thanks stephane,<br><br>if one day you have an english collaborator or a text which explains the philosophical foundations of your system/proposal, an elaboration of your points below, do let me know,<br><br>Michel<br><br>
<div class="gmail_quote">On Thu, Feb 10, 2011 at 4:22 PM, Stéphane Laborde <span dir="ltr">&lt;<a href="mailto:laborde_stephane@yahoo.fr">laborde_stephane@yahoo.fr</a>&gt;</span> wrote:<br><blockquote class="gmail_quote" style="margin: 0pt 0pt 0pt 0.8ex; border-left: 1px solid rgb(204, 204, 204); padding-left: 1ex;">


  
    
    
  
  <div bgcolor="#ffffff" text="#000000">
    Le 10/02/2011 09:37, Thomas Greco a écrit :
    <div class="im"><blockquote type="cite">
      
      
      I&#39;ve only taken a cursory look at the website but it seems that
      there is no solid underlying rationale that assures <b>reciprocity</b>,
      which is basic objective of any monetary system/currency--give as
      much value as you get over a reasonably short period of time.<br>
    </blockquote>
    <br></div>
    This means nothing as value is totally relative to any individual.<br>
    <br>
    Neither Leonard da Vinci nor Albert Einstein has received such a
    &quot;recyprocity&quot;. It should have been impossible to any member of their
    community as their GIFT of VALUE had no common mesure, and was not
    understood.<br>
    <br>
    This is why this false idea conduce all pre-relativistic thought
    into crisis wall. By not understanding FREEDOM and CREATIVITY, as
    basic and fundamental element of any economy.<br>
    <br>
    Creativity has no mesure.<br>
    <br>
    Exchange is only an agreement, not a common mesure.<div class="im"><br>
    <br>
    <blockquote type="cite">
      <br>
      I am an advocate of a universal dividend but it is not something
      that should be incorporated into an exchange (money) system. <br>
      Any dividend must be allocated out of the aggregate production and
      accumulated wealth of a community, which is something that is NOT
      reflected in the supply of exchange media (money).<br>
    </blockquote>
    <br></div>
    Missundestanding between VALUE (production) which is an INDIVIDUAL
    MESURE, and MONEY, which is a COMMON (community) agreement to allow
    exchanges.<br>
    <br>
    I don&#39;t agree to any &quot;production&quot; you could define, neither millions
    of people. What you define as &quot;production&quot; is &quot;destruction&quot; for
    other people, and no one can define it but denying FREEDOM of choice
    of what is value and what it is not.<div class="im"><br>
    <br>
    <blockquote type="cite">
      <br>
      Anyone who has read my latest book, <i>The End of Money</i>,
      should realize that the amount of money outstanding (total credits
      or debits in a credit clearing system) is determined by the amount
      of trading, not by the number of participants. It is the total
      amount of credit that has been extended by sellers to buyers that
      has not yet been cleared by those buyers having reciprocated by
      selling. The supply of &quot;money&quot; (credit) outstanding, therefore, is
      automatically determined by the needs of the traders, increasing
      and decreasing in accordance with transaction (economic) activity.<br>
    </blockquote>
    <br></div>
    I deny ANY justification of creating money by CREDIT.<br>
    <br>
    This is contradictory with RELATIVE MONEY THEORY. Relative Money
    Theory deny the right to any individual to CREATE money by credit.
    Relative Money Theory is only compatible with 100% monney created by
    universal dividend as only acceptable basis.<div class="im"><br>
    <br>
    <blockquote type="cite">
      There must, of course be limits on the amount of credit that can
      be granted to each account, those limits being determined mainly
      by the sales history of each account.. <br>
    </blockquote>
    <br></div>
    This denying DEATH of people as liberating debts, and so create
    money for nothing.<br>
    <br>
    Births and Deaths are not understood by classical analyses. Their
    ignore deaths, and deny the right to be born. They don&#39;t understand
    what is a discrete flow.<br>
    <br>
    Eternel ignorance of reality of births and deaths is the basis of
    all generations crisis since 10 000 years.<br>
    <br>
    <blockquote type="cite"><div><div></div><div class="h5">
      <br>
      E.C. Riegel is quite eloquent in expressing the fundamental
      principles. I wish more people would read his books.<br>
      <br>
      <pre cols="72">Thomas H. Greco, Jr.
<a href="mailto:thg@mindspring.com" target="_blank">thg@mindspring.com</a>
Mobile phone: +66 852 139 650 Thailand
Website: <a href="http://www.Reinventingmoney.com" target="_blank">http://www.Reinventingmoney.com</a>
Blogs: Beyond Money: <a href="http://beyondmoney.net" target="_blank">http://beyondmoney.net</a>
Tom&#39;s News and Views: <a href="http://tomazgreco.wordpress.com" target="_blank">http://tomazgreco.wordpress.com</a>
Photo gallery: <a href="http://picasaweb.google.com/tomazhg" target="_blank">http://picasaweb.google.com/tomazhg</a>
Skype/Twitter name: tomazgreco
My latest book, &quot;The End of Money and the Future of Civilization&quot; from
