODWLRQ ZLWK WKH H[FHSWLRQ RI D IHZ UHFHQW UHPDUNV LQGLFDWLQJ WKDW WKH\ DUH DOVR WKLQNLQJ RI SUHVVLQJ IRU D IRUP RI ³SUHYHQWLYH GHWHQWLRQ´ IRU WR RI WKH SULVRQHUV 7KH LURQ\ ² WKDW DOO WKH SULVRQHUV KDYH EHHQ HQGXULQJ D IRUP RI ³SUHYHQWLYH GHWHQWLRQ´ IRU RYHU VHYHQ \HDUV ² LV DSSDUHQWO\ ORVW RQ WKH JRYHUQPHQW ZKLFK KDV DOVR PDLQWDLQHG D UHVROXWH VLOHQFH LQ UHVSRQVH WR D KDQGIXO RI KDEHDV FRUSXV FDVHV LQ ZKLFK WKH SULVRQHUV DUH VHHNLQJ WR KDYH WKHLU FDVHV GLVPLVVHG E\ WKH FRXUWV DV PDQGDWHG E\ WKH 6XSUHPH &RXUW ODVW -XQH WKDW KDYH UHVXOWHG LQ MXGJHV SRXULQJ VFRUQ RQ WKH JRYHUQPHQW¶V VXSSRVHG HYLGHQFH ,Q DQ DUWLFOH ODVW ZHHN ³-XGJH &RQGHPQV µ0RVDLF¶ 2I *XDQWiQDPR ,QWHOOLJHQFH $QG 8QUHOLDEOH :LWQHVVHV ´ , DQDO\]HG D GHYDVWDWLQJ UXOLQJ E\ 'LVWULFW &RXUW -XGJH *ODG\V .HVVOHU LQ WKH KDEHDV FRUSXV KHDULQJ RI $OOD $OL %LQ $OL $KPHG $ <HPHQL $OL $KPHG KDV DOZD\V PDLQWDLQHG WKDW KH ZDV D VWXGHQW VWD\LQJ LQ D JXHVW KRXVH LQ )DLVDODEDG 3DNLVWDQ DQG WKDW ZKHQ KH ZDV VHL]HG LQ D UDLG RQ WKH KRXVH RQ 0DUFK KH KDG QR NQRZOHGJH WKDW WKH KRXVH ZDV DSSDUHQWO\ WDQJHQWLDOO\ FRQQHFWHG WR WKH DOOHJHG VHQLRU DO 4DHGD RSHUDWLYH $EX =XED\GDK )XUWKHUPRUH LQ UHVSRQVH WR WKH JRYHUQPHQW¶V RWKHU DOOHJDWLRQV KH KDV DOVR ³GHQLH>G@ HYHU JRLQJ WR $IJKDQLVWDQ WUDLQLQJ DW DQ DO 4DHGD FDPS ILJKWLQJ DJDLQVW DQ\RQH RU EHLQJ D PHPEHU RI D WHUURULVW JURXS ´ $XWKRUL]LQJ $OL $KPHG¶V KDEHDV FODLP -XGJH .HVVOHU GHPROLVKHG WKH JRYHUQPHQW¶V FDVH DJDLQVW KLP SDLQWLQJ D GLVWXUELQJ SLFWXUH RI XQUHOLDEOH DOOHJDWLRQV PDGH E\ RWKHU SULVRQHUV ZKR ZHUH WRUWXUHG FRHUFHG EULEHG RU VXIIHULQJ IURP PHQWDO KHDOWK LVVXHV DQG D ³PRVDLF´ RI LQWHOOLJHQFH SXUSRUWLQJ WR ULVH WR WKH OHYHO RI HYLGHQFH ZKLFK DFWXDOO\ UHOLHG WR DQ LQWROHUDEOH GHJUHH RQ VHFRQG RU WKLUG KDQG KHDUVD\ JXLOW E\ DVVRFLDWLRQ DQG XQVXSSRUWDEOH VXSSRVLWLRQV 7KLV IROORZ XS DUWLFOH ORRNV LQ GHSWK DW $OL $KPHG¶V VWRU\ DQG WKRVH RI WKH PHQ VHL]HG ZLWK KLP LQ WKH ³,VVD´ JXHVW KRXVH LQ )DLVDODEDG ZLWK WKH DLP RI HQFRXUDJLQJ WKH -XVWLFH 'HSDUWPHQW WR DEDQGRQ LWV FDVHV DJDLQVW WKHVH RWKHU PHQ HLWKHU DV SDUW RI LWV VHFUHWLYH ([HFXWLYH UHYLHZ RI WKH SULVRQHUV LQ *XDQWiQDPR ZLWK LWV XQFRPIRUWDEOH HFKRHV RI WKH %XVK DGPLQLVWUDWLRQ¶V ORYH RI ([HFXWLYH GHFLVLRQV PDGH ZLWKRXW FRQVXOWLQJ &RQJUHVV RU WKH MXGLFLDU\ RU E\ UHIXVLQJ WR FRQWHVW WKHLU KDEHDV FDVHV LQ WKH 'LVWULFW &RXUWV , SURSRVH WKLV FRXUVH RI DFWLRQ EHFDXVH WKH FDVHV DJDLQVW WKHVH RWKHU PHQ GHPRQVWUDWH D VLPLODU UHOLDQFH RQ GXELRXV DOOHJDWLRQV DQG D VLPLODU ³PRVDLF´ RI LQIHUHQFHV WKDW ZLOO QRW VWDQG XS WR RXWVLGH VFUXWLQ\ DV ZDV QRWHG E\ -XGJH .HVVOHU LQ KHU UXOLQJ ZKHQ VKH ZURWH ³,W LV OLNHO\ EDVHG RQ HYLGHQFH LQ WKH UHFRUG WKDW DW OHDVW D PDMRULW\ RI WKH >UHGDFWHG@ JXHVWV ZHUH LQGHHG VWXGHQWV OLYLQJ DW D JXHVW KRXVH WKDW ZDV ORFDWHG FORVH WR D XQLYHUVLW\ ´ $OOD $OL %LQ $OL $KPHG¶V WHVWLPRQ\ DW *XDQWiQDPR $OL $KPHG ZKR ZDV MXVW \HDUV ROG DW WKH WLPH RI KLV FDSWXUH DOWKRXJK WKH 3HQWDJRQ FODLPV WKDW KH ZDV UHSHDWHGO\ H[SODLQHG DW *XDQWiQDPR WKDW KH ZDV VHL]HG DQG KHOG E\ PLVWDNH +LV VWDWHPHQWV ZHUH PDGH LQ KLV &RPEDWDQW 6WDWXV 5HYLHZ 7ULEXQDO FRQYHQHG WR DVVHVV ZKHWKHU RQ FDSWXUH KH KDG EHHQ FRUUHFWO\ GHVLJQDWHG DV DQ ³HQHP\ FRPEDWDQW´ ZKR FRXOG EH KHOG ZLWKRXW FKDUJH RU WULDO DQG LQ WKH VXEVHTXHQW DQQXDO $GPLQLVWUDWLYH 5HYLHZ %RDUGV FRQYHQHG WR DVVHVV ZKHWKHU KH VWLOO SRVHG D WKUHDW WR WKH 86 RU LWV DOOLHV

$V , KDYH H[SODLQHG DW OHQJWK LQ P\ ERRN 7KH *XDQWiQDPR )LOHV DQG LQ QXPHURXV DUWLFOHV RYHU WKH ODVW WZR \HDUV WKHVH KHDULQJV ZHUH PRQVWURXVO\ XQMXVW DV WKH\ UHOLHG RQ FODVVLILHG HYLGHQFH WKDW ZDV QRW GLVFORVHG WR WKH SULVRQHUV DQG DOVR SUHYHQWHG WKHP IURP KDYLQJ OHJDO UHSUHVHQWDWLRQ ,Q DGGLWLRQ DV /W &RO 6WHSKHQ $EUDKDP D YHWHUDQ RI 86 LQWHOOLJHQFH KDV H[SODLQHG EDVHG RQ KLV LQYROYHPHQW LQ WKH WULEXQDOV LQ DQG WKH ERG\ UHVSRQVLEOH IRU FRPSLOLQJ WKH LQIRUPDWLRQ WR EH XVHG DV HYLGHQFH KDG OLWWOH RU QR DFFHVV WR WKH GDWDEDVHV RI WKH UHOHYDQW LQWHOOLJHQFH DJHQFLHV DQG DV D UHVXOW UHOLHG ODUJHO\ RQ ³JHQHULF´ LQIRUPDWLRQ WKDW GLG QRW VSHFLILFDOO\ UHODWH WR WKH SULVRQHUV DQG LQ PRVW FDVHV RQ ³LQIRUPDWLRQ REWDLQHG GXULQJ LQWHUURJDWLRQV RI RWKHU GHWDLQHHV ´ ZKLFK DV -XGJH .HVVOHU¶V UHFHQW UXOLQJ FRQILUPV ZHUH RIWHQ PDGH E\ SULVRQHUV ZKR ZHUH WRUWXUHG FRHUFHG EULEHG RU VXIIHULQJ IURP PHQWDO KHDOWK LVVXHV 1HYHUWKHOHVV WKH WUDQVFULSWV RI WKHVH KHDULQJV DUH RIWHQ WKH RQO\ PHDQV E\ ZKLFK ZH NQRZ DQ\WKLQJ DERXW WKH SULVRQHUV DW *XDQWiQDPR DQG LQ KLV PRVW UHFHQW SXEOLFO\ DYDLODEOH UHYLHZ PDGH DYDLODEOH E\ WKH 3HQWDJRQ IRXU PRQWKV DJR DQG GDWLQJ IURP $OL $KPHG PDGH LW FOHDU WKDW DIWHU ILYH \HDUV LQ *XDQWiQDPR KH ZDV VWLOO VWUXJJOLQJ WR XQGHUVWDQG ZK\ KH ZDV EHLQJ KHOG DV WKH IROORZLQJ H[FKDQJH PDNHV FOHDU 3UHVLGLQJ 2IILFHU &DQ \RX WHOO XV ZK\ \RX ZHUH DUUHVWHG" 'HWDLQHH , OHDUQHG DERXW ZK\ DIWHU , ZDV DUUHVWHG 7KH\ WROG PH WKDW WKLV KRXVH LV IRU WKH DO 4DHGD DQG WKH 7DOLEDQ «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

HQHP\ FRPEDWDQW KDV DOUHDG\ EHHQ GHWHUPLQHG 'HWDLQHH , GRQ¶W HYHQ NQRZ ZK\ WKH\ PDGH WKDW GHFLVLRQ ZKHQ , GRQ¶W KDYH D SUREOHP ZLWK $PHULFDQV ,¶YH QHYHU IRXJKW $PHULFDQV ,¶YH QHYHU IRXJKW DQ\ERG\ ,¶YH QHYHU HYHU SDUWLFLSDWHG LQ DQ\ ZDUV DQ\ DQ\WKLQJ HOVH :K\ ZRXOG , EH DQ HQHP\ FRPEDWDQW" 3UHVLGLQJ 2IILFHU :H XQGHUVWDQG DQG WDNH \RXU VWDWHPHQWV RQ ERDUG DQG ZLOO FRQVLGHU WKRVH LQ RXU GHFLVLRQ 'HWDLQHH , NQRZ DQ HQHP\ FRPEDWDQW LV VRPHRQH ZKR SDUWLFLSDWHV LQ WKH ZDU DQG KHOSV WKH ZDU RU VRPHRQH ZKR LV D WKUHDW DQG GDQJHURXV WR WKH 8QLWHG 6WDWHV EXW , ZDV \HDUV ROG ,¶YH QHYHU GRQH DQ\WKLQJ >:@KDW PDNHV PH GDQJHURXV WR WKH 8QLWHG 6WDWHV DW WKDW WLPH" $OWKRXJK WKH UHYLHZ ERDUG KDG QR UHVSRQVH WR $KPHG¶V TXHVWLRQV WKH RIILFHUV LQYROYHG UHIXVHG WR DSSURYH KLV UHOHDVH IURP *XDQWiQDPR DQG LW KDV WDNHQ DQRWKHU WZR \HDUV DQG WKH 6XSUHPH &RXUW UXOLQJ JUDQWLQJ KDEHDV FRUSXV ULJKWV WR WKH SULVRQHUV ODVW -XQH IRU KLP WR EH DEOH WR WHVW WKH JRYHUQPHQW¶V DOOHJDWLRQV DJDLQVW KLP LQ D FRXUW RI ODZ DQG WR VHFXUH WKH UHVRXQGLQJ OHJDO YLFWRU\ WKDW ZDV GHOLYHUHG E\ -XGJH .HVVOHU ODVW ZHHN (YHQ VR LW VKRXOG EH QRWHG WKDW MXGJHV GR QRW DFWXDOO\ KDYH WKH SRZHU WR RUGHU WKH JRYHUQPHQW WR UHOHDVH SULVRQHUV HYHQ LI DV LQ $OL $KPHG¶V FDVH WKH\ KDYH HVWDEOLVKHG ³E\ D SUHSRQGHUDQFH RI WKH HYLGHQFH ´ WKDW KH VKRXOG QHYHU KDYH EHHQ GHWDLQHG LQ WKH ILUVW SODFH 7KLV LV EHFDXVH RI D WUXO\ GLVWXUELQJ DSSHDOV FRXUW UXOLQJ LQ WKH FDVH RI 8LJKXUV DW *XDQWiQDPR 0XVOLPV IURP &KLQD¶V ;LQMLDQJ SURYLQFH ZKLFK WRRN SODFH LQ )HEUXDU\ DIWHU WKH JRYHUQPHQW GURSSHG LWV FODLPV WKDW WKH\ ZHUH ³HQHP\ FRPEDWDQWV ´ DQG D 'LVWULFW &RXUW MXGJH RUGHUHG WKHLU UHOHDVH LQWR WKH 8QLWHG 6WDWHV ODVW 2FWREHU $V ODZ\HU -DQD 5DPVD\ H[SODLQHG WZR MXGJHV ² DOWKRXJK RVWHQVLEO\ GHDOLQJ ZLWK WKH ULJKW RI WKH 8LJKXUV WR EH DGPLWWHG LQWR WKH 8QLWHG 6WDWHV ² VWDWHG WKDW ³WKH GXH SURFHVV FODXVH GRHV QRW DSSO\ WR GHWDLQHHV DW *XDQWiQDPR ´ EHFDXVH LW LV ³QRW VRYHUHLJQ WHUULWRU\ RI WKH 8QLWHG 6WDWHV ´ DQG WKDW ³WKH ULJKW WR EH UHOHDVHG´ ZDV QRW ³D QHFHVVDU\ FRUROODU\ WR XQODZIXO GHWHQWLRQ RU FRPSHQVDWLRQ IRU VXFK GHWHQWLRQ ´ 7KH VWRULHV RI WKH RWKHU SULVRQHUV VHL]HG ZLWK $OOD $OL %LQ $OL $KPHG 0RYLQJ EH\RQG $OL $KPHG¶V VWRU\ DQ DQDO\VLV RI WKH VWRULHV RI WKH RWKHU PHQ VHL]HG LQ WKH UDLG RQ WKH ³,VVD´ JXHVW KRXVH ²

