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Daniel Hannan Destroys The 3 Unquestionable Myths Of Our Crisis

Tyler Durden's picture


The past and present bailouts of each and every bank (and 'important' industry) will, one day, be seen as a generational offense is how MEP Daniel Hannan begins this thoroughly British demolition of the three critical myths surrounding the crisis, that despite market optics, we are still living through. From the idea that capitalism has failed (it has not in his view, it has been ravaged by political pandering), to the crisis being caused by lack of regulation, and that greed is the single-driver of the mess that we remain in; Hannan suggests in a brief but extremely eloquent debate that there is a world of difference between being pro business and pro market as he destroys any semblance of credibility that the political (and elite) class has echoing a young Ron Paul in his thoroughly libertarian free-market sensibilities.



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Sat, 01/26/2013 - 19:58 | 3188344 MrX
MrX's picture

no honour amongst thieves:

Sun, 01/27/2013 - 02:06 | 3188772 Popo
Popo's picture

Hannan is a good speaker, but frankly those points have all been made 1000 times over, here on Zerohedge and across the blogosphere.

Maybe it's important to don a tuxedo and reiterate the arguments to young Oxfordians who are pretending to be anti-establishment, but the philosphical and ethical shit-show that is the financial sector has been well-understood by most moderately aware people for some time.

Still, it's good to see the arguments "trickling down" to elite youth before they meet with McKinsey at career day next week.

Sun, 01/27/2013 - 03:54 | 3188805 Lore
Lore's picture

Most people are not "moderately aware," though they believe otherwise. Think about your last interaction with a socialist or one of the "Green" movement. They seem to be brainwashed and/or hardwired in a way that renders them simply and completely incapable of understanding MARKETS. Therein lies great danger, as these backward ideologues seek public office in order to implement their misguided pseudoeconomic and pseudoscientific RELIGION. 

I submit that succinct but lucid videos like this one need to be circulated and re-circulated if we are to pre-empt the terrible and predictable outcomes of bad actions taken by bad men.

Thanks to ZH for posting the vid. Thanks to the MEP for a good, short speech. Those who have ears to hear...!


Sun, 01/27/2013 - 05:12 | 3188830 Boris Alatovkrap
Boris Alatovkrap's picture

Boris' last interaction with Socialist is include Boris' fist and socialist nose. Boris is consider to share video for next times.

Sun, 01/27/2013 - 09:45 | 3188898 GetZeeGold
GetZeeGold's picture



those points have all been made 1000 times over, here on Zerohedge and across the blogosphere.


We will run the engine at full speed until failure.....and hope we won't be identified as the leaders when it happen. Until then, we will openly mock those who criticize us.

Sun, 01/27/2013 - 12:06 | 3189067 Spastica Rex
Spastica Rex's picture

Bravo. I got down on my knees and said a prayer to The Invisible Hand after reading your post. Bless you.

Sun, 01/27/2013 - 05:17 | 3188832 All Risk No Reward
All Risk No Reward's picture

Hannan is still pretending the criminals (who financed his campaign, BTW) haven't stormed the walls and captured the country.

Also, the "free market" is not enough.  It will lead to some group getting big and powerful enough to destroy the free market.

Communism is a fairlytale - the criminals get ahold of the government and, BAM!, you have an instant dictatorship with communist propaganda.

The key is an educated populace scared to death of anything big.  So scared they will pay more and allow for more inconvenience in order to buy local and buy small.

Oh-ho-ho!  That message is not part of Hannan's financier's agenda, now is it?

Can't have the sheeple understand what their TRUE VOTE is - the way they spend their cash.

Sun, 01/27/2013 - 11:19 | 3189027 Silver Bug
Silver Bug's picture

To those awake, they are a serious offense, here and now!


Keep Calm and Slave On, must see.

Sun, 01/27/2013 - 08:54 | 3188907 buckethead
Sun, 01/27/2013 - 22:12 | 3190103 buckethead
buckethead's picture

I realize it's unlikely, but I'd like to know why someone junked with no rebuttal.