Chelsea Green Publishers is now in print and can be ordered from Chelsea
Green Publishing or Amazon.com.
</pre>
      <br>
      On 02/09/2011 12:22 PM, Sepp Hasslberger wrote:
      <blockquote type="cite">Dear Michel, Stephane, 
        <div><br>
        </div>
        <div>I have looked at the English introduction pages,
          unfortunately my French is not good enough to understand
          something fairly technical and complex. </div>
        <div><br>
        </div>
        <div>While I am happy to see that there is a universal dividend
          incorporated into this money system, I am not sure that it
          will work. As far as I can understand, there is monthly money
          creation by all members of the system, and with time the
          monetary mass will grow, actually the graphic for growth of
          monetary mass assuming a fixed number of members on this page</div>
        <div><br>
        </div>
        <div><a href="http://www.open-udc.org/en/money_rules" target="_blank">http://www.open-udc.org/en/money_rules</a></div>
        <div><br>
        </div>
        <div>shows that there is a rather steep increase of the monetary
          mass, all serving the same number of members. This means that
          the currency will be inflationary by design. More money for
          the same amount of business means that products, or anything
          that is exchanged in this economy, will come to cost more and
          more as time passes. One could also say that each unit of
          money will be worth less and less as time passes. This is not
          a good basis for a monetary system. </div>
        <div><br>
        </div>
        <div>It would be rather  easy however, to engineer the system
          for price stability. All that would need to be done is for the
          money to be created with a date of expiry. Each unit on
          monetary value, once it has been created, would need to start
          losing some of its nominal value every month, until it expires
          (has no more value) at the end of a period to be determined.
          This would make sure that the monetary mass could be stable in
          the case of a fixed number of members. After the period of
          initialization, money created equals money lost to expiry. No
          inflation of prices would ensue, because the monetary mass
          stays constant. Such a mechanism would also mean that the
          monetary mass could grow in line with a growing number of
          members. The total monetary mass would thus depend on the
          number of participants, and prices in the system would tend to
          be stable. </div>
        <div><br>
        </div>
        <div>Without such a mechanism, I am afraid the system would not
          be workable. Money, to be used for real commerce, should have
          reasonably stable value over time. Only by limiting the total
          monetary mass in accordance with the number of members, can
          this goal be reached. </div>
        <div><br>
        </div>
        <div>Kind regards</div>
        <div>Sepp</div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div><br>
          <div>
            <div style="word-wrap: break-word; font-family: Helvetica;"><span style="border-collapse: separate; color: rgb(0, 0, 0); font-family: Helvetica; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span style="border-collapse: separate; color: rgb(0, 0, 0); font-family: Helvetica; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span style="border-collapse: separate; color: rgb(0, 0, 0); font-family: Helvetica; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span style="border-collapse: separate; color: rgb(0, 0, 0); font-family: Helvetica; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span style="border-collapse: separate; color: rgb(0, 0, 0); font-family: Helvetica; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span style="border-collapse: separate; color: rgb(0, 0, 0); font-family: Helvetica; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span style="border-collapse: separate; color: rgb(0, 0, 0); font-family: Helvetica; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span style="border-collapse: separate; color: rgb(0, 0, 0); font-family: Helvetica; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span style="border-collapse: separate; color: rgb(0, 0, 0); font-family: Helvetica; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span style="border-collapse: separate; color: rgb(0, 0, 0); font-family: Helvetica; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span style="border-collapse: separate; color: rgb(0, 0, 0); font-family: Helvetica; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span style="border-collapse: separate; color: rgb(0, 0, 0); font-family: Helvetica; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
                                      <div style="margin: 0px; font: 16px Helvetica; min-height: 19px;"><span style="font-size: medium;"><font size="4"><span style="font-size: 16px;">
                                              <div style="margin: 0px; font-size: 20px;"><b><i>&quot;The