PRVWO\ <HPHQLV DQG PRVWO\ DJHG EHWZHHQ DQG ² UHYHDOV WKDW WKH PDMRULW\ RI WKHP KDYH DOVR PDLQWDLQHG WKURXJKRXW WKHLU ORQJ LPSULVRQPHQW WKDW WKH\ QHYHU VHW IRRW LQ $IJKDQLVWDQ QHYHU WUDLQHG RU IRXJKW ZLWK DO 4DHGD RU WKH 7DOLEDQ DQG KDG QR FRQQHFWLRQ ZKDWVRHYHU ZLWK WHUURULVP 7KLV DQDO\VLV DOVR UHYHDOV WKDW WKH JRYHUQPHQW¶V DOOHJDWLRQV DJDLQVW WKHP UHO\ IRU WKH PRVW SDUW RQ VLPLODU ZLWQHVVHV DQG D VLPLODU ³PRVDLF´ RI LQWHOOLJHQFH DV WKRVH GLVPLVVHG VR FRPSUHKHQVLYHO\ E\ -XGJH .HVVOHU LQ $OL $KPHG¶V FDVH $OWKRXJK RQH RI WKH $OL $EGXOODK $KPHG DO 6DODPL ZDV RQH RI WKUHH SULVRQHUV ZKR GLHG LQ *XDQWiQDPR LQ -XQH DSSDUHQWO\ E\ FRPPLWWLQJ VXLFLGH QLQH RI WKH VXUYLYLQJ SULVRQHUV KDYH PDLQWDLQHG WKDW WKH\ ZHUH VWXGHQWV DW 6DODILD 8QLYHUVLW\ UXQ E\ WKH YDVW PLVVLRQDU\ RUJDQL]DWLRQ -DPDDW DO 7DEOLJKL WZR KDYH VWDWHG WKDW WKH\ WUDYHOHG WR UHFHLYH PHGLFDO WUHDWPHQW DQG DQRWKHU )DKPL $KPHG VDLG WKDW KH ZHQW WR 3DNLVWDQ WR EX\ IDEULFV WDNLQJ PRQH\ WKDW KH KDG ERUURZHG IURP KLV PRWKHU EXW H[SODLQHG WKDW KH DFWXDOO\ VSHQW PRVW RI KLV WLPH ³OLNH D ZLOG PDQ ´ GULQNLQJ DQG VPRNLQJ KDVKLVK $QRWKHU \RXQJ PDQ 0RKDPPHG +DVVHQ ZDV QRW HYHQ OLYLQJ DW WKH KRXVH DQG ZDV FDXJKW XS LQ WKH UDLG DIWHU YLVLWLQJ IRU GLQQHU DQG VWD\LQJ WKH QLJKW DQG WZR RWKHUV ² D 5XVVLDQ DQG D <HPHQL ² DUULYHG DW WKH KRXVH MXVW WZR ZHHNV EHIRUH WKH UDLG ,Q KHDULQJV DW *XDQWiQDPR VHYHUDO RI WKH PHQ KDYH SRLQWHG RXW WKDW WKH\ ZHUH WROG VKRUWO\ DIWHU WKHLU FDSWXUH WKDW WKH\ KDG EHHQ VHL]HG E\ PLVWDNH 0RKDPPHG 7DKLU RQH RI WKH <HPHQL VWXGHQWV H[SODLQHG 7KH DUP\ WUDQVODWRU DQG WKH LQWHUURJDWRU IURP WKH 3DNLVWDQL LQWHOOLJHQFH VDLG ³\HV DOO RI ZKDW WKLV PDQ VDLG « DERXW KLV VWRU\ LQ 3DNLVWDQ LV FRUUHFW DQG WKHUHIRUH WKDW LV ZK\ ZH DUH JRLQJ WR JLYH KLP EDFN KLV SDVVSRUW WKDW ZH WRRN´ « , ZDV UHDOO\ VXUSULVHG WKDW WKH $PHULFDQ LQWHOOLJHQFH UHIXVHG DOO RI WKHVH SURRIV DQG WKH\ VDLG QR ³:H VWLOO QHHG KLP ´ WKH\ VDLG DQG WKHQ WKH\ WRRN PH $QRWKHU <HPHQL VWXGHQW (PDG +DVVDQ ZKR VWDWHG WKDW KH ZDV QHDU WKH HQG RI D VHYHQ PRQWK WULS WR WKH XQLYHUVLW\ WR VWXG\ WKH .RUDQ ZKHQ KH ZDV VHL]HG VDLG WKDW ZKLOH LQ 3DNLVWDQL FXVWRG\ ³WKH SHUVRQ ZKR ZDV LQ FKDUJH FDPH DQG WROG XV ZH GLGQ¶W KDYH DQ\WKLQJ WR ZRUU\ DERXW ´ DQG WKDW ³RXU VKHHW ZDV FOHDQ ´ )D\DG $KPHG DOVR D <HPHQL VWXGHQW WROG KLV WULEXQDO IRXU \HDUV DJR WKDW KH KDG UHFHQWO\ EHHQ WROG LQ *XDQWiQDPR WKDW KH ZRXOG EH UHOHDVHG ³7KH LQWHUURJDWRU DQG WKH LQYHVWLJDWRU DERXW D PRQWK DJR WKDW PHW ZLWK PH WROG >PH@ WKDW WKHUH ZDV QRWKLQJ DJDLQVW PH DQG WKDW , DP DQ LQQRFHQW PDQ DQG VKRXOG >EH@ UHOHDVHG ´ KH VDLG 2I WKH WZR SULVRQHUV ZKR VDLG WKDW WKH\ KDG WUDYHOHG WR 3DNLVWDQ WR UHFHLYH PHGLFDO WUHDWPHQW $EGXO $]L] DO 1RRID\HH D 6DXGL VDLG WKDW KH ZHQW WR UHFHLYH WUHDWPHQW IRU D EDFN SUREOHP DQG 0RKDPPHG 6DODP D <HPHQL VDLG WKDW KH ZHQW IRU WUHDWPHQW RQ KLV QRVH $IWHU H[SODLQLQJ WKDW D ³JHQHURXV SHUVRQ´ SDLG IRU KLV WULS WKH IROORZLQJ H[FKDQJH WRRN SODFH ZKLFK GHPRQVWUDWHG D FXOWXUDO JDS EHWZHHQ WKH 86 PLOLWDU\ DQG 0XVOLPV IURP WKH *XOI 7ULEXQDO 0HPEHU , GRQ¶W NQRZ \RXU FXOWXUH YHU\ ZHOO EXW « LQ RXU FXOWXUH SHRSOH MXVW GRQ¶W VWHS XS DQG VD\ ³,¶OO SD\ IRU WKH WULS IRU \RX ´ 'HWDLQHH ,Q RXU FXOWXUH LQ ,VODP WKHUH LV VXFK D WKLQJ « ,QGHHG LW LV DQ REOLJDWLRQ IRU DQ\ 0XVOLP ZKR LV ULFK WR SD\ IRU VRPHRQH ZKR LV SRRU 'HVSLWH WKH SURWHVWDWLRQV RI WKHVH SULVRQHUV WKH DXWKRULWLHV DW *XDQWiQDPR KDYH SHUVLVWHQWO\ FODLPHG WKDW -DPDDW DO 7DEOLJKL ZDV ³XVHG WR PDVN WUDYHO DQG DFWLYLWLHV RI WHUURULVWV´ ² HYHQ WKRXJK WKLV DOOHJDWLRQ KDV QHYHU EHHQ UHJDUGHG DV OHJLWLPDWH RXWVLGH *XDQWiQDPR ² EXW ZKDW VKRXOG EH WURXEOLQJ *8$17È1$02 SDJH


,VVXH

+RZ %XVK V 7RUWXUHG /HJDO /RJLF :RQ By Robert Parry - Consortium News 6XEPLWWHG RQ 0D\

$OPRVW DV GLVWXUELQJ DV UHDGLQJ WKH %XVK DGPLQLVWUDWLRQ¶V DSSURYHG PHQX RI EUXWDO LQWHUURJDWLRQ WHFKQLTXHV LV UHFRJQL]LQJ KRZ 3UHVLGHQW *HRUJH : %XVK VXFFHVVIXOO\ VKRSSHG IRU JRYHUQPHQW DWWRUQH\V ZLOOLQJ WR UHQGHU $PHULFDQ ODZV PHDQLQJOHVV E\ WXUQLQJ ZRUGV LQVLGH RXW 7KH IRXU ³WRUWXUH´ PHPRV UHOHDVHG 7KXUVGD\ UHYHDOHG QRW MXVW WKDW WKH VWRPDFK WXUQLQJ UHSRUWV DERXW &,$ LQWHUURJDWRUV DEXVLQJ ³ZDU RQ WHUURU´ VXVSHFWV ZHUH WUXH EXW WKDW WKH 8QLWHG 6WDWHV KDG JRQH IURP D ³QDWLRQ RI ODZV´ WR D ³QDWLRQ RI OHJDO VRSKLVWU\´ ± ZKHUH FRQFOXVLRQV RQ ODZ DUH SROLWLFDOO\ SUHRUGDLQHG DQG WKH OHJDO DQDO\VLV LV PDGH WR ILW <RX KDYH SDVVDJHV OLNH WKLV LQ WKH 0D\ PHPR E\ 6WHYHQ %UDGEXU\ WKHQ DFWLQJ KHDG RI WKH -XVWLFH 'HSDUWPHQW¶V 2IILFH RI /HJDO &RXQVHO ³$QRWKHU TXHVWLRQ LV ZKHWKHU WKH UHTXLUHPHQW RI µSURORQJHG PHQWDO KDUP¶ FDXVHG E\ RU UHVXOWLQJ IURP RQH RI WKH HQXPHUDWHG SUHGLFDWH DFWV LV D VHSDUDWH UHTXLUHPHQW RU ZKHWKHU VXFK µSURORQJHG PHQWDO KDUP¶ LV WR EH SUHVXPHG DQ\ WLPH RQH RI WKH SUHGLFDWH DFWV RFFXUV ´ $V HDFK SKUDVH LQ WKH &RQYHQWLRQ $JDLQVW 7RUWXUH ZDV KHOG XS WR VXFK QDUURZ H[DPLQDWLRQ WKH IRUHVW RI FULPLQDO WRUWXUH ZDV ORVW LQ WKH WUHHV RI DUFDQH OHJDO MDUJRQ &ROOHFWLYHO\ WKH PHPRV OHDYH D GLVRULHQWLQJ VHQVH WKDW DQ\ DPELJXLW\ LQ ZRUGV FDQ EH WZLVWHG WR MXVWLI\ DOPRVW DQ\WKLQJ 6R D ³ZDU RQ WHUURU´ SULVRQHU FRXOG QRW RQO\ EH ORFNHG XS LQ VROLWDU\ FRQILQHPHQW LQGHILQLWHO\ EDVHG RQ WKH VROH DXWKRULW\ RI 3UHVLGHQW %XVK EXW FRXOG EH VXEMHFWHG WR D EDWWHU\ RI DEXVLYH DQG KXPLOLDWLQJ WDFWLFV DOO LQ WKH QDPH RI H[WUDFWLQJ VRPH LQIRUPDWLRQ WKDW SXUSRUWHGO\ ZRXOG KHOS NHHS WKH 8QLWHG 6WDWHV VDIH ± DQG LW ZRXOG QRW EH FDOOHG ³WRUWXUH ´ 6RPH WDFWLFV ZHUH EL]DUUH OLNH IHHGLQJ GHWDLQHHV D OLTXLG GLHW RI (QVXUH WR PDNH ³RWKHU WHFKQLTXHV VXFK DV VOHHS GHSULYDWLRQ PRUH HIIHFWLYH ´ 7KH PHPR¶V VOHHS GHSULYDWLRQ FODXVH LQ WXUQ DOORZHG LQWHUURJDWRUV WR VKDFNOH SULVRQHUV WR DQ RYHUKHDG SLSH RU LQ VRPH RWKHU XQFRPIRUWDEOH SRVLWLRQ IRU XS WR KRXUV RU VHYHQ DQG D KDOI GD\V :KLOH VKDFNOHG WKH SULVRQHU ZRXOG EH GUHVVHG LQ D GLDSHU WKDW ³LV FKHFNHG UHJXODUO\ DQG FKDQJHG DV QHFHVVDU\ ´ 7KH PHPR DVVHUWHG WKDW ³WKH XVH RI WKH GLDSHU LV IRU VDQLWDU\ DQG KHDOWK SXUSRVHV RI WKH GHWDLQHH LW LV QRW XVHG IRU WKH SXUSRVH RI KXPLOLDWLQJ WKH GHWDLQHH DQG LW LV QRW FRQVLGHUHG WR EH DQ LQWHUURJDWLRQ WHFKQLTXH ´ %H\RQG WKH SDLQIXO GLVRULHQWDWLRQ IURP GHSULYLQJ D SHUVRQ RI VOHHS ZKLOH FKDLQHG LQ D VWDQGLQJ SRVLWLRQ IRU GD\V WKH -XVWLFH 'HSDUWPHQW PHPRV FDOOHG IRU SULVRQHUV WR EH IRUFHG LQWR RWKHU ³VWUHVV SRVLWLRQV´ IRU YDU\LQJ SHULRGV RI WLPH WR FDXVH ³WKH SK\VLFDO GLVFRPIRUW DVVRFLDWHG ZLWK PXVFOH IDWLJXH ´ 7LQ\ %R[HV 7KH GHWDLQHHV DOVR FRXOG EH SXW LQWR VPDOO GDUN ER[HV ZKHUH WKH\ FRXOG EDUHO\ PRYH DQG LQ WKH FDVH RI RQH GHWDLQHH $EX =XED\GDK FRXOG KDYH DQ LQVHFW VOLSSHG LQWR KLV ER[ DV D ZD\ RI SOD\LQJ RQ KLV IHDU RI EXJV DFFRUGLQJ WR WKH $XJ PHPR ³7KH GXUDWLRQ RI FRQILQHPHQW YDULHV EDVHG XSRQ WKH VL]H RI WKH FRQWDLQHU ´ WKH 0D\ PHPR DGGHG ZLWK WKH VPDOOHU VSDFH VLWWLQJ RQO\ UHVWULFWHG WR WZR KRXUV DW D WLPH DQG D VRPHZKDW ODUJHU ER[ SHUPLWWLQJ VWDQGLQJ OLPLWHG WR HLJKW KRXUV DW D WLPH DQG KRXUV D GD\ 7KHQ WKHUH ZHUH YDULRXV VODSV JUDEV DQG VODPPLQJ D SULVRQHU DJDLQVW D ³IOH[LEOH´ ZDOO ZKLOH KLV QHFN ZDV LQ D VOLQJ ³WR KHOS SUHYHQW ZKLSODVK ´ 3ULVRQHUV DOVR ZHUH VXEMHFWHG WR IRUFHG QXGLW\ VRPHWLPHV LQ WKH SUHVHQFH RI ZRPHQ DFFRUGLQJ WR WKH 0D\ PHPR

³:H XQGHUVWDQG WKDW LQWHUURJDWRUV DUH WUDLQHG WR DYRLG VH[XDO LQQXHQGR RU DQ\ DFWV RI LPSOLFLW RU H[SOLFLW VH[XDO GHJUDGDWLRQ ´ WKH PHPR VDLG ³1HYHUWKHOHVV LQWHUURJDWRUV FDQ H[SORLW WKH GHWDLQHH¶V IHDU RI EHLQJ VHHQ QDNHG ³,Q DGGLWLRQ IHPDOH RIILFHUV LQYROYHG LQ WKH LQWHUURJDWLRQ SURFHVV PD\ VHH WKH GHWDLQHHV QDNHG DQG IRU SXUSRVHV RI RXU DQDO\VLV ZH ZLOO DVVXPH WKDW GHWDLQHHV VXEMHFWHG WR QXGLW\ DV DQ LQWHUURJDWLRQ WHFKQLTXH DUH DZDUH WKDW WKH\ PD\ EH VHHQ QDNHG E\ IHPDOHV ´ $QRWKHU DSSURYHG WHFKQLTXH ZDV ³ZDWHU GRXVLQJ´ LQ ZKLFK D GHWDLQHH LV VSUD\HG ZLWK ZDWHU WKDW FDQ EH DV FROG DV GHJUHHV )DKUHQKHLW IRU XS WR PLQXWHV 6OLJKWO\ ZDUPHU ZDWHU FRXOG EH XVHG WR GRXVH D SULVRQHU IRU ORQJHU SHULRGV RI WLPH %RWK WKH DQG PHPRV SHUPLWWHG WKH ³ZDWHUERDUG ´ D WHFKQLTXH WKDW LQYROYHV FRYHULQJ D SULVRQHU¶V IDFH ZLWK D FORWK DQG SRXULQJ ZDWHU RQ LW WR FUHDWH WKH SDQLFNHG VHQVDWLRQ RI GURZQLQJ 7KH LQWHUURJDWRUV DOVR ZHUH DXWKRUL]HG WR SUHYHQW D GHWDLQHH IURP WU\LQJ WR ³GHIHDW WKH WHFKQLTXH´ E\ WKUDVKLQJ DERXW RU WU\LQJ WR EUHDWKH IURP WKH FRUQHU RI KLV PRXWK ³7KH LQWHUURJDWRU PD\ FXS KLV KDQGV DURXQG WKH GHWDLQHH¶V QRVH DQG PRXWK WR GDP WKH UXQRII LQ ZKLFK FDVH LW ZRXOG QRW EH SRVVLEOH IRU WKH GHWDLQHH WR EUHDWKH GXULQJ WKH DSSOLFDWLRQ RI WKH ZDWHU ´ WKH 0D\ PHPR UHDGV ³,Q DGGLWLRQ \RX KDYH LQIRUPHG XV WKDW WKH WHFKQLTXH PD\ EH DSSOLHG LQ D PDQQHU WR GHIHDW HIIRUWV E\ WKH GHWDLQHH WR KROG KLV EUHDWK E\ IRU H[DPSOH EHJLQQLQJ DQ DSSOLFDWLRQ RI ZDWHU DV WKH GHWDLQHH LV H[KDOLQJ ´ $W OHDVW VLQFH WKH GD\V RI WKH 6SDQLVK ,QTXLVLWLRQ ZDWHUERDUGLQJ KDV EHHQ UHJDUGHG DV WRUWXUH 7KH 8 6 JRYHUQPHQW SURVHFXWHG -DSDQHVH VROGLHUV ZKR XVHG LW DJDLQVW $PHULFDQ WURRSV LQ :RUOG :DU ,, %XW WKH OHJDO UHDVRQLQJ RI WKH %XVK DGPLQLVWUDWLRQ V PHPRV WUDQVIRUPHG ZDWHUERDUGLQJ LQWR DQ DFFHSWDEOH PHWKRG RI LQWHUURJDWLRQ /DZ\HU 6KRSSLQJ $OWKRXJK WKH IRXU UHOHDVHG PHPRV LQFOXGHG WKH PRVW IDPRXV RQH ± IURP $XJ ZKLFK SURYLGHG WKH LQLWLDO OHJDO FRYHU IRU DEXVLYH LQWHUURJDWLRQV ± WKH WKUHH RWKHUV IURP 0D\ PD\ EH PRUH VLJQLILFDQW LQ GHVWUR\LQJ WKH OHJDO FRYHU WKDW 3UHVLGHQW %XVK DQG KLV VHQLRU DLGHV KDYH KLGGHQ EHKLQG 7KHLU FODLP KDV EHHQ WKDW WKH\ ZHUH VLPSO\ RSHUDWLQJ ZLWKLQ OHJDO SDUDPHWHUV VHW E\ ODZ\HUV DW WKH -XVWLFH 'HSDUWPHQW¶V 2IILFH RI /HJDO &RXQVHO ZKLFK LV UHVSRQVLEOH IRU DGYLVLQJ 3UHVLGHQWV RQ WKH OLPLWV RI WKHLU