Could it be that you did not watch the Cornell West portion?

He stated many of the same principles as Hannan, blasted Obama, and not once delivered any socialist bile for which he is known.

So what's the beef? ...Echo Chamber Junks.

Sat, 01/26/2013 - 19:55 | 3188351 h0oS
h0oS's picture

Good to see ethics being cited rather than the usual economic arguments, which I hope we all fully understand by now.

Sun, 01/27/2013 - 09:45 | 3188902 GetZeeGold
GetZeeGold's picture



 We will not be crucified on a cross of ethics sir.


Luckily we don't have to thanks to the printer.

Sat, 01/26/2013 - 19:56 | 3188354 reload
reload's picture

Bravo Mr Hannan.

Sat, 01/26/2013 - 20:03 | 3188364 kaiserhoff
kaiserhoff's picture

Bravo indeed.  Crimes against humanity.  Hanging offenses.  Finally the right tone.

Sic'em Hannan.  The truth will fry their arses.

Sat, 01/26/2013 - 20:48 | 3188424 Pure Evil
Pure Evil's picture

I can only say that when you continually vote for Socialist parties whether Labor or Tory since 1946 you kinda get what you deserve. Are you listening America. Sadly this type of voice is lost in the noise being screeched by the MSM in Britian and America. What type of of world would we be living in if this line of reasoning were requried from elementary school through the university level. I would have to believe we wouldn't be carrying $16 trillion in debt.

Sat, 01/26/2013 - 23:40 | 3188660 trav777
trav777's picture

let's go back before 1946 and see who the main people were behind global communist party movements.  Then let's juxtapose to the group dominating all media outlets in the USA.

Their sole litmus test for ANYTHING has been "is this good for our group?"  If the answer is no, it doesn't get done.  Only things which have some benefit to them.

Sun, 01/27/2013 - 08:39 | 3188894 TPTB_r_TBTF
TPTB_r_TBTF's picture



and see who the main people were behind global communist party movements.


Behind Communism

Sun, 01/27/2013 - 08:54 | 3188906 GetZeeGold
GetZeeGold's picture



Should have let General Patton finish the job......just sayin.

Sun, 01/27/2013 - 05:20 | 3188827 All Risk No Reward
All Risk No Reward's picture

"Deficits don't matter."

"Socialist" extraordinaire Richard "Dick" Cheney.

We live in an international banker run oligarchy.

Debt empowers them and destroys their opposition - that's us, our nation states and those little things called freedoms.

The banksters own both parties.  The banksters finance the controlled opposition.

If you want the truth, get off your behind and find it because it will rarely be presented to you.

Today is that rare day.

Debt Money Tyranny

However, what you see in the attached PDF file link will probably cause a severe case of cognitive dissonoance such that you probably are incapable of having a rational reaction to it.

The key to the international banking cartel's nation destroying Trojan Horse is clearly communicated in that PDF...  about 4,000 views and maybe 3 or 4 comments.

Sun, 01/27/2013 - 07:13 | 3188857 Optimusprime
Optimusprime's picture

Thanks for the link.  Very well done.  "Money power" indeed.

Mon, 01/28/2013 - 07:40 | 3190804 All Risk No Reward
All Risk No Reward's picture

No, thank you for downloading it and reviewing it. 

Please feel free to pass it on - our future depends on the proles becoming "illuminated," as it were.

Keep people on point - a criminal group of international bankers have hijacked the Western nation states and rigged the monetary system to impoverish us so they can have their tyrannical way with us.

Or, as Henry Ford put it so succinctly...

“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. The one aim of these financiers is world control by the creation of inextinguishable debt.”
~Henry Ford

We are the resistance and we need more help.

Sat, 01/26/2013 - 22:15 | 3188567 A Nanny Moose
A Nanny Moose's picture

Yeah...breakdown of the Demockratic system. Demockracy always breaks. Voting is just a suggestion box for slaves.