                                                    individual is
                                                    supreme and finds
                                                    the way through
                                                    intuition&quot;</i></b></div>
                                              <div style="margin: 0px; font: 19px Helvetica; min-height: 19px;"><br>
                                              </div>
                                              <div style="margin: 0px; font-size: 24px;"><span style="font-size: 20px;"><a href="http://www.newmediaexplorer.org/sepp/" target="_blank">http://www.newmediaexplorer.org/sepp/</a></span>  </div>

                                              <div style="margin: 0px; font-size: 20px;"><a href="http://www.laleva.org" target="_blank">http://www.laleva.org</a></div>
                                              <div style="margin: 0px; font: 23px Helvetica; min-height: 19px;"><span style="font-size: 20px;"><a href="http://blog.hasslberger.com/" target="_blank">http://blog.hasslberger.com/</a></span> </div>

                                              <div style="margin: 0px; font: 20px Helvetica; min-height: 19px;"><a href="http://www.facebook.com/hasslberger" target="_blank">http://www.facebook.com/hasslberger</a></div>
                                              <div style="margin: 0px; font: 20px Helvetica; min-height: 19px;">
                                                <div><a href="http://twitter.com/healthsupreme" target="_blank">http://twitter.com/healthsupreme</a></div>
                                              </div>
                                              <div style="margin: 0px; font: 20px Helvetica; min-height: 19px;"><br>
                                              </div>
                                              <div style="margin: 0px; font: 20px Helvetica; min-height: 19px;">.</div>
                                            </span></font></span></div>
                                    </span></span></span></span></span></span></span></span></span></span></span></span></div>
          </div>
          <br>
          <div>
            <div>On Feb 8, 2011, at 7:05 AM, Michel Bauwens wrote:</div>
            <br>
            <blockquote type="cite">Many thanks Stephane,<br>
              <br>
              I have created a overview page at <a href="http://p2pfoundation.net/Open-Universal_Digital_Currency_Project" target="_blank">http://p2pfoundation.net/Open-Universal_Digital_Currency_Project</a><br>
              <br>
              Dear Sepp, could you have a look, present this project and
              eventually put it into context of other projects in this
              related space?<br>
              <br>
              I think the innovative part here is that it is directly
              linked to the mechanism of the universal dividend, and
              this is why it&#39;s particularly worth supporting,<br>
              <br>
              Michel<br>
              <br>
              <div class="gmail_quote">On Tue, Feb 8, 2011 at 12:45 PM,
                Stéphane Laborde <span dir="ltr">&lt;<a href="mailto:laborde_stephane@yahoo.fr" target="_blank">laborde_stephane@yahoo.fr</a>&gt;</span>
                wrote:<br>
                <blockquote class="gmail_quote" style="margin: 0pt 0pt 0pt 0.8ex; border-left: 1px solid rgb(204, 204, 204); padding-left: 1ex;">
                  <div bgcolor="#ffffff" text="#000000"> You can present
                    Open-UDC with :<br>
                    <br>
                    General presentation : <a href="http://www.open-udc.org/en/start" target="_blank">http://www.open-udc.org/en/start</a><br>
                    <br>
                    And Money Rules : <a href="http://www.open-udc.org/en/money_rules" target="_blank">http://www.open-udc.org/en/money_rules</a><br>
                    <br>
                    You can add that Open-UDC go with a a progressive
                    goal following three steps :<br>
                    <br>
                    1) Implementation with centralised server<br>
                    2) Implementation with hierarchical organisation<br>
                    3) Implementation with P2P System<br>
                    <br>
                    Money rules are a money system named Open-UDC. The
                    technical system in charge of the money rules is
                    independant of Open-UDC and named Open-UDS.<br>
                    <pre cols="72">Stéphane Laborde
9, rue Ganneron, 75018 PARIS
Tel. 09 54 87 03 18
Mobile : 06 64 42 25 99</pre>
                    <br>
                    Le 08/02/2011 06:36, Michel Bauwens a écrit :
                    <blockquote type="cite">
                      <div>
                        <div>Cher Stephane,<br>
                          <br>
                          If you have any non-technical text on this,
                          I&#39;d like to announce it on the p2p foundation
                          blog,<br>
                          <br>
                          Un grand merci!<br>
                          <br>
                          Michel<br>
                          <br>
                          <div class="gmail_quote">On Tue, Feb 8, 2011
                            at 12:34 PM, Michel Bauwens <span dir="ltr">&lt;<a href="mailto:michelsub2004@gmail..com" target="_blank">michelsub2004@gmail.com</a>&gt;</span>
                            wrote:<br>
                            <blockquote class="gmail_quote" style="margin: 0pt 0pt 0pt 0.8ex; border-left: 1px solid rgb(204, 204, 204); padding-left: 1ex;">didn&#39;t know that one!
                              will definitely check out and add to <a href="http://p2pfoundation.net/Category:Money" target="_blank">http://p2pfoundation.net/Category:Money</a>,<br>
                              <font color="#888888"><br>
                                Michel</font>
                              <div>
                                <div><br>
                                  <br>
                                  <div class="gmail_quote">On Tue, Feb
                                    8, 2011 at 12:29 PM, olivier auber <span dir="ltr">&lt;<a href="mailto:olivierauber2@gmail.com" target="_blank">olivierauber2@gmail.com</a>&gt;</span>
                                    wrote:<br>
                                    <blockquote class="gmail_quote" style="margin: 0pt 0pt 0pt 0.8ex; border-left: 1px solid rgb(204, 204, 204); padding-left: 1ex;">Ok!<br>
                                      <br>
                                      J&#39;oubliais, La Théorie Relative de
                                      la Monnaie (TRM) est la base du
                                      développement du <br>
                                      <h1>Open-Universal Digital
                                        Currency project</h1>
                                      <a href="http://www.open-udc.org/en/start" target="_blank">http://www.open-udc.org/en/start</a><br>
                                      <br>
                                      Et ça c&#39;est en anglais, entre
                                      autres...
                                      <div>
                                        <div><br>
                                          <br>
                                          Olivier<br>
                                          <br>
                                          <div class="gmail_quote">2011/2/8