DXWKRULW\ ,Q RWKHU ZRUGV SURIHVVLRQDO ODZ\HUV SURYLGHG REMHFWLYH OHJDO DGYLFH DQG WKH DGPLQLVWUDWLRQ VLPSO\ IROORZHG LW %XW WKDW FODLP QRZ FROOLGHV ZLWK WKH UHDOLW\ WKDW RWKHU -XVWLFH 'HSDUWPHQW ODZ\HUV ± IURP WR ± RYHUWXUQHG WKH LQLWLDO PHPR DQG UHVLVWHG LWV UHLPSOHPHQWDWLRQ XQWLO WKH\ ZHUH RXVWHG ,Q HIIHFW WKH %XVK DGPLQLVWUDWLRQ DSSHDUV WR KDYH JRQH ODZ\HU VKRSSLQJ IRU DWWRUQH\V ZKR ZRXOG FUDIW RSLQLRQV WKDW WKH :KLWH +RXVH ZDQWHG $VVLVWDQW $WWRUQH\ *HQHUDO -D\ %\EHH VLJQHG WKH RULJLQDO $XJ ³WRUWXUH´ PHPR DQG RWKHU RSLQLRQV JUDQWLQJ H[SDQVLYH SUHVLGHQWLDO SRZHUV GUDIWHG E\ KLV GHSXW\ -RKQ <RR +RZHYHU %\EHH TXLW LQ WR DFFHSW 3UHVLGHQW %XVK¶V DSSRLQWPHQW RI KLP DV D IHGHUDO DSSHDOV FRXUW MXGJH LQ 6DQ )UDQFLVFR DQG KLV VXFFHVVRU DV KHDG RI WKH 2IILFH RI /HJDO &RXQVHO $VVLVWDQW $WWRUQH\ *HQHUDO -DFN *ROGVPLWK ZLWKGUHZ PDQ\ %\EHH <RR PHPRV DV OHJDOO\ IODZHG *ROGVPLWK¶V DFWLRQV DQJHUHG WKH :KLWH +RXVH SDUWLFXODUO\ 9LFH 3UHVLGHQW 'LFN &KHQH\¶V OHJDO FRXQVHO 'DYLG $GGLQJWRQ ,Q D ERRN 7KH 7HUURU 3UHVLGHQF\ *ROGVPLWK GHVFULEHG RQH :KLWH +RXVH PHHWLQJ DW ZKLFK $GGLQJWRQ SXOOHG RXW D E\ LQFK FDUG OLVWLQJ WKH 2/& RSLQLRQV WKDW *ROGVPLWK KDG ZLWKGUDZQ ³6LQFH \RX¶YH ZLWKGUDZQ VR PDQ\ OHJDO RSLQLRQV WKDW WKH 3UHVLGHQW DQG RWKHUV KDYH EHHQ UHO\LQJ RQ ´ $GGLQJWRQ VDLG VDUFDVWLFDOO\ ³ZH QHHG \RX WR JR WKURXJK DOO RI 2/&¶V RSLQLRQV DQG OHW XV NQRZ ZKLFK RQHV \RX ZLOO VWDQG E\ ´ 7KRXJK VXSSRUWHG E\ 'HSXW\ $WWRUQH\ *HQHUDO -DPHV &RPH\ *ROGVPLWK VXFFXPEHG WR WKH :KLWH +RXVH SUHVVXUH DQG TXLW LQ 6WLOO GHVSLWH *ROGVPLWK¶V GHSDUWXUH &RPH\ DQG WKH QHZ DFWLQJ KHDG RI WKH 2/& 'DQLHO /HYLQ UHVLVWHG UHVWRULQJ WKH DGPLQLVWUDWLRQ¶V ULJKW WR XVH WKH KDUVK LQWHUURJDWLRQ WHFKQLTXHV 7KDW GLGQ¶W RFFXU XQWLO :KLWH +RXVH FRXQVHO $OEHUWR *RQ]DOHV EHFDPH $WWRUQH\ *HQHUDO LQ DQG PDGH %UDGEXU\ WKH DFWLQJ FKLHI RI WKH 2/& $IWHU VLJQLQJ WKH WKUHH ³WRUWXUH´ PHPRV LQ 0D\ %UDGEXU\ ZDV UHZDUGHG ZLWK %XVK¶V IRUPDO QRPLQDWLRQ LQ -XQH WR EH $VVLVWDQW $WWRUQH\ *HQHUDO IRU WKH 2/& DOWKRXJK KH QHYHU JDLQHG 6HQDWH FRQILUPDWLRQ &RPH\ 'HSDUWV :LWK WKH 2/& UHDIILUPLQJ WKH DGPLQLVWUDWLRQ¶V LQWHUURJDWLRQ WHFKQLTXHV &RPH\¶V GD\V ZHUH QXPEHUHG 7KRXJK KDYLQJ EHHQ D VXFFHVVIXO SURVHFXWRU RQ SDVW WHUURULVP FDVHV VXFK DV WKH .KREDU

7RZHUV ERPELQJ ZKLFK NLOOHG 8 6 VHUYLFHPHQ LQ &RPH\ KDG HDUQHG WKH GHULVLYH QLFNQDPH IURP %XVK DV ³&XRPH\´ RU MXVW ³&XRPR ´ D VWURQJ LQVXOW IURP 5HSXEOLFDQV ZKR GHHPHG IRUPHU 1HZ <RUN *RY 0DULR &XRPR WR EH H[FHVVLYHO\ OLEHUDO DQG IDPRXVO\ LQGHFLVLYH 2Q $XJ LQ KLV IDUHZHOO VSHHFK &RPH\ XUJHG KLV FROOHDJXHV WR GHIHQG WKH LQWHJULW\ DQG KRQHVW\ RI WKH -XVWLFH 'HSDUWPHQW ³, H[SHFW WKDW \RX ZLOO DSSUHFLDWH DQG SURWHFW DQ DPD]LQJ JLIW \RX KDYH UHFHLYHG DV DQ HPSOR\HH RI WKH 'HSDUWPHQW RI -XVWLFH ´ &RPH\ VDLG ³,W LV D JLIW \RX PD\ QRW QRWLFH XQWLO WKH ILUVW WLPH \RX VWDQG XS DQG LGHQWLI\ \RXUVHOI DV DQ HPSOR\HH RI WKH 'HSDUWPHQW RI -XVWLFH DQG VD\ VRPHWKLQJ ± ZKHWKHU LQ D FRXUWURRP D FRQIHUHQFH URRP RU D FRFNWDLO SDUW\ ± DQG ILQG WKDW WRWDO VWUDQJHUV EHOLHYH ZKDW \RX VD\ QH[W ³7KDW JLIW ± WKH JLIW WKDW PDNHV SRVVLEOH VR PXFK RI WKH JRRG ZH DFFRPSOLVK ± LV D UHVHUYRLU RI WUXVW DQG FUHGLELOLW\ D UHVHUYRLU EXLOW IRU XV DQG ILOOHG IRU XV E\ WKRVH ZKR ZHQW EHIRUH ± PRVW RI ZKRP ZH QHYHU NQHZ 7KH\ ZHUH SHRSOH ZKR PDGH VDFULILFHV DQG NHSW SURPLVHV WR EXLOG WKDW UHVHUYRLU RI WUXVW ³2XU REOLJDWLRQ ± DV WKH UHFLSLHQWV RI WKDW JUHDW JLIW ± LV WR SURWHFW WKDW UHVHUYRLU WR SDVV LW WR WKRVH ZKR IROORZ WKRVH ZKR PD\ QHYHU NQRZ XV DV IXOO DV ZH JRW LW 7KH SUREOHP ZLWK UHVHUYRLUV LV WKDW LW WDNHV WUHPHQGRXV WLPH DQG HIIRUW WR ILOO WKHP EXW RQH KROH LQ D GDP FDQ GUDLQ WKHP ³7KH SURWHFWLRQ RI WKDW UHVHUYRLU UHTXLUHV YLJLODQFH DQ XQHUULQJ FRPPLWPHQW WR WUXWK DQG D UHFRJQLWLRQ WKDW WKH DFWLRQV RI RQH PD\ DIIHFW WKH SULFHOHVV JLIW WKDW EHQHILWV DOO , KDYH WULHG P\ DEVROXWH EHVW ± LQ PDWWHUV ELJ DQG VPDOO ± WR SURWHFW WKDW UHVHUYRLU DQG LQVSLUH RWKHUV WR SURWHFW LW ´ 7KRXJK WKH IXOO LPSRUW RI &RPH\¶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¶V OHJDO JXLGDQFH 1HLWKHU 2EDPD QRU +ROGHU VSRNH VSHFLILFDOO\ DERXW SRVVLEOH OHJDO DFFRXQWDELOLW\ IRU %XVK¶V FRPSOLDQW ODZ\HUV RU IRU %XVK DQG KLV WRS DLGHV ZKR RYHUVDZ WKH WRUWXUH SROLFLHV DQG SLFNHG WKH ODZ\HUV +RZHYHU 2EDPD UHFRPPHQGHG D IRFXV RQ WKH IXWXUH QRW WKH SDVW &DOOLQJ WKH SHULRG FRYHUHG E\ WKH IRXU PHPRV D ³GDUN DQG SDLQIXO FKDSWHU LQ RXU KLVWRU\ ´ 2EDPD DGGHG WKDW ³QRWKLQJ ZLOO EH JDLQHG E\ VSHQGLQJ RXU WLPH DQG HQHUJ\ OD\LQJ EODPH IRU WKH SDVW ´ 7KH ODFN RI DFFRXQWDELOLW\ IRU %XVK DQG KLV ODZ\HUV KRZHYHU PD\ PHDQ WKDW IXWXUH 3UHVLGHQWV ZLOO IROORZ %XVK V OHDG DQG DVVLJQ VRPH FOHYHU OHJDO ZRUGVPLWKV WKH MRE RI ILQGLQJ ZD\V DURXQG FULPLQDO VWDWXWHV LQWHUQDWLRQDO WUHDWLHV DQG WKH 8 6 &RQVWLWXWLRQ ,I OHJDO ODQJXDJH FDQ EH LQWHUSUHWHG DQ\ ZD\ WKDW D 3UHVLGHQW ZLVKHV ± DQG LI WKH 8 6 6XSUHPH &RXUW LV VWRFNHG ZLWK OLNH PLQGHG MXGJHV ± WKHQ ODZV ZLOO QR ORQJHU SURWHFW DQ\RQH ZKHWKHU D VXVSHFWHG 0LGGOH (DVWHUQ WHUURULVW RU DQ $PHULFDQ FLWL]HQ 5REHUW 3DUU\ EURNH PDQ\ RI WKH ,UDQ &RQWUD VWRULHV LQ WKH V IRU WKH $VVRFLDWHG 3UHVV DQG 1HZVZHHN +LV ODWHVW ERRN 1HFN 'HHS 7KH 'LVDVWURXV 3UHVLGHQF\ RI *HRUJH : %XVK ZDV ZULWWHQ ZLWK WZR RI KLV VRQV 6DP DQG 1DW DQG FDQ EH RUGHUHG DW QHFNGHHSERRN FRP +LV WZR SUHYLRXV ERRNV +2: SDJH


,VVXH

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²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³, KHDU DQ H[SORVLRQ DQG , ORRN XS ,W LV DV LI WKH EXLOGLQJ LV EHLQJ LPSORGHG IURP WKH WRS IORRU GRZQ RQH DIWHU DQRWKHU ERRP ERRP ERRP ´ )LUHILJKWHU 5LFKDUG %DQDFLVNL VDLG ³,W VHHPHG OLNH RQ WHOHYLVLRQ >ZKHQ@ WKH\ EORZ XS WKHVH EXLOGLQJV ,W VHHPHG OLNH LW ZDV JRLQJ DOO WKH ZD\ DURXQG OLNH D EHOW DOO WKHVH H[SORVLRQV ´ 7KDQNV WR WKH UHOHDVH LQ $XJXVW RI RI WKH RUDO KLVWRULHV UHFRUGHG E\ WKH )LUH 'HSDUWPHQW RI 1HZ <RUN VKRUWO\ DIWHU GR]HQV RI WHVWLPRQLHV RI WKLV W\SH DUH QRZ DYDLODEOH , KDYH SXEOLVKHG DQ HVVD\ RQ WKHP ZKLFK ZLOO EH LQFOXGHG²DORQJ ZLWK DQ HVVD\ RQ ³7KH 'HVWUXFWLRQ RI WKH :RUOG 7UDGH &HQWHU ´ ZKLFK , DP KHUH VXPPDUL]LQJ²LQ D IRUWKFRPLQJ ERRN RQ DQG &KULVWLDQ IDLWK $ VHYHQWK IHDWXUH RI FRQWUROOHG LPSORVLRQV LV WKH SURGXFWLRQ RI ODUJH TXDQWLWLHV RI GXVW ,Q WKH FDVH RI WKH 7ZLQ 7RZHUV YLUWXDOO\ HYHU\WKLQJ H[FHSW WKH VWHHO²DOO WKH FRQFUHWH GHVNV FRPSXWHUV²ZDV SXOYHUL]HG LQWR YHU\ WLQ\ GXVW SDUWLFOHV 7KH RIILFLDO WKHRU\ FDQQRW H[SODLQ RQH OHW DORQH DOO VHYHQ RI WKHVH IHDWXUHV²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²WKH SUHVLGHQW¶V EURWKHU DQG FRXVLQ UHVSHFWLYHO\²ZHUH SULQFLSDOV RI WKH FRPSDQ\ LQ FKDUJH RI VHFXULW\ IRU WKH :RUOG 7UDGH &HQWHU $O 4DHGD WHUURULVWV ZRXOG DOVR SUREDEO\ QRW KDYH KDG WKH FRXUWHV\ WR HQVXUH

HOW FRQWLQXHG IURP SDJH 6HFUHF\ 3ULYLOHJH 7KH 5LVH RI WKH %XVK '\QDVW\ IURP :DWHUJDWH WR ,UDT DQG /RVW +LVWRU\ &RQWUDV &RFDLQH WKH 3UHVV

3URMHFW 7UXWK DUH DOVR DYDLODEOH WKHUH 2U JR WR $PD]RQ FRP

WKDW WKHVH KXJH EXLOGLQJV FDPH VWUDLJKW GRZQ UDWKHU WKDQ IDOOLQJ RYHU RQWR RWKHU EXLOGLQJV 7KH\ DOVR ZRXOG QRW KDYH KDG WKH QHFHVVDU\ H[SHUWLVH $QRWKHU UHOHYDQW IDFW LV WKDW HYLGHQFH ZDV GHVWUR\HG $Q H[DPLQDWLRQ RI WKH EXLOGLQJV¶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³WKH LGHD WKDW >WKLV@ SDVVSRUW KDG HVFDSHG IURP WKDW LQIHUQR XQVLQJHG ZRXOG >WHVW@ WKH FUHGXOLW\ RI WKH VWDXQFKHVW VXSSRUWHU RI WKH )%,¶V FUDFNGRZQ RQ WHUURULVP ´ 7R VXP XS 7KH LGHD WKDW 86 RIILFLDOV KDYH JLYHQ D VDWLVIDFWRU\ RU HYHQ FORVH WR VDWLVIDFWRU\ H[SODQDWLRQ RI WKH FROODSVH RI WKH :RUOG 7UDGH &HQWHU EXLOGLQJV LV D P\WK $QG WKH\ KDYH LPSOLFLWO\ DGPLWWHG WKLV E\ UHIXVLQJ WR HQJDJH LQ UDWLRQDO GHEDWH DERXW LW )RU H[DPSOH 0LFKDHO 1HZPDQ D VSRNHVPDQ IRU 1,67 UHSRUWHGO\ VDLG GXULQJ D UHFHQW LQWHUYLHZ WKDW ³QRQH RI WKH 1,67 VFLHQWLVWV ZRXOG SDUWLFLSDWH LQ DQ\ SXEOLF GHEDWH´ ZLWK VFLHQWLVWV ZKR UHMHFW WKHLU UHSRUW :KHQ 1HZPDQ ZDV DVNHG ZK\ 1,67 ZRXOG DYRLG SXEOLF GHEDWH LI LW KDG FRQILGHQFH LQ LWV UHSRUW 1HZPDQ UHSOLHG ³%HFDXVH WKHUH LV QR ZLQQLQJ LQ VXFK GHEDWHV ´ ,Q WKDW VDPH LQWHUYLHZ 1HZPDQ KDG FRPSDUHG SHRSOH ZKR UHMHFW WKH JRYHUQPHQW¶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³WRWDOO\ LPSRVVLEOH IRU DQ DPDWHXU ZKR FRXOGQ¶W HYHQ IO\ D &HVVQD WR PDQHXYHU WKH MHWOLQHU LQ VXFK D KLJKO\ SURIHVVLRQDO PDQQHU ´ 0RUHRYHU DV D UHVXOW RI WKDW YHU\ GLIILFXOW PDQHXYHU WKH 3HQWDJRQ¶V ZHVW ZLQJ ZDV VWUXFN EXW WHUURULVWV EULOOLDQW HQRXJK WR JHW