Sun, 01/27/2013 - 00:14 | 3188691 RockyRacoon
Sun, 01/27/2013 - 02:05 | 3188773 A Nanny Moose
A Nanny Moose's picture

Having watched Mr. Hannan for the last 3-4 years with great interest, I cannot deny that I wish we had more like him in Amerikan Politics.

At the same time, I cannot deny the violence inherent in any political system.

/raise glass to you Rocky. May you an yours weather this storm well.

Sat, 01/26/2013 - 20:00 | 3188356 bank guy in Brussels
bank guy in Brussels's picture

Quite hilarious, David Cameron's actual spoken speech about leaving the EU, per John Ward's The Slog:

« ... Hundreds of thousands of British people now take for granted their right to work, live or retire in any other EU country given that life in the UK is so hopelessly sh*t. So we need to weigh up very carefully the consequences of no longer being inside the EU ...

The fact is that if you join an organisation like the European Union, there are rules….even though the general French approach is to ignore them, the general Italian approach is to misreport them, and the Brussels approach is to change them according to the prevailing wind ...

Let me finish today by saying this. I have no illusions about the scale of the task ahead, because the vision I have outlined will be impossible to achieve: there is no way our partners will co-operate, the British people have set themselves on a path to inevitable exit, and it’s all tits-up. »

More from this rather brilliant 'transcribing' of David Cameron's remarks:

« ... After the Berlin Wall came down, I visited that city, and I will never forget how the abandoned checkpoints gave me a sense of excitement about spending quality time with randy Osti women while scoring some cheap coke. And although we must never take cocaine for granted, the first purpose of the European Union is not to help me sniff cheap lines, but to secure prosperity for we in the elite, in what is going to be a race for the wealth and jobs of the few at the expense of the many ...

We have helped to write European history, and Europe has helped us to write off ours by subjecting us to membership fees of £130bn per annum ...

Let there be no doubt that we are open for business: especially funny business ...

I speak as the British Prime Minister with a positive vision for the future of the European Union. A future in which Britain wants, and should want, to play a committed and active part in screwing every last citizen into the ground ...

First, the fiscal problems in the Eurozone are doing my f**king head in ... I can’t be arsed with it any more, ... I want the European Union to be a relationship between Britain and the EU that keeps us Establishment Johnnies in the pink, behind closed doors, and well pensioned ...

That is why I am here today: to acknowledge the nature of the challenges we face, to identify and analyse them….. and then run as far as possible away from them ...  yet more of this bollocks is going to cost me my job, so that is why we need fundamental, far-reaching change ...

In Britain quite a few awake people have spotted what an undemocratic, illiberal crock the EU is. In fact, disillusionment with the EU here is at an all time high ...

And if I have my way, we won’t leave the EU either, because it is the only chance we have of continuing to wank about without people like me having to genuinely do something ... »

(Above was Satire of course ... but with some 'truthiness' from the pungent Mr Ward)

Sat, 01/26/2013 - 20:26 | 3188371 Yen Cross
Yen Cross's picture

I have to admit. You are "reciting" well . +1( recitation)? 

  Let's move on, and discuss the Sunday open. (I'm short)  Month end flows in cable and Asia might make things dice'Y next week.

  I'll discuss the crosses when Asia fills the gap.

  I found my patron/

Sat, 01/26/2013 - 20:25 | 3188396 knukles
knukles's picture

Well of course, for you see that 130B quid remains another one of the unaccounted for transfers of wealth flowing ultimately through the banking system so brilliantly purchased by the Leading Wankers, thereby ensuring the magnificence of the Swiss/Cayman/Isle of Man whateverthefuck humongoloid personal accounts of the pecker-heads.

No shit.


As one of my closest friends ever (whom you have all heard me quote, God rest his soul, the ex MgySgt and prosecuting attorney) "follow the money."

Sat, 01/26/2013 - 21:05 | 3188458 Yen Cross
Yen Cross's picture

 I know this Chap. England/+ her Islets, are  in bad shape.