                                            Michel Bauwens <span dir="ltr">&lt;<a href="mailto:michelsub2004@gmail.com" target="_blank">michelsub2004@gmail.com</a>&gt;</span><br>
                                            <blockquote class="gmail_quote" style="margin: 0pt 0pt 0pt 0.8ex; border-left: 1px solid rgb(204, 204, 204); padding-left: 1ex;">thanks
                                              a lot Olivier, if you hear
                                              from the english
                                              translation at some point,
                                              thanks for letting me
                                              know!
                                              <div>
                                                <div><br>
                                                  <br>
                                                  <div class="gmail_quote">On

                                                    Tue, Feb 8, 2011 at
                                                    12:19 PM, olivier
                                                    auber <span dir="ltr">&lt;<a href="mailto:olivierauber2@gmail.com" target="_blank">olivierauber2@gmail.com</a>&gt;</span>
                                                    wrote:<br>
                                                    <blockquote class="gmail_quote" style="margin: 0pt 0pt 0pt 0.8ex; border-left: 1px solid rgb(204, 204, 204); padding-left: 1ex;">Bonjour
                                                      matinal Michel,<br>
                                                      <br>
                                                      Sur ce sujet,
                                                      j&#39;attire ton
                                                      attention sur un
                                                      auteur français à
                                                      l&#39;origine d&#39;une
                                                      très intéressante
                                                      &quot;théorie relative
                                                      de la monnaie&quot; qui
                                                      permet de calculer
                                                      très exactement
                                                      différentes
                                                      choses, notamment
                                                      l&#39;expansion de la
                                                      masse monétaire
                                                      conduisant à une
                                                      économie durable,
                                                      ainsi que le
                                                      montant du
                                                      Dividende
                                                      Universel qui
                                                      serait le vecteur
                                                      de cette
                                                      expansion.<br>
                                                      <br>
                                                      Il s&#39;appelle
                                                      Stéphane Laborde.<br>
                                                      <br>
                                                      Le livre est ici :
                                                      <a href="http://www.creationmonetaire.info/2010/11/theorie-relative-de-la-monnaie-10.html" target="_blank">http://www.creationmonetaire.info/2010/11/theorie-relative-de-la-monnaie-10.html</a><br>

                                                      Le blog là : <a href="http://www.creationmonetaire.info/" target="_blank">http://www.creationmonetaire.info/</a><br>
                                                      <br>
                                                      Malheureusement,
                                                      tout cela n&#39;existe
                                                      qu&#39;en français
                                                      pour le moment.<br>
                                                      Un traduction en
                                                      anglais est en
                                                      cours, je crois.<br>
                                                      <br>
                                                      Amicalement<br>
                                                      <br>
                                                      Olivier<br>
                                                      <br>
                                                      <br>
                                                      <br>
                                                      <br>
                                                      <br>
                                                      <div class="gmail_quote">2011/2/8