WKURXJK WKH 86 PLOLWDU\¶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³GRHV QRW PLVV DQ\WKLQJ RFFXUULQJ LQ 1RUWK $PHULFDQ DLUVSDFH ´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¶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¶V ³6KRZEL] 7RQLJKW´ ZDQWHG WR KDYH D GHEDWH DERXW WKH SRLQWV KH KDG UDLVHG EHWZHHQ D UHSUHVHQWDWLYH RI WKH JRYHUQPHQW DQG D UHSUHVHQWDWLYH RI 7UXWK RUJ %XW WKH SURGXFHUV UHSRUWHGO\ FRXOG ILQG QR PHPEHU RI WKH JRYHUQPHQW ZLOOLQJ WR DSSHDU RQ WKH VKRZ ,Q WKLV XQZLOOLQJQHVV RI WKH JRYHUQPHQW WR DSSHDU RQ DQ HQWHUWDLQPHQW VKRZ WR DQVZHU TXHVWLRQV UDLVHG E\ DQ DFWRU ZH ZRXOG VHHP WR KDYH WKH FOHDUHVW SRVVLEOH VLJQ WKDW WKH JRYHUQPHQW¶V VWRU\ LV P\WK QRW UHDOLW\ ,I VR ZH PXVW GHPDQG WKDW WKH JRYHUQPHQW LPPHGLDWHO\ FHDVH LPSOHPHQWLQJ WKH SROLFLHV WKDW KDYH EHHQ MXVWLILHG E\ WKLV P\WK :KHQ FKDUJHV ZHUH EURXJKW DJDLQVW VRPH PHPEHUV RI 'XNH 8QLYHUVLW\¶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


,VVXH

6D\ :KDW" &KHQH\ 6XSSRUW IRU ,VUDHO )HHGV 7HUURULVP By Ray McGovern - Consortium News 6XEPLWWHG DW $SU

,I ZH KHDU LQ WKH FRPLQJ GD\V WKDW IRUPHU 9LFH 3UHVLGHQW 'LFN &KHQH\ KDV ILUHG RQH RI KLV VSHH FKZULWHUV ² RU SHUKDSV JURXQGHG /\QQH R U /L] ² LW ZLOO EH FOHDU ZK\ 2R]LQJ RXW RI WKH VOHD]\ VSHHFK KH JDYH 7KXUVGD\ DW WKH $PHULFDQ (QWHUSULVH ,QVWLWXWH ZDV DQ LQDGYHUWHQW WUXWK UHJDUGLQJ WKH ,VUDHOL DOEDWURVV KDQJLQJ DURXQG WKH QHFN RI 8 6 SROLF\ LQ WKH 0LGGOH (DVW , ZDWFKHG WKH VSHHFK EXW KDG PLVVHG WKH JDIIH XQWLO , ZHQW FDUHIXOO\ WKURXJK WKH ZULWWHQ WH[W EHIRUH D UDGLR LQWHUYLHZ 7KXUVGD\ HYHQLQJ ,W DPRXQWV WR D PDMRU IDX[ SDV WKRXJK ,¶OO JLYH \RX RGGV WKDW WKH XVXDO VXVSHFW SXQGLWV RI WKH )DZQLQJ &RUSRUDWH 0HGLD )&0 ZLOO QRW WRXFK LW EHFDXVH LW UDLVHV WURXEOLQJ TXHVWLRQV DERXW WKH FORVH 8 6 UHODWLRQVKLS ZLWK ,VUDHO , ZDQWHG P\ \HDU ROG JUDQGVRQ WR OHDUQ D QLFH ZRUG WR GHVFULEH WKH DUJXPHQWV LQ WKH IRUPHU 9LFH 3UHVLGHQW¶V VSHHFK VR KH KDV QRZ OHDUQHG ³GLVLQJHQXRXV ´ 7RGD\ ZH¶OO VWXG\ ³VXSHUILFLDO ´ IRU WKDW LV WKH ULJKW DGMHFWLYH WR DVVLJQ WR ERWK &KHQH\ DQG 3UHVLGHQW %DUDFN 2EDPD DV WKH\ DGGUHVVHG WKH WKUHDW RI ³WHUURULVP ´ WKH WKUHDW DOZD\V JXDUDQWHHG WR UHVRQDWH DPRQJ $PHULFDQV ² PXFK OLNH WKH WKUHDW RI FRPPXQLVP GLG QRW WRR PDQ\ GHFDGHV EDFN 7R EXUQLVK KLV DQWL WHUURULVW FUHGHQWLDOV 2EDPD SOHGJHG WR GR ZKDWHYHU LV QHFHVVDU\ WR SURWHFW WKH 8QLWHG 6WDWHV DQG ZDUQHG WKDW DO 4DHGD LV DFWLYHO\ SORWWLQJ WR DWWDFN XV DJDLQ ´ :KDW FRQWLQXHV WR EH PLVVLQJ LQ WKH UKHWRULF RI ERWK 2EDPD DQG &KHQH\ LV DQ\ GLVFXVVLRQ RI DO 4DHGD¶V DFWXDO FDSDELOLW\ WR SHUSHWUDWH LQ &KHQH\¶V ZRUGV ³D ZLWK QXFOHDU ZHDSRQV´ RU VRPH RWKHU VFDU\ WKRXJKW GHVLJQHG WR PDNH $PHULFDQV KDQG RYHU WKHLU OLEHUWLHV IRU VRPH GXELRXV SURPLVH RI VDIHW\ (TXDOO\ LPSRUWDQW DQG HTXDOO\ PLVVLQJ WKHUH LV QHYHU DQ\ VHQVLEOH H[DPLQDWLRQ RI WKH PRWLYHV WKDW PLJKW EH GULYLQJ ZKDW &KHQH\ FDOOHG WKLV ³VDPH DVVRUWPHQW RI NLOOHUV DQG ZRXOG EH PDVV PXUGHUHUV >ZKR@ DUH VWLOO WKHUH ´ 7KHUH DUH D QXPEHU RI UHDVRQV ZK\ DO 4DHGD DQG RWKHU WHUURULVW PRYHPHQWV ZLVK WR DWWDFN XV EXW WKLV TXHVWLRQ QHYHU JHWV D FRPSOHWH ± RU KRQHVW ± DQVZHU FHUWDLQO\ QRW IURP WKH )&0 RU IURP WKH PRXWKV RI SROLWLFLDQV OLNH &KHQH\ DQG 2EDPD :K\ 7KH\ +DWH 8V &KHQH\¶V H[SODQDWLRQ RI D PRWLYH PRVWO\ UHSULVHG *HRUJH : %XVK¶V ROG ³WKH WHUURULVWV KDWH RXU IUHHGRPV´ FDQDUG &KHQH\ VDLG WKH WHUURULVWV KDWH ³DOO WKH WKLQJV WKDW PDNH XV D IRUFH IRU JRRG LQ WKH ZRUOG ² IRU OLEHUW\ IRU KXPDQ ULJKWV IRU WKH UDWLRQDO SHDFHIXO UHVROXWLRQ RI GLIIHUHQFHV ´ DQ RGG VHW RI TXDOLWLHV IRU &KHQH\ WR FLWH JLYHQ KLV UROHV LQ YLRODWLQJ FRQVWLWXWLRQDO ULJKWV WRUWXULQJ FDSWLYHV DQG VSUHDGLQJ IDOVHKRRGV WR MXVWLI\ LQYDGLQJ ,UDT %XW WKDW¶V DOVR ZKHUH &KHQH\ VOLSSHG XS

<RX GLGQ¶W QRWLFH" :HOO &KHQH\ FRXOGQ¶W UHVLVW H[SDQGLQJ RQ WKH FRPSODLQWV RI WKH WHUURULVWV ³7KH\ KDYH QHYHU ODFNHG IRU JULHYDQFHV DJDLQVW WKH 8QLWHG 6WDWHV 2XU EHOLHI LQ IUHHGRP RI VSHHFK DQG UHOLJLRQ«RXU EHOLHI LQ HTXDO ULJKWV IRU ZRPHQ«RXU VXSSRUW IRU ,VUDHO« ² WKHVH DUH WKH WUXH VRXUFHV RI UHVHQWPHQW«´ ³2XU VXSSRUW IRU ,VUDHO ´ &KHQH\ JRW WKDW SDUW ULJKW 0\ UDGLR LQWHUYLHZ 7KXUVGD\ ZDV ZLWK DQ )&0 VWDWLRQ DQG , WKRXJKW , ZRXOG PDNH DQ H[WUD HIIRUW WR EH ³IDLU DQG EDODQFHG ´ 6R , QRWHG WKDW WR KLV FUHGLW &KHQH\ ² DGYHUWHQWO\ RU LQDGYHUWHQWO\ ² GLG DUWLFXODWH RQH RI WKH XVXDOO\ XQVSRNHQ NH\ UHDVRQV ³ZK\ WKH\ KDWH XV ´ , ZDV LPPHGLDWHO\ MXPSHG RQ ILJXUDWLYHO\ QRW RQO\ E\ WKH LQWHUYLHZHH UHSUHVHQWLQJ ³WKH RWKHU VLGH ´ EXW DOVR E\ WKH QRW VR IDLU DQG EDODQFHG PRGHUDWRU 0\ LQWHUORFXWRUV GLG QRW VHHP DOO WKDW KRVSLWDEOH WR IDFWV EXW , WKRXJKW , RZHG WKHP D WU\ DW DGGXFLQJ VRPH DQ\ZD\ DQG .KDOLG 6KHLNK 0RKDPPHG«DQG « ,Q KLV VSHHFK &KHQH\ PHQWLRQHG VRPH 7LPHV ² IRU UHDVRQV WKDW E\ WKLV VWDJH DUH REYLRXV WR DOO 5HIHUULQJ VSHFLILFDOO\ WR ZDWHUERDUGLQJ &KHQH\ VDLG WKDW ZDWHUERDUGHH .KDOLG 6KHLNK 0RKDPPHG ³WKH PDVWHUPLQG RI « DOVR ERDVWHG DERXW EHKHDGLQJ 'DQLHO 3HDUO ´ +HUH , WKRXJKW LV D UHDOO\ JRRG H[DPSOH RI ³GLVLQJHQXRXV´ ² D QLFH FRQFUHWH H[DPSOH IRU P\ JUDQGVRQ )RU WKH RQO\ WKLQJ .KDOLG 6KHLNK 0RKDPPHG GLG 127 WDNH UHVSRQVLELOLW\ IRU DIWHU EHLQJ ZDWHUERDUGHG 7LPHV ZDV FOLPDWH FKDQJH

%XW VLQFH WKH QDPH .KDOLG 6KHLNK 0RKDPPHG FDPH XS , DVNHG P\ WZR LQWHUORFXWRUV LI WKH\ NQHZ KRZ ³.60´ H[SODLQHG ZK\ KH PDVWHUPLQGHG $SSDUHQWO\ QHLWKHU KDG PDGH LW DV IDU DV SDJH RI WKH &RPPLVVLRQ 5HSRUW VR , WROG WKHP ZKDW WKH &RPPLVVLRQ IRXQG RQ WKDW NH\ SRLQW ³%\ KLV RZQ DFFRXQW .60¶V DQLPXV WRZDUG WKH 8QLWHG 6WDWHV VWHPPHG QRW IURP KLV H[SHULHQFH WKHUH DV D VWXGHQW EXW UDWKHU IURP KLV YLROHQW GLVDJUHHPHQW ZLWK 8 6 IRUHLJQ SROLF\ IDYRULQJ ,VUDHO ´ .60 \RX VHH KDG DWWHQGHG 1RUWK &DUROLQD $ 7 LQ *UHHQVERUR DQG DSSDUHQWO\ WKH ILUVW WKRXJKW WKDW FDPH WR WKRVH GUDIWLQJ WKH UHSRUW ZDV WKDW SHUKDSV KH KDG VXIIHUHG VRPH JURVV LQGLJQLW\ DFFRXQWLQJ IRU KLV KDWUHG IRU $PHULFD 1RW VR 0RUHRYHU WKH IRRWQRWH VHFWLRQ SDJH RI WKH &RPPLVVLRQ 5HSRUW UHYHDOV WKDW .60 ZDV QRW WKH RQO\ WHUURULVW PRWLYDWHG E\ ³8 6 IRUHLJQ SROLF\ IDYRULQJ ,VUDHO´ ³2Q .60¶V UDWLRQDOH IRU DWWDFNLQJ WKH 8QLWHG 6WDWHV VHH ,QWHOOLJHQFH UHSRUW LQWHUURJDWLRQ RI .60 6HSW LQ WKLV UHJDUG .60¶V VWDWHPHQWV HFKR WKRVH RI <RXVHI ZKR GHOLYHUHG DQ H[WHQVLYH SROHPLF DJDLQVW 8 6 IRUHLJQ SROLF\ DW KLV -DQXDU\ VHQWHQFLQJ ´

7KH UHIHUHQFH LV WR 5DP]L <RXVHI .60¶V QHSKHZ 7KH &RPPLVVLRQ 5HSRUW KDG QRWHG HDUOLHU SDJH WKDW ³<RXVHI¶V LQVWDQW QRWRULHW\ DV WKH PDVWHUPLQG RI WKH :RUOG 7UDGH &HQWHU ERPELQJ LQVSLUHG .60 WR EHFRPH LQYROYHG LQ SODQQLQJ DWWDFNV DJDLQVW WKH 8QLWHG 6WDWHV ´ ,Q WKH ³5HFRPPHQGDWLRQV´ VHFWLRQ RI LWV ILQDO UHSRUW WKH &RPPLVVLRQ VXJJHVWHG ³$PHULFD¶V SROLF\ FKRLFHV KDYH FRQVHTXHQFHV 5LJKW RU ZURQJ LW LV VLPSO\ D IDFW WKDW $PHULFDQ SROLF\ UHJDUGLQJ WKH ,VUDHOL 3DOHVWLQLDQ FRQIOLFW DQG $PHULFDQ DFWLRQV LQ ,UDT DUH GRPLQDQW VWDSOHV RI SRSXODU FRPPHQWDU\ DFURVV WKH $UDE DQG 0XVOLP ZRUOG « 1HLWKHU ,VUDHO QRU WKH QHZ ,UDT ZLOO EH VDIHU LI ZRUOGZLGH ,VODPLVW WHUURULVP JURZV VWURQJHU ´ SS

7KHVH REVHUYDWLRQV VHHPHG WR VWULNH P\ UDGLR LQWHUORFXWRUV DV XQILW IRU WKH DLUZDYHV :KHQ WKH VKRXWV RI SURWHVW GLHG GRZQ WKHUH ZDV DQ RSSRUWXQLW\ WR RIIHU DGGLWLRQDO HYLGHQFH VR , WKUHZ LQ ZKDW D SUHVWLJLRXV ERDUG DSSRLQWHG E\ WKH 3HQWDJRQ KDG WR VD\ DERXW DOO WKLV RYHU IRXU \HDUV DJR 'HIHQVH 6FLHQFH %RDUG 5HSRUW $UH \RX UHDG\ IRU D VFRRS WKDW LV QRW D VFRRS EXW WKDW DOPRVW QR RQH NQRZV DERXW" ,W KDV WR GR ZLWK DQ XQFODVVLILHG VWXG\ SXEOLVKHG QRW E\ VRPH ³OLEHUDO´ WKLQN WDQN EXW E\ WKH 3HQWDJRQ DSSRLQWHG 8 6 'HIHQVH 6FLHQFH %RDUG MXVW WZR PRQWKV DIWHU WKH &RPPLVVLRQ 5HSRUW 7KDW UHSRUW GLUHFWO\ FRQWUDGLFWHG ZKDW &KHQH\ DQG 3UHVLGHQW %XVK KDG EHHQ VD\LQJ DERXW ³ZK\ WKH\ KDWH XV ´ OHWWLQJ WKH HOHSKDQW RXW RI WKH EDJ DQG LQWR WKH URRP VR WR VSHDN ³0XVOLPV GR QRW µKDWH RXU IUHHGRP ¶ EXW UDWKHU WKH\ KDWH RXU SROLFLHV 7KH RYHUZKHOPLQJ PDMRULW\ YRLFH WKHLU REMHFWLRQV WR ZKDW WKH\ VHH DV RQH VLGHG VXSSRUW LQ IDYRU

RI ,VUDHO DQG DJDLQVW 3DOHVWLQLDQ ULJKWV DQG WKH ORQJVWDQGLQJ HYHQ LQFUHDVLQJ VXSSRUW IRU ZKDW 0XVOLPV FROOHFWLYHO\ VHH DV W\UDQQLHV PRVW QRWDEO\ (J\SW 6DXGL $UDELD -RUGDQ 3DNLVWDQ DQG WKH *XOI 6WDWHV 7KXV ZKHQ $PHULFDQ SXEOLF GLSORPDF\ WDONV DERXW EULQJLQJ GHPRFUDF\ WR ,VODPLF VRFLHWLHV WKLV LV VHHQ DV QR PRUH WKDQ VHOI VHUYLQJ K\SRFULV\ ´ <RX GLGQ¶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³QHZVSDSHU RI UHFRUG ´ GLG SXEOLVK D VWRU\ RQ WKH ERDUG¶V UHSRUW ² EXW SHUIRUPHG VRPH KLJKO\ LQWHUHVWLQJ VXUJHU\ 7KRP 6KDQNHU RI WKH 7LPHV TXRWHG WKH SDUDJUDSK EHJLQQLQJ ZLWK 0XVOLPV GR QRW