Sat, 01/26/2013 - 21:13 | 3188472 knukles
knukles's picture

Aside from the City, apparently so.
Wouldn't hurt the Brits one iota to divorce themselves from the EU.  Keep the 130B quid and those within the EU want British goods will still buy them.  They were smart not entering the Euro, but should have remained aloof and at arm's length within the original EFTA arrangements...  (I've forgotten the name under which several countries have maintained said relationship, but its worked fine.)

When I was over there during the establishment of the EFTA, was a wonderful idea.  But as soon as the infrastructure of the EU became apparent... no way, Jose...

Sat, 01/26/2013 - 20:15 | 3188380 ramacers
ramacers's picture

wonder if larry kudlow of the "pretend" network will catch this?

Sun, 01/27/2013 - 13:22 | 3189155 Pareto
Pareto's picture

oh, he will have caught it, but, he will never publicly agree with it.  His, "where we still believe that free market capitalism is still the best path to propserity", mantra is really the only part of his show that is worth anything.  Because he spends the next hour with pseudo economists, politicians and others from the Chursh of moral hazard arguing the exact opposite.  I stopped listening to this guy a long time ago when he disenfranchised the libertarian arm of the republican party.  He likes to think he talks a good game, the right game, but, when pressed he will tell you the bailouts were absolutely necessary in restoring confidence in the free market.  But, this is a contradiction because the bailout, by definition, is a non-market coercive intervention.

I suppose we will never really know what would have happened post Lehman had their NOT been a bailout.  But, I do know this.  My life wouldn't have changed, my friends, colleagues, etc.  We would have figured shit out, if the financial world really would have caved.  The notion that all of humanity depends on a handful of bankers is retarded and fear mongering.  Life would have went on, and we would have been better off for it.


Now everybody has their hand out, and IMO, this is infinitely more damaging, dehumanizing, and demoralizing.

Sat, 01/26/2013 - 20:18 | 3188383 knukles
knukles's picture

Bloody Brilliant


From Natural Laws, flow the freedoms of men.

Sat, 01/26/2013 - 20:24 | 3188390 csmith
csmith's picture

Why is he speaking to a bunch of 16-year-olds?
Lotta bloody good that will do...

Sat, 01/26/2013 - 20:28 | 3188399 oldschool
oldschool's picture

I'm not 16, and I saw it.  Everyone can and should see it (including the 16 year olds).  I'll be doing my part to circulate it. Thanks to ZH for doing theirs.

Sat, 01/26/2013 - 20:54 | 3188432 Pure Evil
Pure Evil's picture

I think you should go back and watch it again. There were plenty of adults in the audience. And it will do a lot of good to educate the 16 year olds with this type of reasoning. For they are the next generation. Would you rather have 16 year olds educated with this line of thought or the gobbledy gook that can currently be found in our public educational system?

Sat, 01/26/2013 - 23:55 | 3188672 koncaswatch
koncaswatch's picture

He wasn't preaching to the choir; many of those adults hold opposing views.

Sat, 01/26/2013 - 21:08 | 3188441 knukles
knukles's picture

It's the Oxford Union which is widely considered the world's preeminent debating society.  Though there are some of us who might claim greater affection with the College of the Holy and Undivided Trinity aside the Bridge over the river Cam, claiming amongst the notables, Sir Issac Newton, which if interested in coin of the realm and English history makes for excellent reading.
But yet, I defer to Oxford in this singular instance.
Mistake the audience at your very own peril.

Sat, 01/26/2013 - 21:11 | 3188469 gould's fisker
gould's fisker's picture

Absolutely right Knukles, i was about to post a link to the Union and caught your comment before i did so.  People just aren't used to seeing a speaker sustain a clear argument off the cuff for ten minutes anymore, and any audience who can be alive enough to follow such oration--as this one obviously did--is more serious than the vast majority of squawking and squawkers that goes on today, no matter their age.  "At your very own peril" indeed.