                                                        Michel Bauwens <span dir="ltr">&lt;<a href="mailto:michelsub2004@gmail.com" target="_blank">michelsub2004@gmail.com</a>&gt;</span><br>
                                                        <blockquote class="gmail_quote" style="margin: 0pt 0pt 0pt 0.8ex; border-left: 1px solid rgb(204, 204, 204); padding-left: 1ex;">
                                                          <div>
                                                          <div> <br>
                                                          Dear Sepp,<br>
                                                          <br>
                                                          because the
                                                          discussion is
                                                          largely
                                                          technical,
                                                          this is all I
                                                          can do, but
                                                          perhaps you
                                                          can add an
                                                          extra comment?<br>
                                                          <br>
                                                          also, if you
                                                          are in contact
                                                          with Marc,
                                                          please give
                                                          him a chance
                                                          to say
                                                          something
                                                          about the
                                                          evolution of
                                                          the bibo
                                                          project since
                                                          december 2009,<br>
                                                          <br>
                                                          Michel<br>
                                                          <div>
                                                          <div><br>
                                                          </div>
                                                          </div>
                                                          <p><a href="http://blog.p2pfoundation.net/?p=13869" rel="bookmark" title="Permanent
                                                          Link to An
                                                          update on
                                                          BIBO,
                                                          financial
                                                          stability
                                                          standards, and
                                                          the debt-virus
                                                          hypothesis" target="_blank"><br>
                                                          </a></p>
                                                          <img src="" alt="photo of Michel Bauwens" align="left">
                                                          <div>Michel
                                                          Bauwens</div>
                                                          <div>16th
                                                          February 2011</div>
                                                          <br>
                                                          <p>In December
                                                          2009, Sepp
                                                          Hasslberger <a>introduced to us</a> Bibo, a proposed standard
                                                          for stable
                                                          currencies,
                                                          that would
                                                          replace the
                                                          current
                                                          inherently
                                                          unstable
                                                          banking money
                                                          system.</p>
                                                          <p>This
                                                          article has
                                                          become our
                                                          most comment
                                                          rich article,
                                                          in particular
                                                          through a
                                                          recurring
                                                          debate between
                                                          one of the
                                                          Bibo
                                                          co-authors
                                                          Marc, and
                                                          Ardeshir
                                                          Mehta.</p>
                                                          <p>Ardeshir
                                                          has written an
                                                          article that
                                                          challenges one
                                                          of the main
                                                          points of
                                                          monetary
                                                          reformers,
                                                          i.e. that the
                                                          current system
                                                          leads to the
                                                          infinite
                                                          creation of
                                                          debt through
                                                          compound
                                                          interest.</p>
                                                          <p>You can
                                                          find it <a href="http://homepage.mac.com/ardeshir/DebunkingTheDebt-VirusHypothesis.html" target="_blank">here</a>.</p>
                                                          <p>The
                                                          context:</p>
                                                          <p><i>“Currently,

                                                          most if not
                                                          all money is
                                                          loaned into
                                                          existence by
                                                          banks, and is
                                                          thus based on
                                                          interest-bearing

                                                          debt. There is
                                                          no question
                                                          that neither
                                                          interest nor
                                                          debt-based
                                                          money are good
                                                          for society,
                                                          and I have
                                                          written
                                                          denouncing
                                                          both debt and
                                                          interest
                                                          elsewhere.
                                                          However, there
                                                          is a fairly
                                                          common thesis,
                                                          based on the
                                                          fact that
                                                          money is
                                                          loaned into
                                                          existence as
                                                          interest-bearing
                                                          debt, that if
                                                          new loans are
                                                          not
                                                          continually
                                                          being issued
                                                          in
                                                          ever-increasing
                                                          amounts,
                                                          enough money
                                                          will not be
                                                          created to pay
                                                          the interest
                                                          on existing
                                                          loans; and as
                                                          a result, at
                                                          least some
                                                          those loans
                                                          will be
                                                          defaulted
                                                          upon,
                                                          resulting in
                                                          inevitable
                                                          foreclosures.
                                                          “</i></p>
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                                                        Olivier Auber<br>
                                                        0675038880<br>
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                                        Olivier Auber<br>
                                        0675038880<br>
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                      <p color="#000000" align="left">Aucun virus trouvé
                        dans ce message.<br>
                        Analyse effectuée par AVG - <a href="http://www.avg.fr/" target="_blank">www.avg.fr</a><br>
                        Version: 10.0.1204 / Base de données virale:
                        1435/3428 - Date: 07/02/2011</p>
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      </div></div><p color="#000000" align="left"></p><div><div></div><div class="h5">Aucun virus trouvé
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        Version: 10.0.1204 / Base de données virale: 1435/3433 - Date:
        09/02/2011
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