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¶V 7LPHV DQG :DVKLQJWRQ 3RVW RQ )ULGD\ PRUQLQJ , DP KDUGO\ VXUSULVHG WKDW WKH\ PLVVHG &KHQH\¶V VOLS DERXW 8 6 SROLF\ WRZDUG ,VUDHO EHLQJ RQH RI WKH WHUURULVWV¶ ³WUXH VRXUFHV RI UHVHQWPHQW ´ 5D\ 0F*RYHUQ ZRUNV ZLWK 7HOO WKH :RUG WKH SXEOLVKLQJ DUP RI WKH HFXPHQLFDO &KXUFK RI WKH 6DYLRXU LQ LQQHU FLW\ :DVKLQJWRQ '& $ ORQJ WHUP DQDO\VW ZLWK WKH &,$ KH KDV EHHQ GLVVHFWLQJ DQDO\]LQJ UHSRUWLQJ RQ OHDGHUVKLS VSHHFKHV IRU \HDUV

%LOO WR $XGLW )HG *DLQV 6HULRXV 0RPHQWXP By Kurt Nimmo - TruthNews.us 6XEPLWWHG DW 0D\

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

6HUYLFHV ,W QRZ KDV FR VSRQVRUV VHH WKH \RXU PHPEHU RI &RQJUHVV WR FR VSRQVRU WKH OLVW RI VSRQVRUV EHORZ ELOO ´ 5RQ 3DXO VDLG ³$QG WR PH WKLV LV YHU\ ,I SDVVHG WKH ELOO ZLOO IRUFH WKH )HG WR JLYH YHU\ LPSRUWDQW WKDW ZH GR WKLV 7KH D SXEOLF DFFRXQWLQJ RI WKH WULOOLRQV RI WD[SD\HU DWPRVSKHUH LQ WKH &RQJUHVV KDV GHILQLWHO\ ³ORDQV´ KDQGHG RYHU WR WKH EDQNVWHUV ,W ZLOO FKDQJHG ,W¶V FKDQJHG ZLWK WKHLU DWWLWXGH DERXW IRUFH &RQJUHVV WR DXGLW WKH )HG DQG WKLV ZLOO WKH )HGHUDO 5HVHUYH 6\VWHP EXW RYHUDOO IRUFH RXW LQWR WKH OLJKW RI GD\ WKH )HG SUDFWLFH WKHUH¶V D WUHPHQGRXV SXVK E\ WKH $PHULFDQ RI LQIODWLQJ WKH FXUUHQF\ IRU WKH JDLQ RI D SHRSOH IRU WKH &RQJUHVV WR ZDNH XS DQG KDYH VPDOO QXPEHU RI LQWHUQDWLRQDO EDQNHUV ,W ZLOO PRUH WUDQVSDUHQF\« , KDYH DUJXHG RI FRXUVH UHYHDO WKH EDQNVWHU SUDFWLFH RI HQJLQHHULQJ WKDW ZH GRQ¶W QHHG WKH )HGHUDO 5HVHUYH ,W¶V ILQDQFLDO FULVHV DQG GHSUHVVLRQV ² RU QRW SDUW RI RXU FRQVWLWXWLRQ DQG ZH VKRXOG JHW VFLHQWLILFDOO\ FUHDWHG DV &RQJUHVVPDQ ULG RI LW EXW LW GRHVQ¶W KDSSHQ WKDW ZD\ %XW LI &KDUOHV $ /LQGEHUJ 6U VDLG DIWHU WKH )HGHUDO ZH JHW WKH DXGLW DQG JHW WKH ERRNV RSHQ PDNH 5HVHUYH $FW ZDV SDVVHG LQ WKH GHDG RI QLJKW WKHP DQVZHU WKH TXHVWLRQV , DP FRQYLQFHG 2Q 0DUFK + 5 KDG FR ² LQ RUGHU WR FRQVROLGDWH LOOLFLW JDLQV DQG WKDW WKH $PHULFDQ SHRSOH ZLOO EH VR RXWUDJHG VSRQVRUV ³:H¶UH PDNLQJ JUHDW SURJUHVV HOLPLQDWH FRPSHWLWLRQ DV WKH EDQNHUV DUH WKDW WKHQ ZH ZLOO KDYH UHIRUP RI WKH PRQHWDU\ EHFDXVH D ORW RI \RX KDYH KHOSHG HQFRXUDJH PRQRSRO\ PHQ V\VWHP ´


,VVXH

7+( 3$1'25$¶6 %2; &$//(' ³6:,1( )/8´ By Dr. Rebecca Carley DrCarley.com 6XEPLWWHG DW 0D\

7KH &'& KDV EHHQ VD\LQJ IRU \HDUV WKDW LW LV QRW D PDWWHU RI ,) EXW :+(1 WKH QH[W LQIOXHQ]D SDQGHPLF RFFXUV +RZ GLG WKH\ SUHGLFW WKH SUHVHQW GD\ SDQGHPLF ZDV FRPLQJ" 'R WKH\ KDYH SV\FKLFV ZRUNLQJ ZLWK WKHP RU SHUKDSV GLG PDG VFLHQWLVWV FUHDWH WKLV OHWKDO EXJ NQRZLQJ WKDW WKH JOREDO RXWFU\ IRU D YDFFLQH WR ³SURWHFW´ WKH SXEOLF ZRXOG \LHOG YDFFLQH PDQXIDFWXUHUV ELOOLRQV RI GROODUV DV ZHOO DV FRQYHQLHQWO\ DVVLVW LQ D ODUJH UHGXFWLRQ RI WKH JOREDO SRSXODWLRQ DV LV ZULWWHQ LQ VWRQH LV WKH JRDO RI WKH JOREDO SXSSHWPDVWHUV LQ WKH *HRUJLD *XLGHVWRQHV" 7KH HYLGHQFH WKDW WKLV PXWDQW EXJ ZDV FUHDWHG LQ D ODERUDWRU\ LV RYHUZKHOPLQJ ,W LV DQ XQSUHFHGHQWHG FRPELQDWLRQ RI JHQHWLFDOO\ PRGLILHG UHFRPELQDQWV RI WKH DYLDQ ELUG VZLQH DQG ³6SDQLVK )OX´ KXPDQ IOX VWUDLQV ,Q IDFW LQ D FKLOOLQJ GRFXPHQWDU\ HQWLWOHG ³6HFUHWV RI WKH 'HDG .LOOHU )OX´ SURGXFHG E\ ZZZ SEV RUJ PROHFXODU SDWKRORJLVW -HIIUH\ 7DXEHQEHUJHU RI WKH $UP\ ,QVWLWXWH RI 3DWKRORJ\ GHVFULEHV KRZ KLV WHDP ZHQW WR $ODVND UHWULHYHG WLVVXH VDPSOHV RI SHRSOH ZKR KDG VXFFXPEHG WR WKH IOX DQG EURXJKW WKH VDPSOHV EDFN WR $WODQWD WR ³VWXG\´ LW ,Q IDFW WKH\ GHFRQVWUXFWHG WKH EXJ DQG ILJXUHG RXW LWV JHQHWLF FRGH +H UHIHUV WR WKH YLUXV DV D ³WHUURULVW ZKLFK JHWV LQWR WKH FHOOV´ :KDW UHDVRQ GLG WKLV VFLHQWLVW JLYH IRU RSHQLQJ XS 3DQGRUD ¶V %R[" 7KLV LV D VWDWHPHQW KH PDNHV RQ WKDW 3%6 VSHFLDO WR DQVZHU WKDW TXHVWLRQ ³,I ZH FDQ VKHG OLJKW RQ ZK\ WKH YLUXV ZDV VR OHWKDO DQG XQGHUVWDQG WKH JHQHWLF EDVLV RI WKDW WKDW LQIRUPDWLRQ FDQ EH DSSOLHG WR WKH HPHUJHQFH RI QHZ LQIOXHQ]D VWUDLQV´ 7KDW EULQJV XV WR TXHVWLRQV« ZKDW ZDV WKH RULJLQ RI WKH ³6SDQLVK )OX´ SDQGHPLF DQG ZKDW LV WKH HYLGHQFH WKDW WKH SUHVHQW ³SDQGHPLF´ HYROYHG QDWXUDOO\ YV EHLQJ LQWHQWLRQDOO\ RU PLVWDNHQO\ UHOHDVHG IURP RQH RI WKH ELRZDUIDUH ODERUDWRULHV Q WKH 86" 7KH DQVZHU WR WKH RULJLQ RI WKH ³6SDQLVK )OX´ SDQGHPLF LV DQVZHUHG LQ WKH RXWVWDQGLQJ ERRN ³9DFFLQDWLRQV WKH 6LOHQW .LOOHU´ E\ ,GD +RQRURII DQG (OHDQRU 0F%HDQ 7KLV ERRN GRFXPHQWV WKDW WKH RULJLQ RI WKH SDQGHPLF ZDV LQRFXODWLRQV JLYHQ WR VROGLHUV LQ :: , WKH DXWKRUV GRFXPHQW WKDW ³PRUH PHQ ZHUH EHLQJ NLOOHG E\ PHGLFDO VKRWV WKDQ E\ HQHP\ VKRWV IURP JXQV´ D IDFW WKDW KROGV WUXH WR WKLV GD\ ³,W ZDV D VKRUWHU ZDU WKDQ WKH YDFFLQH PDNHUV KDG SODQQHG RQ VR WKH YDFFLQH SURPRWHUV KDG D ORW RI XQXVHG YDFFLQHV« VR WKH\ FDOOHG D PHHWLQJ EHKLQG FORVHG GRRUV DQG SORWWHG D ZRUOGZLGH YDFFLQDWLRQ GULYH WHOOLQJ WKH SHRSOH WKDW WKH VROGLHUV ZHUH FRPLQJ KRPH ZLWK PDQ\ GUHDG GLVHDVHV«DQG WKDW LW ZDV WKH SDWULRWLF GXW\ RI HYHU\ PDQ ZRPDQ DQG FKLOG WR JHW ³SURWHFWHG´ E\ UXVKLQJ GRZQ WR WKH YDFFLQDWLRQ FHQWHUV DQG JHWWLQJ DOO WKH VKRWV´ 7KXV WKH ZRUOGZLGH YDFFLQH LQGXFHG

SDQGHPLF EHJDQ 7KH RQO\ RQHV ZKR HVFDSHG WKH LQIOXHQ]D ZHUH WKRVH ZKR KDG UHIXVHG WKH YDFFLQHV«*UHHFH DQG D IHZ RWKHU FRXQWULHV ZKLFK GLG QRW DFFHSW WKH YDFFLQHV ZHUH QRW KLW E\ WKH IOX DW DOO $V IDU DV ZKHUH WKH SUHVHQW GD\ ³0H[LFDQ VZLQH IOX´ YLUXV RULJLQDWHG IURP %ORRPEHUJ

QHZV UHSRUWHG RQ 0D\ WKDW $XVWUDOLDQ UHVHDUFKHU $GULDQ *LEEV QRWLILHG WKH :+2 DIWHU DQDO\]LQJ WKH JHQHWLF EOXHSULQW RI WKH YLUXV WKDW LW LV PRVW OLNHO\ WKH UHVXOW RI D ³ODERUDWRU\ HVFDSH´ $ 5HXWHU¶V QHZV UHOHDVH RQ $SULO UHYHDOHG WKDW WKH QHZ IOX YLUXV FRQWDLQV '1$ UHODWHG WR ELUG KXPDQ DQG (XURSHDQ DQG $VLDQ VZLQH YLUXVHV 7KLV RFFXUUHG DIWHU WKH &DQDGLDQ 3UHVV UHSRUWHG RQ )HEUXDU\ WKDW %D[WHU ,QWHUQDWLRQDO KDG UHOHDVHG ³FRQWDPLQDWHG´ IOX YLUXV PDWHULDO D PL[WXUH RI ELUG DQG KXPDQ IOX YLUXV WR IRXU (XURSHDQ FRXQWULHV 7KH FRQWDPLQDWLRQ FDPH WR OLJKW ZKHQ D VXEFRQWUDFWRU LQ WKH &]HFK 5HSXEOLF LQRFXODWHG IHUUHWV ZLWK ZKDW ZDV VXSSRVHG WR EH MXVW KXPDQ VHDVRQDO IOX YLUXV + 1 DQG WKH\ DOO GLHG 7KLV OHG UHVHDUFKHUV WR GLVFRYHU WKDW WKH VDPSOHV KDG EHHQ ³FRQWDPLQDWHG´ ZLWK OLYH + 1 H[SHULPHQWDO ELUG IOX PDWHULDO %D[WHU LV PDNLQJ D ELUG IOX YDFFLQH DQG D OLFHQVH LV H[SHFWHG WR EH LVVXHG IRU LW VKRUWO\«D VPRNLQJ JXQ LQ DVFHUWDLQLQJ WKHLU PRWLYH IRU UHOHDVLQJ WKLV VLQFH PL[LQJ WKH ELUG IOX YLUXV ZKLFK GRHV QRW HDVLO\ LQIHFW SHRSOH ZLWK WKH KXPDQ IOX YLUXV FDQ UHVXOW LQ UHDVVRUWPHQW FUHDWLQJ D SDQGHPLF YLUXV %D[WHU FODLPV WKLV FRQWDPLQDWLRQ ZDV DQ ³DFFLGHQW´ +RZHYHU RQ 0DUFK OHVV WKDQ D ZHHN DIWHU WKH %D[WHU UHOHDVH ZDV UHSRUWHG LQ WKH &DQDGLDQ SUHVV DQ H[SHUW SDQHO UHSRUWHG WR HPHUJHQF\ PDQDJHUV DW D VXPPLW LQ &RORUDGR WKDW D YHUVLRQ RI WKH DYLDQ IOX :28/' FDXVH D SDQGHPLF LQ WKH IXWXUH 7KHQ FDPH WKH EHJLQQLQJ RI WKH SDQGHPLF LQ 0H[LFR«ZKHUH WKH VZLQH IOX FRPSRQHQW RI WKH SDQGHPLF YLUXV ZDV KLJKOLJKWHG REYLRXVO\ WR GLVWUDFW WKH SXEOLF ZKR KDG KHDUG RI WKH %D[WHU UHOHDVH LQ

(XURSH $OWKRXJK WKH QXPEHU RI GHDWKV UHSRUWHGO\ FDXVHG E\ WKLV 0H[LFDQ YLUXV ZKLFK FDQ LQIHFW ELUGV KXPDQV DQG VZLQH L H D EULGJH YLUXV EHWZHHQ VSHFLHV KDYH EHHQ PLQLVFXOH FRPSDUHG WR RWKHU GLVHDVH FDXVLQJ DJHQWV WKH PDLQVWUHDP PHGLD KDV EHHQ EXV\ LQVWLOOLQJ IHDU LQ WKH SXEOLF WKDW WKHUH ZLOO EH D ³VHFRQG ZDYH´ RI WKH YLUXV WKLV IDOO ZKLFK ZLOO EH PXFK PRUH GDQJHURXV :H DUH QRZ KHDULQJ RI KRZ D YDFFLQH LV EHLQJ FUHDWHG«LQ IDFW 0DUNHW ZDWFK UHSRUWHG RQ 0D\ WKDW 9LFDO ,QF KDV FRPSOHWHG GHYHORSPHQW RI D ³VZLQH IOX´ YDFFLQH DQG WKDW ,7 ,6 5($'< 72 /$81&+ +80$1 &/,1,&$/ 75,$/6 72 %( &21'8&7(' %< 7+( 1$9< $UH UHFUXLWV IRU WKH PLOLWDU\ WROG ZKHQ WKH\ HQOLVW WKDW WKH\ ZLOO EH XVHG DV H[SHULPHQWDO JXLQHD SLJV IRU YDFFLQH WULDOV" ,W LV VHOI HYLGHQW WKDW WKHUH :,// EH D ³VHFRQG ZDYH´ RI WKLV YLUXV WKDW ZLOO EH PXFK PRUH GDQJHURXV«DV WKDW SDQGHPLF ZLOO EH FDXVHG E\ WKH YDFFLQH MXVW DV RFFXUUHG LQ 6KRUWO\ DIWHU WKH PDMRULW\ RI VWDWHV SXEOLVKHG WKHLU LQGLYLGXDO YHUVLRQV RI WKH ³0RGHO 6WDWH +HDOWK (PHUJHQF\ 3RZHUV $FW´ ZKLFK JLYHV FKLOOLQJ SRZHUV WR WKH VWDWH WR IRUFH PHGLFDO H[DPV YDFFLQHV TXDUDQWLQH WDNHRYHU RI SURSHUW\ DQG RWKHU XQFRQVWLWXWLRQDO DFWLRQV LQ WKH IDFH RI D ³SXEOLF KHDOWK HPHUJHQF\´ :LWKLQ WKLV GRFXPHQW WKH GHILQLWLRQ RI ZHDSRQV RI PDVV GHVWUXFWLRQ LV JLYHQ ,W LV ³DQ\ ZHDSRQ«GHVLJQHG RU KDYLQJ WKH FDSDELOLW\ WR FDXVH GHDWK RU VHULRXV LQMXU\ WKURXJK WKH UHOHDVH GLVVHPLQDWLRQ RU LPSDFW RI«D GLVHDVH RUJDQLVP´ 2Q P\ ZHEVLWH UHDGHUV ZLOO ILQG DQ DUWLFOH , ZURWH PDQ\ \HDUV DJR ZKLFK LV XSGDWHG RQ D UHJXODU EDVLV HQWLWOHG ³