Sat, 01/26/2013 - 23:30 | 3188654 Cosimo de Medici
Cosimo de Medici's picture

Indeed.  Content aside, this is a wonderful example of the nearly extinct art of oratory.  It is, in this age of teleprompters, Twit-speak and paid speechwriters, a relic of a bygone time, but one we would be well-advised to retain, if only for its simple beauty.  It embodies the joy of a horse-drawn buggy ride on a country road, rather than a tedious commute on a highway paved with nondescript gray sedans.  I'm not sure many today can write as well and as cogently as Hannan speaks.  As for the audience, I'd rather face a Nolan Ryan fastball or a Lionel Messi free kick than go before that crowd unprepared.

Sun, 01/27/2013 - 00:29 | 3188695 Temporalist
Temporalist's picture

Thanks for the 3 of you for saying what I was thinking.  I want to go a step further and share the link to the:

Oxford Union Society Youtube Channel


The first part of the debate is viewable there as Cornell West calls President Obama a war criminal plus Julian Assange

Julian Assange | Sam Adams Awards | Oxford Union


Sun, 01/27/2013 - 10:38 | 3188984 IrritableBowels
IrritableBowels's picture

Indeed, indeed.

Sun, 01/27/2013 - 00:22 | 3188699 Hobie
Hobie's picture

A former Prime Minister of New Zealand, David Lange, made a famous anti-nuclear speech at the Oxford Union.

Well worth a watch:


Sat, 01/26/2013 - 22:28 | 3188601 CPL
CPL's picture

Because we no longer have schools that teach so we must all do our part.

Sat, 01/26/2013 - 20:30 | 3188401 Raymond Reason
Raymond Reason's picture

Occupy Central Bank!  Much better. 

Sun, 01/27/2013 - 01:52 | 3188767 trembo slice
trembo slice's picture

Bernanke downvoted you.

Sat, 01/26/2013 - 20:34 | 3188403 Jack Burton
Jack Burton's picture

Buried in his argument is a good argument for why a healthy Middle Class is vital to any free market driven capitalist system. 

His argument blaming the central banks and politcians instead of the stock market makers of the city of London also seems on the surface correct. What he failed to mention is WHO controls the Central Bank and who bribes and controls the political class. It is the very Stock Brokers and Bankers of the city of London. Yes, the banks should have taken their losses and the bond holders gotten hair cuts and even some depositors should have lost money over and above the insured amounts. But they control the Central Bank and the Politicians. This FACT seems to escape an otherwise brilliant argument. I wonder how he would respond to that?

Sat, 01/26/2013 - 20:42 | 3188416 Raymond Reason
Raymond Reason's picture

I think he was implying that there should be no insurance on deposits, and no central bank.  Bankers of the city of London then become irrelevant. 

Sat, 01/26/2013 - 20:58 | 3188436 Pure Evil
Pure Evil's picture

If there were no deposit insurance, banks would have to show due diligence in order to attract customers and shareholders. Even in a perfect world there is no way to insure everyone against some form of loss. Just as there is no way to insure people from loss due to ponzi scam artists like Madoff. No matter who you are you're gonna get taken at least once in your life.

Sat, 01/26/2013 - 21:29 | 3188501 Raymond Reason
Raymond Reason's picture

Well in a true free market system, there could be private deposit insurance, but it would go the way of flood insurance for Jersey shore homes.  No one would buy it, if it wasn't subsidized.  

Sat, 01/26/2013 - 21:39 | 3188517 FreeMktFisherMN
FreeMktFisherMN's picture

You can't pretend there is no risk. Living on the coast carries that risk, as does living in the Tornado Alley midwest. A market for insurance would still develop, though. Same with preexisting medical conditions. In a true free market, medical costs would be going down with technology increases, and this whole insurance covering everything over consumption paradigm would not be the case. It would be a lot more affordable, and besides, firms have reputations to maintain in the community, and would probably do charitable things like take on people with preexisting conditions to have a better reputation. 