,QRFXODWLRQV WKH 7UXH :HDSRQV RI 0DVV 'HVWUXFWLRQ´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³7KH 6FLHQFH RI 9DFFLQH 'DPDJH´ DOVR SRVWHG RQ P\ ZHEVLWH 7KH GLVHDVH EHLQJ FUHDWHG E\ YDFFLQHV DQG ZHDSRQL]HG YLUXVHV PDGH LQ ELRZDUIDUH ODERUDWRULHV ZKLFK VHQG WKHLU GDQJHURXV FUHDWLRQV WR RWKHU ODEV E\ )HGHUDO ([SUHVV FRPSULVH FULPHV DJDLQVW KXPDQLW\ RI WKH KLJKHVW RUGHU ZKLFK WD[SD\HU GROODUV SD\ IRU DQG IRU ZKLFK ELJ SKDUPD PDNHV ELOOLRQV RI GROODUV ,Q WKLV DXWKRU¶V RSLQLRQ RXU ³KHDOWK FDUH´ V\VWHP KDV EHFRPH D ³GLVHDVH FUHDWLRQ´ V\VWHP LQ IXUWKHUDQFH RI WKH ³0HPR ´ E\ +HQU\ .LVVLQJHU ZKR UHSRUWHG WR &RQJUHVV WKDW SRSXODWLRQ UHGXFWLRQ LV D QDWLRQDO VHFXULW\ LVVXH ,Q IXUWKHU HYLGHQFH WKDW RXU FRUUXSW ³UHSUHVHQWDWLYHV´ LQ ' & WKH GLVWULFW RI FULPLQDOV DUH SURPRWLQJ WKLV DJHQGD WKHUH DUH ELOOV LQ &RQJUHVV SUHVHQWO\ WR PDNH RUJDQLF IDUPLQJ LOOHJDO DQG YLWDPLQ VXSSOHPHQWV DYDLODEOH E\ SUHVFULSWLRQ RQO\ YLD &RGH[ $OLPHQWDULXV OHJLVODWLRQ :KDW WR GR" &/26( '2:1 7+( %,2:$5)$5( /$%6 :($321,=,1* 9 , 5 8 6 ( 6 LQ F OX G LQ J WK H ³ $ G Y D Q F H G %LRWHFKQRORJ\ ,QFXEDWRU´ ZKLFK KDV EHHQ RSHQHG DW WKH %URRNO\Q $UP\ 7HUPLQDO E\ P\ DOPD PDWHU 681< +HDOWK 6FLHQFHV &HQWHU LQ %URRNO\Q LQ FORVH SUR[LPLW\ WR RYHU PLOOLRQ SHRSOH $OORZ WKH SHRSOH WR XVH QDWXUDO VXSSOHPHQWV WR ERRVW WKHLU LPPXQH V\VWHP DQG KDYH DFFHVV WR RUJDQLF QRQ *02 IRRG ZKLFK LV EHLQJ IRUPXODWHG WR SURGXFH YLUXVHV DV ZHOO LQ WKH IRUP RI ³*02 IRRG YDFFLQHV´ %ULQJ FULPLQDO FKDUJHV DJDLQVW WKH PDG VFLHQWLVWV DQG SXEOLF DXWKRULWLHV ZKR KDYH EURXJKW WKLV ELRZHDSRQ KRUURU RQWR KXPDQLW\ LQ WKH QDPH RI ³KHDOWK´ LQ YLRODWLRQ RI WKH 1XUHPEXUJ FRGH ,Q IDFW RQFH WKH YDFFLQH LQGXFHG FUHDWLRQ RI GLVHDVH LV VWRSSHG WKHUH ZLOO EH QR PRUH ³KHDOWK FDUH FULVLV´ LQ WKLV FRXQWU\ ,Q WKH PHDQWLPH LI , ZHUH \RX , ZRXOG REWDLQ D FROORLGDO VLOYHU JHQHUDWRU VLQFH RXU FRUUXSW )'$ LV WU\LQJ WR WDNH FROORLGDO VLOYHU RII WKH PDUNHW &ROORLGDO VLOYHU LV DQ HIIHFWLYH QDWXUDO VXSSOHPHQW ZKLFK NLOOV DOO EDFWHULD DQG YLUXVHV RQ ZKLFK LW KDV EHHQ WHVWHG ,W FDQ EH LQKDOHG YLD D QHEXOL]HU DOORZLQJ GHOLYHU\ RI WKH VLOYHU SDUWLFOHV GLUHFWO\ WR WKH OXQJV 0RVW LPSRUWDQWO\ -867 6$< 12 WR DQ\ DWWHPSW WR LQRFXODWH WKH SXEOLF ZLWK WKLV ELRZHDSRQ« ZKLFK LV REYLRXVO\ D ODE FUHDWLRQ LQWHQGHG WR FDXVH D SDQGHPLF DORQJ ZLWK PDUWLDO ODZ DQG RWKHU YLRODWLRQV RI RXU FRQVWLWXWLRQDO ULJKWV WKDW ZLOO UHVXOW 'U &DUNOH\ LV D &RXUW 4XDOLILHG ([SHUW LQ 9,'6 9DFFLQH ,QGXFHG 'LVHDVHV


,VVXH

,6 5(92/87,21 %5(:,1* ,1 $0(5,&$" By Michael Webster LagunaJournal.com 6XEPLWWHG DW 0D\

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

WHUULWRULDO DQG WULEDO JRYHUQPHQWV ZLWKRXW HYHQ FRQVXOWLQJ &RQJUHVV &RUVL IXUWKHU UHSRUWHG WKDW WKH 'HSDUWPHQW RI +RPHODQG 6HFXULW\ '+6

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² D ODFN RI JURZWK DQG ZDQLQJ FRQVXPHU FRQILGHQFH LV QRZ SUHYDOHQW ZRUOGZLGH ,W LV IHDUHG E\ PDQ\ JRYHUQPHQWV WKDW KLVWRU\ ZLOO UHSHDW LWVHOI DV LQ WKH V ZKHQ HFRQRPLF KDUGVKLS VSDZQHG PDMRU GHPRQVWUDWLRQV ,W DOORZHG H[WUHPLVWV WR JDWKHU VXSSRUW DIWHU D ORVV RI IDLWK LQ WKH JRYHUQPHQW DQG SROLWLFLDQV (FRQRPLF FDWDVWURSKH EUHG )UDQFR 0XVVROLQL DQG +LWOHU 0LFKDHOV DVNHG 'R WKH SURWHVWHUV DFURVV (XURSH VHQVH RQFH DJDLQ WKDW WKHLU

$IJKDQLVWDQ RU DWWHQGLQJ D WUDLQLQJ FDPS ³ZDV LGHQWLILHG DV DQ DO 4DHGD UHFUXLWHU DQG WUDYHO IDFLOLWDWRU ZKR KHOSV µIXQG RWKHU LQGLYLGXDOV¶ WUDYHO¶ WR $IJKDQLVWDQ ´ DV ³D PHPEHU RI DO 4DHGD ZKR VZRUH ED\DW >DQ RDWK RI OR\DOW\@ WR 2VDPD ELQ /DGHQ ´ DQG DV ³RQH RI PHQ´ DW WKH DO )DURXT WUDLQLQJ FDPS LQ $IJKDQLVWDQ ZKR ZHUH LGHQWLILHG DV ELQ /DGHQ¶V ERG\JXDUGV ,Q WKH FDVH RI 0RKDPPHG +DVVHQ ZKR ZDV RQO\ YLVLWLQJ WKH KRXVH ZKHQ KH ZDV VHL]HG DQG ZKR LV RQH RI RQO\ WZR RI WKH ³,VVD´ JXHVW KRXVH SULVRQHUV WR EH FOHDUHG IRU UHOHDVH DIWHU D PLOLWDU\ UHYLHZ WKH DOOHJDWLRQV LQ WKH SUHYLRXV URXQG RI $5%V FRQVLVWHG RI

SUHFLVHO\ WKUHH DOOHJDWLRQV WKDW ³$Q LQGLYLGXDO ZKR ZDV LQ $IJKDQLVWDQ LGHQWLILHG >KLP@ DV D ILJKWHU ZKR WUDYHOHG EHWZHHQ .DQGDKDU DQG .KRVW $IJKDQLVWDQ ´ WKDW ³$ VWXGHQW ZKR WUDLQHG DW DO )DURXT LGHQWLILHG >KLP@ DV D <HPHQL ZKR WUDLQHG DW DO )DURXT ´ DQG WKDW ³$ VHQLRU DO 4DHGD RSHUDWLYH QRWHG WKDW D SKRWR RI WKH GHWDLQHH PD\ EH D <HPHQL DQG WKDW KH PD\ KDYH VHHQ KLP DW RQH SRLQW µLQVLGH ¶ PHDQLQJ $IJKDQLVWDQ ´ ,Q WKH FDVH RI $EGXO $]L] DO 1RRID\HH DOVR FOHDUHG IRU UHOHDVH DIWHU DQ $5% EXW OLNH +DVVHQ VWLOO KHOG WKH RQO\ DOOHJDWLRQV ZHUH WKDW ³$ VHQLRU DO 4DHGD RSHUDWLYH VWDWHG WKDW >KH@ DWWHQGHG WKH .KDOGDQ FDPS LQ

JRYHUQPHQWV GR QRW NQRZ ZKDW WR GR" 2U LV LW PHORGUDPDWLF WR ZRUU\ DERXW VXFK D SDUDOOHO" 3ROLWLFLDQV DUH EHLQJ DVVDLOHG IRU WKHLU ODFN RI FRPSHWHQFH 0DLQVWUHDP SDUWLHV ² WKH OHIW LQ )UDQFH DQG *HUPDQ\ IRU H[DPSOH ² DUH ELFNHULQJ DQG LQ FULVLV )UDQFH V PDLQVWUHDP XQLRQV KDYH LQ VRPH FDVHV EHHQ IROORZLQJ WKH DFWLRQV RI PRUH UDGLFDO JURXSV VXFK DV 68' 5DLO ZKLFK FDOOHG D ZLOGFDW VWULNH DW D 3DULV UDLO VWDWLRQ DQG VWUDQGHG WKRXVDQGV RI FRPPXWHUV ,Q ,WDO\ WUDGLWLRQDO VFDSHJRDWV VXFK DV LPPLJUDQWV DUH EHLQJ H[SHOOHG E\ SRSXOLVW SROLWLFLDQV 0LFKDHOV FRQWLQXHV WKDW WKH FRQWLQHQW KDV EHHQ WXUQHG XSVLGH GRZQ DV JRYHUQPHQWV VWUXJJOH WR FRSH :KDWHYHU ZDV EDG ² VWDWH DLG ELJJHU EXGJHW GHILFLWV PDVV EDLO RXWV ²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

GUANTÁNAMO: FRQWLQXHG IURP SDJH WKH -XVWLFH 'HSDUWPHQW ULJKW QRZ DIWHU -XGJH .HVVOHU¶V UXOLQJ LV WKH H[WHQW WR ZKLFK WKH FDVHV DJDLQVW WKHVH RWKHU PHQ UHO\ DV ZLWK $OL $KPHG QRW RQ FRQIHVVLRQV PDGH E\ WKH SULVRQHUV WKHPVHOYHV EXW RQ VWDWHPHQWV PDGH E\ RWKHU SULVRQHUV ZKLFK DSSHDU WR EH MXVW DV GXELRXV DV WKRVH GHULGHG E\ -XGJH .HVVOHU 7KH ZHDNQHVV RI WKH VXSSRVHG HYLGHQFH 7R JLYH MXVW D IHZ H[DPSOHV WKH WUDQVFULSWV RI WKH PRVW UHFHQWO\ SXEOLFO\ DYDLODEOH $5%V IURP LQFOXGH WKH VZHHSLQJ VWDWHPHQW WKDW ³6WXGHQWV DW 6DODILD 8QLYHUVLW\ DUH HQFRXUDJHG WR ILJKW LQ WKH -LKDG DJDLQVW WKH :HVW ´ DQG WR FLWH MXVW RQH FDVH (PDG +DVVDQ ZKR GHQLHG HYHU EHLQJ LQ

DSSUR[LPDWHO\ ´ DQG WKDW KH ³ZDV FDSWXUHG ZLWK D &DVLR ) : ZDWFK ´ DOOHJHGO\ ³XVHG LQ ERPELQJV WKDW KDYH EHHQ OLQNHG WR DO 4DHGD DQG UDGLFDO ,VODPLF JURXSV ZLWK LPSURYLVHG H[SORVLYH GHYLFHV´ DQG WKLV EHOLHYH LW RU QRW LV DQ DOOHJDWLRQ WKDW KDV EHHQ OHYHOHG DW GR]HQV RI SULVRQHUV RYHU WKH \HDUV ,Q VRPH RI WKH RWKHU FDVHV QR DOOHJDWLRQV ZKDWVRHYHU KDYH EHHQ PDGH SXEOLFO\ DYDLODEOH EH\RQG WKH ³JXLOW E\ DVVRFLDWLRQ´ RI VWD\LQJ LQ WKH JXHVW KRXVH DQG DOWKRXJK LQ D KDQGIXO RI FDVHV WKH JRYHUQPHQW FODLPV WR KDYH VHFXUHG FRQIHVVLRQV WKDW WKH PHQ *8$17È1$02 SDJH


,VVXH

6HUILQJ 7KH 7KLUG :DYH By Amy de Miceli Noonehastodietomorrow.com 6XEPLWWHG DW 0D\

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² WKH DJULFXOWXUDO UHYROXWLRQ²WRRN WKRXVDQGV RI \HDUV WR SOD\ LWVHOI RXW 7KH 6HFRQG :DYH²WKH ULVH RI LQGXVWULDO FLYLOL]DWLRQ²WRRN D PHUH WKUHH KXQGUHG \HDUV 7RGD\ KLVWRU\ LV HYHQ PRUH DFFHOHUDWLYH DQG

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

FUXFLDOO\ DUH VWLOO XVHG E\ WKH JRYHUQPHQW DV SDUW RI LWV VXSSRVHG HYLGHQFH 7KH ILUVW H[DPSOH WR VXUIDFH LQ SXEOLF ² ZKR DSSHDUV WR EH RQH RI WKH PHQ ZKRVH WHVWLPRQ\ ZDV GLVPLVVHG E\ -XGJH .HVVOHU DQG E\ DQRWKHU MXGJH LQ WKH FDVH RI DQRWKHU SULVRQHU 0RKDPPHG (O *KDUDQL ²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³ZLWK RWKHU LQIRUPHUV ´ OLYHV LQ D JURXS RI FHOOV DZD\ IURP WKH RWKHU SULVRQHUV $V WKH 3RVW GHVFULEHG LW ³KH KDV UHFHLYHG D &' SOD\HU FKHZLQJ WREDFFR FRIIHH OLEUDU\ ERRNV DQG RWKHU SHUNV DFFRUGLQJ WR FRXUW GRFXPHQWV ´ LQFOXGLQJ D YLGHR JDPH FRQVROH

HYHQ WKRXJK WKH PDQ GHVFULEHG E\ VRPH RIILFLDOV DW *XDQWiQDPR DV WKHLU ³VWDU ZLWQHVV´ KDV LQ WKH RSLQLRQ RI RWKHU RIILFLDOV EHHQ WKH VXEMHFW RI ³UHVHUYDWLRQV DERXW >KLV@ FUHGLELOLW\´ VLQFH $V WKH 3RVW¶V DUWLFOH PDGH FOHDU %DVDUGDK LV QRW WKH RQO\ OLDU ZKRVH IDOVH FRQIHVVLRQV KDYH LQIHFWHG WKH JRYHUQPHQW¶V ³HYLGHQFH ´ $Q ,UDTL UHSDWULDWHG LQ -DQXDU\ ZDV DOVR ZHOO NQRZQ LQ *XDQWiQDPR DV LV $EGXO 5DKLP DO *LQFR D 6\ULDQ ³UHVFXHG´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³HQKDQFHG LQWHUURJDWLRQ WHFKQLTXHV´ WR ZHDU WKHP GRZQ DQG DV WKH IHZ H[DPSOHV RI WKH )DLVDODEDG JXHVW KRXVH SULVRQHUV FLWHG DERYH DOVR LQGLFDWH WKH FDVH ILOHV DUH DOVR OLWWHUHG ZLWK DOOHJDWLRQV PDGH E\ ³VHQLRU DO 4DHGD RSHUDWLYHV´ ² LQGLYLGXDOV OLNH $EX =XED\GDK .KDOLG 6KHLNK 0RKDPPHG DQG WKH

RWKHU ³KLJK YDOXH GHWDLQHHV´ ZKR ZHUH KHOG DQG WRUWXUHG IRU \HDUV LQ VHFUHW &,$ SULVRQV EHIRUH WKHLU WUDQVIHU WR *XDQWiQDPR LQ 6HSWHPEHU DQG RWKHUV OLNH ,EQ DO 6KD\NK DO /LEL ZKR GLHG LQ D /LE\DQ SULVRQ ODVW ZHHN ZKR ZHUH KHOG LQ D QHWZRUN RI VHFUHW SULVRQV DQG SUR[\ SULVRQV DURXQG WKH ZRUOG ,Q DOO WKHVH SULVRQV ² DQG LQ *XDQWiQDPR DQG LQ WKH SULVRQV LQ $IJKDQLVWDQ ² SULVRQHUV ZHUH VKRZQ ZKDW &KULV 0DFNH\ WKH SVHXGRQ\P RI D VHQLRU LQWHUURJDWRU LQ $IJKDQLVWDQ UHIHUUHG WR LQ KLV ERRN 7KH ,QWHUURJDWRUV DV WKH ³IDPLO\ DOEXP ´ ZKLFK IHDWXUHG SKRWRV RI RWKHU SULVRQHUV $QG IURP DOO WKHVH SODFHV WKHUHIRUH LW LV GLIILFXOW WR VHH KRZ PXFK RI WKH ³HYLGHQFH´ DJDLQVW WKH SULVRQHUV FDQ EH DQ\WKLQJ RWKHU WKDQ D WLVVXH RI OLHV H[WUDFWHG XVLQJ WKH VDPH WHFKQLTXHV RI WRUWXUH FRHUFLRQ EULEHU\ DQG WKH H[SORLWDWLRQ RI PHQWDO LOOQHVV WKDW -XGJH .HVVOHU LGHQWLILHG LQ WKH FDVH RI $OOD $OL %LQ $OL $KPHG $QG\ :RUWKLQJWRQ LV WKH DXWKRU RI 7KH *XDQWiQDPR )LOHV 7KH 6WRULHV RI WKH 'HWDLQHHV LQ $PHULFD¶V ,OOHJDO 3ULVRQ SXEOLVKHG E\ 3OXWR 3UHVV GLVWULEXWHG E\ 0DFPLOODQ LQ WKH 86 DQG DYDLODEOH IURP $PD]RQ ² FOLFN RQ WKH IROORZLQJ IRU WKH 86 DQG WKH 8. 7R UHFHLYH QHZ DUWLFOHV LQ \RXU LQER[ SOHDVH VXEVFULEH WR P\ 566 IHHG DQG DOVR VHH P\ GHILQLWLYH *XDQWiQDPR SULVRQHU OLVW SXEOLVKHG LQ 0DUFK

GUANTÁNAMO: FRQWLQXHG IURP SDJH ³DGPLWWHG WR ILJKWLQJ ZLWK HQHP\ IRUFHV ´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¶V FDVH ZHUH UHGDFWHG E\ WKH JRYHUQPHQW EXW HQRXJK HYLGHQFH LV SXEOLFO\ DYDLODEOH IURP WKH VWDWHPHQWV RI UHOHDVHG SULVRQHUV WR GHPRQVWUDWH WKDW WKH FRHUFLYH WHFKQLTXHV WKDW ZHUH ZLGHO\ XVHG DW *XDQWiQDPR EHWZHHQ DQG DQG GHULYHG IURP WKH 86 PLOLWDU\¶V 6(5( SURJUDP FDXVHG QXPHURXV SULVRQHUV WR PDNH IDOVH FRQIHVVLRQV LQ RUGHU WR EULQJ DQ HQG WR WKHLU VXIIHULQJ ,Q DGGLWLRQ IXUWKHU SXEOLFO\ DYDLODEOH LQIRUPDWLRQ DOVR GHPRQVWUDWHV WKDW FHUWDLQ ZLWQHVVHV DW *XDQWiQDPR ² ZKHWKHU WKURXJK WRUWXUH LQGXFHG IHDU LQ RQH FDVH RU EULEHU\ LQ RWKHUV ² PDGH IDOVH DOOHJDWLRQV DJDLQVW GR]HQV RI WKHLU IHOORZ SULVRQHUV ZKLFK


,VVXH

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

FDOOV DQ HPHUJHQF\ DQG GLVFRQQHFW FULWLFDO LQIUDVWUXFWXUH V\VWHPV RQ QDWLRQDO VHFXULW\ JURXQGV SRWHQWLDOO\ FULSSOH SULYDF\ DQG VHFXULW\ LQ RQH IHOO VZRRS WKURXJK RQH SURYLVLRQ DORQH

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

7KH 6FRXUJH RI &ROOHFWLYLVP By Vicky Davis

6XEPLWWHG DW 0D\

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

6NHOWRQ 6WRS %LOGHUEHUJ¶V 1LJKWPDUH )XWXUH $W $OO &RVWV By Paul Joseph Watson 6XEPLWWHG DW 0D\

/RQGRQ *XDUGLDQ MRXUQDOLVW &KDUOLH 6NHOWRQ ZKR EHJDQ KLV FRYHUDJH RI WKH %LOGHUEHUJ FRQIHUHQFH LQ D MRYLDO DQG PRFNLQJ PDQQHU LV QRZ ZDUQLQJ WKDW WKH KRUUHQGRXV WUHDWPHQW GLVKHG RXW WR KLP E\ ERWK SROLFH DQG XQGHUFRYHU VSLHV LV MXVW D WDVWH RI ZKDW ZH FDQ H[SHFW LQ RXU GDLO\ OLYHV LI ZH DOORZ %LOGHUEHUJ¶V DJHQGD DQG VSHFLILFDOO\ ,' FDUGV DQG LPSODQWDEOH PLFURFKLSV WR EH LPSOHPHQWHG ,QLWLDOO\ VHWWLQJ RXW WR FRYHU WKH HYHQW LQ D VDWLULFDO ZD\ 6NHOWRQ OHIW *UHHFH \HVWHUGD\ FKLOOHG WR WKH ERQH DERXW KRZ KH KDG EHHQ KDUDVVHG GHWDLQHG DQG VWDONHG IRU GD\V RQ HQG E\ DXWKRULWLHV PHUHO\ IRU WDNLQJ SKRWRJUDSKV RI WKH KRWHO ZKHUH %LOGHUEHUJ PHPEHUV ZHUH VWD\LQJ ³0\ H[SHULHQFH RYHU WKH ODVW VHYHUDO GD\V LQ *UHHFH KDV JUDQWHG PH D VLQJOH GLDPRQG KDUG RSLQLRQ ´ ZULWHV 6NHOWRQ ³7KDW ZH PXVW ILJKW ILJKW ILJKW QRZ ± ULJKW QRZ WKLV VHFRQG ZLWK HYHU\ FXELF LQFK RI RXU VRXOV ± WR VWRS LGHQWLW\ FDUGV ´ , FDQ WHOO \RX ULJKW QRZ WKDW WKH DUJXPHQW ³,I ,¶YH GRQH QRWKLQJ ZURQJ ZK\ ZRXOG , ZRUU\ DERXW VKRZLQJ ZKR , DP"´ LV KRJZDVK :RUVH WKDQ WKDW LW¶V KRUVH KRFNH\ ,W¶V DOO DERXW WKH SRZHU WR DVN WKH REOLJDWLRQ WR VKRZ WKH MXVWLILFDWLRQ RI RQH¶V H[LVWHQFH WKH SRZHU RI WKH DVNHU RYHU WKH VXEVHUYLHQFH RI WKH DVNHG 'LG \RX NQRZ WKDW PRVW *UHHN SROLFH GRQ¶W ZHDU D QXPEHU" 7KLV LV DQ REOLJDWLRQ WKDW JRHV RQH ZD\

, KDYH OHDUQHG WKLV IURP WKH UDQGRP VHDUFKHV GHWHQWLRQV DQJU\ VHFXULW\ JRRQ SURGGLQJV DQG WKXPSHG SROLFH GHVNV ZLWKRXW QXPEHU WKDW ,¶YH KDG WR VXIIHU RQ DFFRXQW RI %LOGHUEHUJ , KDYH VSHQW WKH ZHHN OLYLQJ LQ D

QLJKWPDUH SRVVLEOH IXWXUH DQG PDQ\ GLIIHUHQW WHUULEOH SDVWV , KDYH KDG WKH YHU\ WLQLHVW JOLPSVH LQWR D ZRUOG RI VSRW FKHFNV DQG XQFKHFNHG VHFXULW\ SRZHUV $QG LW KDV OHIW PH VKDNHQ ,W KDV OHIW PH OLWHUDOO\ EUXLVHG 6NHOWRQ DGGV WKDW WKH ,' FDUG WXUQV WKH FLWL]HQ LQWR D VXVSHFW DQG ZRXOG EH ³WKH HQG RI HYHU\WKLQJ ´ QRWLQJ WKDW SODQV DUH DOVR DIRRW WR UHSODFH WKH ,' FDUG ZLWK DQ LPSODQWDEOH PLFURFKLS IRU JUHDWHU HIILFLHQF\ DQG WUDFNLQJ RI WKH SRSXODWLRQ D VXEMHFW WKDW ZDV XS IRU GLVFXVVLRQ DW ODVW \HDU¶V %LOGHUEHUJ *URXS FRQIHUHQFH 'XULQJ WKH PHHWLQJ LQ :DVKLQJWRQ '&

MRXUQDOLVW -LP 7XFNHU¶V VRXUFH WROG KLP WKDW %LOGHUEHUJ ZHUH GLVFXVVLQJ WKH PLFURFKLSSLQJ RI KXPDQV RQ D PDVV VFDOH ZKLFK ZRXOG EH LQWURGXFHG XQGHU WKH SUHWH[W RI ILJKWLQJ WHUURULVP ZKHUHE\ WKH ³JRRG JX\V´ ZRXOG EH DOORZHG WR WUDYHO IUHHO\ IURP DLUSRUWV VR ORQJ DV WKHLU PLFURFKLS FRXOG EH VFDQQHG DQG WKH LQIRUPDWLRQ VWRUHG LQ D GDWDEDVH +LJKOLJKWLQJ WKH IDFW WKDW DXWKRULWLHV LQ *UHHFH IRXQG LW VR HDV\ WR LQWLPLGDWH DQG KDUDVV MRXUQDOLVWV EHFDXVH WKHUH ZHUH VR IHZ WKHUH 6NHOWRQ LV QRZ FDOOLQJ IRU D GHOXJH RI FLWL]HQ MRXUQDOLVWV WR GHVFHQG RQ %LOGHUEHUJ ZKHUH LW LV KHOG

³3XEOLFLW\ LV SXUH VDOW WR WKH JLDQW VOXJ RI %LOGHUEHUJ 6R , VXJJHVW QH[W \HDU ZH WXUQ XS ZLWK D IHZ PRUH WXEV ,I WKH PDLQVWUHDP SUHVV UHIXVHV WR JLYH SURSHU FRYHUDJH WR WKLV PDVVLYH DQQXDO HYHQW WKHQ LQWHUHVWHG FLWL]HQV ZLOO KDYH WR D SHRSOH¶V PHGLD )LQG WKH ELJJHVW OHQV \RX FDQ DQG MRLQ XV IRU %LOGHUEHUJ 1R LGHD ZKHUH LW¶V JRLQJ WR EH EXW WKHUH¶V XVXDOO\ D IHZ GD\V¶ QRWLFH ´ KH ZULWHV %LOGHUEHUJ ZDV DJDLQ PDUNHG E\ DQ DOPRVW XQLYHUVDO PHGLD EODFNRXW RI DURXQG RI WKH SODQHW¶V WRS SRZHUEURNHUV PHHWLQJ LQ VHFUHW WR VWHHU WKH IXWXUH RI WKH ZRUOG $ * VXPPLW RU D :RUOG (FRQRPLF )RUXP ZRXOG DWWUDFW WKRXVDQGV RI PHGLD VWRULHV DQG \HW %LOGHUEHUJ GHVSLWH LWV DOOXULQJ FORDN DQG GDJJHU VHFUHF\ ZKLFK ZRXOG QRUPDOO\ DWWUDFW MRXUQDOLVWV VHHNLQJ D VFRRS OLNH D PRWK WR D IODPH ZDV PHQWLRQHG E\ D PHUH KDQGIXO RI FRUSRUDWH PHGLD RXWOHWV 1RW RQH 8 6 QHZV QHWZRUN GDUHG WRXFK WKH VWRU\ $V 6NHOWRQ KLJKOLJKWV WKH PRUH OLJKW WKURZQ RQ %LOGHUEHUJ¶V VKDG\ DFWLYLWLHV ZLOO OHDG WR PRUH TXHVWLRQV EHLQJ DVNHG RI WKH SHRSOH ZKR DWWHQG ³3HWLWLRQ QHZVSDSHUV WR VHQG D FRUUHVSRQGHQW 3HWLWLRQ \RXU 03 WR DVN D TXHVWLRQ LQ SDUOLDPHQW 7KLV KDSSHQHG D IHZ GD\V DJR LQ +ROODQG &LWLQJ DQ DUWLFOH E\ 3DXO -RVHSK :DWVRQ RQ SULVRQSODQHW FRP D 'XWFK 03 DVNHG LQ SDUOLDPHQW DERXW WKH LQYROYHPHQW RI WKH SULPH PLQLVWHU WKH PLQLVWHU IRU (XURSHDQ DIIDLUV DQG 4XHHQ %HDWUL[ DVNLQJ WKHP WR PDNH SXEOLF DQ\ LWHPV WKDW ZHUH RQ WKH DJHQGD DQG ZKHWKHU WKH UDWLILFDWLRQ RI WKH /LVERQ WUHDW\ ZDV GLVFXVVHG ´ KH ZULWHV


,VVXH

SCOURGE FRQWLQXHG IURP SDJH 8QLWHG 6WDWHV WR KROG IDFLOLWDWHG PHHWLQJV DOOHJHGO\ WR UHGHVLJQ JRYHUQLQJ V\VWHPV DQG SURFHVVHV WR VHUYH WKH QHHGV DQG GHVLUHV RI VWDNHKROGHUV :KDW WKHVH SHRSOH DUH GRLQJ LV LPSOHPHQWLQJ WKH V\VWHP RI FRPPRQLVP 3HRSOH RI FRPPRQ LQWHUHVW JHWWLQJ WRJHWKHU WR GHVLJQ D VROXWLRQ IRU WKHLU FRPPRQ SUREOHP WKDW KDV LPSDFWV RQ HYHU\ERG\ DQG QRW MXVW WKH VWDNHKROGHUV 6R QRZ RXU FRPPRQ SUREOHP DV $PHULFDQ FLWL]HQV LV WR XQGHUVWDQG WKDW FRPPRQLVP LV FRPPXQLVP LV VRFLDO HQJLQHHULQJ ,I \RX GRQ W PLQG EHLQJ PDQLSXODWHG OLNH D SXSSHW WKHQ FRPPRQLVP LV WKH V\VWHP IRU \RX +RZHYHU LI \RX DUH D SHUVRQ ZKR GRHVQ W ZDQW WR VSHQG \RXU OLIH ILJKWLQJ RII JDQJV RI FRPPRQLVWV ZKR ZDQW WR WHOO \RX KRZ WR OLYH WKHQ \RX G EHWWHU XQGHUVWDQG WKH V\VWHP VR WKDW \RX FDQ VHQG WKH FRPPRQLVWV EDFN WR WKH VZDPSV RI KHOO IURP ZKHQFH WKH\ FDPH ,W WRRN PH D IHZ \HDUV WR ILJXUH WKLV RXW EHFDXVH , QHYHU WKRXJKW LW ZRXOG KDSSHQ LQ WKLV FRXQWU\ EXW WKH PRUH LPSRYHULVKHG SHRSOH EHFRPH WKH PRUH DWWUDFWLYH FRPPRQLVP EHFRPHV $V ZHDOWK FRQFHQWUDWHV LQWR WKH KDQGV RI D IHZ SHRSOH DW WKH ERWWRP KDYH WR MRLQ JDQJV WR ILJKW DQG LI QHFHVVDU\ WR VWHDO ZKDW WKH\ QHHG WR VXUYLYH 7KH +DYHV DW WKH ERWWRP DOVR KDYH WR MRLQ JDQJV WR GHIHQG WKH FUXPEV WKDW WKH\ KDYH 6R HVVHQWLDOO\ WKH V\VWHP RI FRPPRQLVP LV LQVWLWXWLRQDOL]HG JDQJ ZDUIDUH LQ ZKLFK QRERG\ ZLQV ,W V QRW SRVVLEOH WR SDUWLFLSDWH DV D VWDNHKROGHU LQ DOO RI WKH DUHDV RI \RXU OLIH WKDW WKH FRPPRQLVWV DUH DWWHPSWLQJ WR UHGHVLJQ 7KH HIIHFW LV WKDW SHRSOH HQG XS OLYLQJ LQ D SHUPDQHQW VWDJH RI VLHJH LQ WKH

FRPPRQLVW V\VWHP 7KH UHDVRQ , UHFRJQL]H DQG NQRZ WKH V\VWHP RI FRPPRQLVP VR ZHOO LV EHFDXVH LW V ZKDW , GLG IRU D OLYLQJ ZRUNLQJ IRU FRUSRUDWLRQV 6LQFH , ZDV WUDLQHG DV D &RPSXWHU 6\VWHPV $QDO\VW IRU WKH SXUSRVH RI GHVLJQLQJ FRUSRUDWH V\VWHPV , GLGQ W UHDOL]H WKDW 6\VWHPV $QDO\VLV DFWXDOO\ RULJLQDWHG LQ WKH ILHOG RI HQJLQHHULQJ ,W LV WKH PHWKRGRORJ\ XVHG E\ HQJLQHHUV WR REVHUYH DQG GRFXPHQW SURGXFWLRQ SURFHVVHV DQG WR GHVLJQ QHZHU DQG PRUH HIILFLHQW SURGXFWLRQ SURFHVVHV :LWKLQ D FRUSRUDWLRQ LW PDNHV VHQVH EHFDXVH WKH FRUSRUDWLRQ KDV WRWDOLWDULDQ FRQWURO RYHU DOO RI WKH IDFWRUV RI SURGXFWLRQ LQFOXGLQJ WKH HPSOR\HHV IRU WKH HLJKW RU VR KRXUV WKDW WKH\ DUH RQ WKH FORFN 7KH SUREOHP ZLWK 6\VWHPV $QDO\VLV RFFXUV ZKHQ WKH\ VFDOH WKH ZDOOV RI WKH FRUSRUDWLRQ DQG DUH VHW ORRVH LQ WKH VRFLHW\ WR H[WHQG WKHLU WRWDOLWDULDQ FRUSRUDWH FRQWURO RYHU DOO WKH UHVRXUFHV DQG SHRSOH LQ WKH FRXQWU\ ,W PHDQV \RX DUH QHYHU RII WKH FORFN WKH\ RZQ \RX ,PDJLQH P\ VXUSULVH ZKHQ , ILJXUHG RXW WKDW , ZDV D SURIHVVLRQDOO\ WUDLQHG FROOHFWLYLVW QRW LQ WKH SROLWLFDO UHDOP EXW LQ WKH EXVLQHVV UHDOP %XW WKH SHUVSHFWLYH LW JLYHV PH LV ZKDW FRPSHOV PH WR VD\ :$.( 83 3(23/( 7KH ODVW WKLQJ LQ WKH ZRUOG WKDW KXPDQ EHLQJV QHHG RU ZDQW LV VKRS IORRU HIILFLHQF\ DV D ZD\ RI OLIH :LWQHVV WKH URERW DUPV LQ D FDU SURGXFWLRQ IDFLOLW\ EHFDXVH WKDW V WKH OLIH \RX DUH ORRNLQJ DW IRU \RXU FKLOGUHQ LI WKH\ PDNH LW WKURXJK WKH SXUJH $QG WKHUH ZLOO EH D SXUJH EHFDXVH VKRS IORRU HIILFLHQF\ GHPDQGV LW 7KH 6\VWHPV $QDO\VWV ZLOO LGHQWLI\ WKH FDWHJRULHV RI H[FHVV ZKLFK LV ZDVWH DQG