The FDIC by the way means depositors don't care, and thus banks can gamble and invent exotic derivatives and lever up, borrowing at zero from the Fed, and then get bailed out even if they lose on those bets. In a true free mkt they'd have to be trustworthy, and there would be more consumer reports like clearinghouses so people wouldn't have to waste a lot of time doing due diligence. Others would do it for them for a small fee. 

Sat, 01/26/2013 - 21:41 | 3188519 FreeMktFisherMN
FreeMktFisherMN's picture

Basically all these social welfare and 'security' promises promulgated by .gov are about scaring people about caveat emptor. People don't get that they have to still pay for these bureaucrats to keep them 'safe,' not to mention of course how incompetent and evil they are and the moral hazards and distortions caused. And that it is done unvoluntarily by definition, as their salaries are paid with money taken at the point of a gun.

Sat, 01/26/2013 - 23:44 | 3188663 trav777
trav777's picture

oh yeah...the fucking free market SURE POLICED the fucking banks REALLY WELL prior to FDIC.

Banks failed ALL THE FUCKING TIME and ruined tons of people.  The goddamned market is not the silver bullet magic skittle shitting unicorn you retarded libertardians make it out to be.

Sun, 01/27/2013 - 17:10 | 3189499 odatruf
odatruf's picture

Trav - I agree the market is not a silver bullet nor magic. Markets can impose discomfort and pain, and the results are quite ordinary and predictable. Which are the direct opposites of magic and fantasy solutions. To pretend otherwise is to engage in the make-believe and out right lying that I despise most about the political class. So there it is, markets will never be prefect.  However, its form of justice is more preferable to me, problems and all, than the system of cronyism and private gains / socialized losses.

Sun, 01/27/2013 - 18:37 | 3189597 css1971
css1971's picture

Yes they did.

But their failures didn't bring the entire world to the brink of collapse. They didn't bring down entire countries. Small failures, not big ones.

That's the point.

Sun, 01/27/2013 - 18:42 | 3189602 Bazza McKenzie
Bazza McKenzie's picture

Bit of news for you Trav.  At some point you are going to die.  This may be a shock but it is 100% guaranteed your body will fail.  Same as everyone else.

All living things and all they create eventually fails (read the ZH logo phrase).  Government cannot stop that.  In fact, since government magnifies mistakes it generally creates bigger, more costly failures.

Welcome to reality.

Sun, 01/27/2013 - 21:25 | 3189973 trav777
trav777's picture

jesus christ you ideologues are such fuckin retards.

You take ONE point and reduce it to absurdity.

Nevermind the strawman.  I never said government could STOP shit from failing, asshole.  You didn't even ASK me what I thought in terms of an ALTERNATIVE to you stupid faggots' "free market" which was a FREE FOR ALL libertardian wet dream.  You just assumed a straw position and then argued against it.

The system PRIOR to FDIC was not preferable to that AFTER FDIC.  however, idiots, this DOES NOT MEAN that the FDIC system is TO BLAME for the 2008 crash.  In fact, it had NOTHING to do with it.  Banks after GD1 were relegated to nearly UTILITY status, which is how it SHOULD BE, especially after the S&L failure wave.

YES, banks should be REGULATED because they fuck everything up if they are not.  The financial system crashed as a result of banks free to do what the fuck ever they wanted.  And, when they FAILED, the FDIC system was NOT to blame; individual deposits had FUCK ALL to do with the eleventy katrillion worth of CDO squareds rotting on balance sheets.

the prohibition against usury for 2000 years was bank regulation.  Banks have historically STOLEN from people and should be regulated heavily.  The 90s were an undoing of this and the banks RAPIDLY took us to total financial destruction JUST AS THEY DID in the 1920s, another unregulated era.

Trying to blame retail deposits for any of this is fucking absurd and all of you should simply shut the fuck up and go off and be quiet out of embarrassment for ever having implied such a thing.

the banks made the mess because they were ALLOWED TO, just as Chinese factories have polluted most of the fresh water in that country because they are ALLOWED TO.