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

By Darnell Louis

WKH PHVVLDK ,W V YHU\ IXQQ\ WKDW -RKQ &RQQRU V LQLWLDOV FDQ EH WKRVH RI -HVXV &KULVW 7DON DERXW D PRYLH HDVWHU HJJ ORO -RKQ ILJKWV 7 PRGHO 7HUPLQDWRUV DQG GHVWUR\V RQH RI WKHP DQG WKHQ GHFLGHV WR UHWXUQ WR KLV EDVH $V -RKQ ZDONV DZD\ 0DUFXV WKH PDQ WKRXJKW WR EH GHDG SRSV RXW RI WKH JURXQG ORRNV DURXQG DQG URDUV LQWR WKH VN\ ZLWK KLV GLUW ILOOHG ERG\ $V KH ORRNV DW WKH QXFOHDU ZDVWHODQG WKDW ZDV RQFH / $ KH ZRQGHUV ZKDW WKH KHOO KDSSHQHG +H LV DWWDFNHG E\ D 7 .\OH 5HHVH DQG D JLUO QDPHG 6WDU FRPH WR KLV DLG 7RJHWKHU WKH\ GHVWUR\ WKH 7 DQG VWDUW PDNLQJ WKHLU ZD\ WR 6DQ )UDQFLVFR ZKHUH LW V D OLWWOH VDIHU EXW WKH\ DUH FKDVHG GRZQ E\ PRUH PDFKLQHV 'XULQJ WKH SXUVXLW WKH\ UXQ LQWR D IHZ KXPDQV ZKR DUH FRZDUGV DQG WRR FKLFNHQ WR ILJKW 7KH\ EHOLHYH WKDW LI WKH\ NHHS WKHLU KHDGV GRZQ WKHQ WKH PDFKLQHV ZLOO OHDYH WKHP DORQH 5HHVH H[SODLQV WR WKHP WKDW WKH PDFKLQHV ZLOO KXQW WKHP GRZQ UHJDUGOHVV DQG WKH\ VKRXOG ILJKW /HW WKLV EH D OHVVRQ WR \RX DOO :KHQ WKLQJV DUH EDG GRQ W NHHS \RXU KHDG GRZQ DQG KRSH WKH SUREOHP ZLOO JR DZD\« \RX PXVW ILJKW /DWHU RQ D KXJH URERW DWWDFNV WKHP DQG DOO RI WKH IOHHLQJ FRZDUGO\ KXPDQV DUH NLOOHG .\OH 0DUFXV DQG 6WDU GHVWUR\ WKH URERW EXW DUH FKDVHG E\ RWKHU PDFKLQHV 'XULQJ WKH FKDVH .\OH DQG 6WDU JHW FDSWXUHG DQG 0DUFXV HVFDSHV :KLOH VHDUFKLQJ IRU .\OH DQG 6WDU 0DUFXV UXQV LQWR D ZRPDQ LQ WKH GHVHUW ZKR

LV D UHVLVWDQFH ILJKWHU +HU FKRSSHU MXVW FUDVKHG 6KH WHOOV KLP WR FRPH ZLWK KHU WR ILQG -RKQ LQ RUGHU WR KHOS KLP ILQG .\OH DQG 6WDU $V WKH\ ZDON WKURXJK D PDJQHWLF ILHOG 0DUFXV GLVFRYHUV KH V D PDFKLQH -RKQ GRHVQ W WUXVW KLP DW ILUVW WKLQNLQJ 0DUFXV ZDV VHQW WR NLOO KLP 0DUFXV FRQYLQFHV -RKQ WKDW KH V WKH RQO\ RQH ZKR FDQ VDYH .\OH 5HHVH ZKR LV -RKQ V IXWXUH IDWKHU 'HVSLWH 0DUFXV¶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

WHFKQRORJ\ WKDW LV FXUUHQWO\ UXQQLQJ LQWHUQDO FRPEXVWLRQ HQJLQHV RQ ZDWHU WZR GLIIHUHQW PHWKRGV , HYHQ UHIHUHQFHG <RXWXEH YLGHRV ZKHUH JHQHUDWRUV DQG PRWRUV FRXOG EH VHHQ UXQQLQJ RQ WKH WHFKQRORJLHV <RX ZRXOG WKLQN WKDW WKHUH ZRXOG KDYH EHHQ MXELODWLRQ DQG UHOLHI RU HYHQ MXVW D OLWWOH H[FLWHPHQW <RX ZRXOG WKLQN WKDW D FLW\ FRXQFLOPDQ RU FRXQFLOZRPDQ ZRXOG ZDQW P\ HPDLO DGGUHVV RU SKRQH QXPEHU WR IROORZ XS RQ WKHVH DPD]LQJ WHFKQRORJLHV ZLWK WKH

SRWHQWLDO IRU VDYLQJ WKH FLW\ VR PXFK PRQH\ RQ HQHUJ\ DQG FOHDQLQJ XS WKH DLU WKDW LV NLOOLQJ RXU FKLOGUHQ ZLWK DVWKPD %XW VXFK ZDV QRW WKH FDVH 1R RQH DVNHG IRU P\ SKRQH QXPEHU RU HPDLO 1R RQH DVNHG D TXHVWLRQ RI PH 1R RQH RQ WKH SDQHO VKRZHG DQ\ LQWHUHVW DW DOO %XW WKH DXGLHQFH PHPEHUV DQG UHJXODU FLWL]HQV OLNH P\VHOI ZHUH YHU\ LQWHUHVWHG LQ WKHVH WHFKQRORJLHV

7HUPLQDWRU 6DOYDWLRQ 7KH (QG +DV &RPH :DUQLQJ &RQWDLQV 6SRLOHUV

6XEPLWWHG DW 0D\

+HUH V DQRWKHU 7HUPLQDWRU PRYLH WR DGG WR WKH PRVW SRSXODU IUDQFKLVH RU VDJD HYHU LQ VFLIL KLVWRU\ , VWLOO UHPHPEHU EHLQJ D OLWWOH F\ERUJ P\VHOI DQG DOZD\V ZDQWLQJ WR EH MXVW OLNH $UQROG EHIRUH ILQGLQJ RXW KRZ PXFK RI D 1HZ :RUOG 2UGHU MXQNLH KH LV 'HVSLWH WKLV , ZDV VWLOO JODG WR VHH KLP PDNH DQ DSSHDUDQFH DOWKRXJK LW UHDOO\ ZDVQ W KLP ,W ZDV DQRWKHU $XVWULDQ ERG\EXLOGHU &*,¶G ZLWK $UQROG V

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

5XQQLQJ &DUV RQ :DWHU By Charles Michael Couch 6XEPLWWHG DW $SU

0RQWKV DJR WKH 1HZ <RUN &LW\ &RXQVHO KHOG SXEOLF KHDULQJV RQ $OWHUQDWLYH (QHUJ\ LQ 1HZ <RUN &LW\ , SHUVRQDOO\ DWWHQGHG WKLV PHHWLQJ QRW DV D UHSRUWHU EXW DV ERWK DQ $OWHUQDWLYH (QHUJ\ 5HVHDUFKHU RI VRUWV DQG D FRQFHUQHG UHVLGHQW RI 1HZ <RUN &LW\ $W WKLV PHHWLQJ , SUHVHQWHG D SLHFH RI SDSHU GHWDLOLQJ KRZ WZR IULHQGV RI PLQH KDYH

5811,1* SDJH

6R :DV DQ ,QVLGH -RE :K\ 6KRXOG , &DUH" By Dianne Lipson

6XEPLWWHG DW $SU

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


,VVXH

3,5$&<

RUNNING FRQWLQXHG IURP SDJH

By John Perkins - JohnPerkins.org 6XEPLWWHG DW 0D\

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

VLWXDWLRQ LQ WKH ZKROH FRXQWU\ WKH ILVKHUPHQ IHOW WKDW WKH\ KDG QR RWKHU SRVVLELOLWLHV RU RWKHU UHFRXUVH EXW WR ILJKW ZLWK \RX NQRZ WKH SURSHUWLHV DQG WKH VKLSSLQJ RI WKH VDPH FRXQWULHV WKDW KDYH EHHQ GRLQJ DQG FDUU\LQJ RQ WKH ILVKLQJ SLUDF\ DQG WR[LF GXPSLQJ +HDULQJ WKHVH UHSRUWV DERXW WKH 6RPDOL VLWXDWLRQ WRRN PH EDFN WR D PRUQLQJ LQ 1LFDUDJXD DERXW D \HDU DJR 7HUURULVP LV QRW UHDOO\ DQ µLVP 0LJXHO G (VFRWR WKH IRUPHU 6DQGDQLVWD SULHVW DQG FXUUHQW SUHVLGHQW RI WKH 81 *HQHUDO $VVHPEO\ WROG PH 7KHUH V QR FRQQHFWLRQ EHWZHHQ WKH JXHUULOODV ZKR IRXJKW WKH &RQWUDV DQG $O 4DHGD RU &RORPELD V )$5& DQG 6RPDOL SLUDWHV 7KDW V MXVW D FRQYHQLHQW ZD\ IRU \RXU JRYHUQPHQW WR FRQYLQFH WKH ZRUOG WKDW WKHUH LV DQRWKHU HQHP\ µLVP RXW WKHUH OLNH FRPPXQLVP XVHG WR EH +H DQG , WDONHG DERXW IDQDWLFV :H DJUHHG WKDW WKHUH ZRXOG DOZD\V EH D OXQDWLF IULQJH LQ WKH ZRUOG ± MXVW DV WKHUH ZRXOG DOZD\V EH FOLQLFDOO\ LQVDQH SHRSOH 3HUKDSV %LQ /DGHQ LV RQH RI WKHP , VDLG %XW IDQDWLFV GRQ W JHW SHRSOH WR IROORZ WKHP XQOHVV WKRVH SHRSOH DUH

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± WKH\ DQG RQO\ WKH\ DUH WKH ELJ ZLQQHUV -RKQ 3HUNLQV 1HZ <RUN 7LPHV %HVWVHOOLQJ $XWKRU &RQIHVVLRQV RI DQ (FRQRPLF +LW 0DQ 7KH 6HFUHW +LVWRU\ RI WKH $PHULFDQ (PSLUH 6KDSHVKLIWLQJ 7KH :RUOG ,V $V <RX 'UHDP ,W

2VDPD %LQ /DGHQ 'HDG RU $OLYH" By David Ray Griffin DavidRayGriffin.com 6XEPLWWHG DW 0D\

7KH 86¶V SROLWLFDO GLVFRXUVH DQG IRUHLJQ SROLF\ LQ UHFHQW \HDUV KDV EHHQ EDVHG RQ WKH DVVXPSWLRQ WKDW 2VDPD ELQ /DGHQ LV VWLOO DOLYH *HRUJH : %XVK SURPLVHG DV SUHVLGHQW WKDW KH ZRXOG JHW 2VDPD ELQ /DGHQ ³GHDG RU DOLYH´ DQG KDV EHHQ ZLGHO\ FULWLFL]HG IRU IDLOLQJ WR GR VR 7KH 86¶V SUHVHQW PLOLWDU\ HVFDODWLRQ LQ $IJKDQLVWDQ LV VDLG WR EH QHFHVVDU\ WR ³JHW 2VDPD ELQ /DGHQ ´ 7KH QHZV PHGLD UHJXODUO\ DQQRXQFH WKH DSSHDUDQFH RI QHZ ³PHVVDJHV IURP ELQ /DGHQ ´ %XW ZKDW LI 2VDPD ELQ /DGHQ GLHG LQ 'HFHPEHU ²ZKLFK LV WKH ODVW WLPH D PHVVDJH WR RU IURP KLP ZDV LQWHUFHSWHG" ,Q WKLV ERRN 'DYLG 5D\ *ULIILQ H[DPLQHV WKH HYLGHQFH IRU WKH FODLP²PDGH E\ HYHU\RQH IURP IRUPHU &,$ DJHQW 5REHUW %DHU WR 2OLYHU 1RUWK²WKDW ELQ /DGHQ LV VXUHO\ QR ORQJHU ZLWK XV +H DQDO\]HV WKH SXUSRUWHG PHVVDJHV IURP ELQ /DGHQ DQG ILQGV WKDW DV PDQ\ KDYH VXVSHFWHG WKH\ GR QRW SURYLGH HYLGHQFH RI ELQ /DGHQ¶V H[LVWHQFH DIWHU 7KLV OHDGV QDWXUDOO\ WR WKH TXHVWLRQ LI 2VDPD ELQ /DGHQ GLG LQGHHG GLH LQ KRZ DQG ZK\ KDYH GR]HQV RI ³PHVVDJHV IURP ELQ

/DGHQ´ DSSHDUHG VLQFH WKHQ" *ULIILQ¶V PHWLFXORXV DQDO\VLV VXSSRUWV DERYH DOO RQH VLPSOH DQG XUJHQW FRQFOXVLRQ LI 2VDPD ELQ /DGHQ LV GHDG WKH 86 VKRXOG QRW EH XVLQJ LWV WURRSV DQG WUHDVXUH WR KXQW KLP GRZQ 'DYLG 5D\ *ULIILQ KDV SXEOLVKHG ERRNV RQ SKLORVRSK\ UHOLJLRQ DQG SROLWLFV +LV PRVW UHFHQW ERRN 7KH 1HZ 3HDUO +DUERU 5HYLVLWHG ZDV D 3XEOLVKHUV :HHNO\ ³3LFN RI WKH :HHN´ LQ 0HGLD 5HYLHZV ³'DYLG 5D\ *ULIILQ RQH RI $PHULFD¶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¶V QHZ ERRN ZLWK LWV HYLGHQFH WKDW µPHVVDJHV IURP ELQ /DGHQ¶ PD\ KDYH EHHQ IDEULFDWHG VKRXOG HQFRXUDJH D

FRPSOHWH UHWKLQNLQJ RI WKH PLVVLRQ LQ $IJKDQLVWDQ ´²:LOOLDP &KULVWLVRQ IRUPHU VHQLRU &,$ RIILFLDO ³2VDPD ELQ /DGHQ LV WKH ZRUOG¶V EHVW NQRZQ WHUURULVW EXW KRZ PXFK RI ZKDW ZH WKLQN ZH NQRZ DERXW KLP LV UHDO" 'DYLG *ULIILQ H[DPLQHV WKLV TXHVWLRQ LQ JUHDWHU GHSWK WKDQ DQ\ SUHYLRXV DXWKRU %DVHG RQ WKH HYLGHQFH KH VXJJHVWV WKDW ELQ /DGHQ PD\ KDYH EHHQ GHDG IRU VRPH WLPH ,I VR WKLV PHDQV WKDW VRPH FRYHUW RSHUDWRUV KDYH EHHQ IDEULFDWLQJ WDSHV WR NHHS 2VDPD ELQ /DGHQ DOLYH LQ WKH SXEOLF¶V LPDJLQDWLRQ ´²7HUUHOO ( $UQROG IRUPHU GHSXW\ GLUHFWRU RI WKH 86 6WDWH'HSDUWPHQW 2IILFH RI &RXQWHUWHUURULVP DXWKRU RI $ :RUOG /HVV 6DIH ³7KLV ERRN LV SDUW RI D JURZLQJ ERG\ RI QRQILFWLRQ WKDW LOOXPLQDWHV WKH FDWDFO\VPLF JDS EHWZHHQ WKRVH ZLWK SRZHU ZKR GR DV WKH\ SOHDVH DQG WKRVH ZLWK NQRZOHGJH ZKR DUH QRW KHDUG « 3UHVLGHQW 2EDPD >PXVW@ EUHDN RXW RI WKH FORVHG FLUFOH RI SRZHU WR FRQQHFW ZLWK WKH NLQG RI LQGHSHQGHQW NQRZOHGJH IRXQG LQ WKLV ERRN«´²5REHUW 'DYLG 6WHHOH 9LYDV UHFRYHULQJ VS\ IRXQGHU RI WKH 860& ,QWHOOLJHQFH &HQWHU &(2 RI 266 1HW DQG &(2 RI (DUWK ,QWHOOLJHQFH 1HWZRUN

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


Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.