The Free fucking market you fucking idiots worship has done NOTHING to protect people.  The only recourse people have is to gang up on the powerful through unions and government constructs.  The shit you stupid fuckin randians hate.

Sat, 01/26/2013 - 21:17 | 3188477 gould's fisker
gould's fisker's picture

I think he'd respond that occupying the legislative halls where the policy was enacted and the central banks where it's carried out--the fed is independent but its independence rests on statute--is still the proper course.  Perhaps it is a vast conspiracy-but even then the policy makers have authorized it and the central bankers execute it.  But never write off exclusively to conspiracy what may be attributale to human ignorance, meglomania, and greed.

Sat, 01/26/2013 - 20:35 | 3188405 surf0766
surf0766's picture

Cornell West................................... he hates capitalism

Sat, 01/26/2013 - 21:33 | 3188507 FreeMktFisherMN
FreeMktFisherMN's picture

West is a marxist 

Sat, 01/26/2013 - 21:48 | 3188530 FreedomGuy
FreedomGuy's picture

He is also an idiot, one of the penultimate examples of leftist faux intellectulism.

Sat, 01/26/2013 - 23:00 | 3188634 Totentänzerlied
Totentänzerlied's picture

"faux intellectulism" LOL, that's redundant!

Sat, 01/26/2013 - 23:46 | 3188665 trav777
trav777's picture

as are you because you don't have a fuckin clue what penultimate means...did you get this stupidity from fuckin Reggie Middleton?  retards

Sun, 01/27/2013 - 04:53 | 3188821 sadmamapatriot
sadmamapatriot's picture

Well I know what penultimate means and I still think it is a valid statement. Cornell West can be the penultimate faux intellectual and our illustrious dear leader, Barry Obama, comes in first place as the ultimate faux intellectual. Does that work for ya?

Sun, 01/27/2013 - 05:06 | 3188829 ajax
ajax's picture



"as are you because you don't have a fuckin clue what penultimate means...did you get this stupidity from fuckin Reggie Middleton?  retards"

Dear trav777  I wish I could vote you up 1,000 times.

"penultimate example" may have posed a spelling challenge for Middleton but the stupidity of it is certainly worthy of him.

Sun, 01/27/2013 - 09:57 | 3188950 Cosimo de Medici
Cosimo de Medici's picture

Don't keep us in suspense!  Who's on top?

Sun, 01/27/2013 - 10:53 | 3189006 Darth Stacker
Darth Stacker's picture

I agree, Cornhole West is not nearly as smart as he thinks he is. I suppose spending a lifetime at elite schools having faculty and students agree with every moronic statement you make, in order to satisfy their own white guilt, would make you a bit of a pompous narcissist. 


Kinda reminds me of a certain President......

Sat, 01/26/2013 - 23:47 | 3188667 trembo slice
trembo slice's picture

West is spot on in identifying so many of the injustices in society, but his remedies literally blow my mind.  How does he understand the shadow-banking system and our system of corporatism, yet advocates to empower the government further?  Does he not know the government and the banks go together like peas and carrots?

They are partners in this thing Dr. West!  Also, libertarian-socialist makes zero sense based on my understanding of Libertarianism.  Wherein justly acquired property-rights (starting with self-ownership) serve as the blueprint for just interactions between human beings.

Sun, 01/27/2013 - 00:45 | 3188719 Dasa Slooofoot
Dasa Slooofoot's picture

He doesn't know what shadow banking is.  He doesn't know how anything works.  He's an asshole who has gullible teenagers paying thousands of dollars per credit for his useless african american studies program.   All he does is use a lot of words to say absolutely nothing. 

Sun, 01/27/2013 - 01:37 | 3188749 trembo slice
trembo slice's picture

He's less of an asshole than the war criminals he condemns.  This at least lets me know his heart is in the right place.  Whether or not his head is in the right place is another matter entirely.

I watched his debate clip, and he really doesn't say much.  Just trying to rally around the afflicted, but maybe he would do well to realize there would be less of the "least among us" in a truly free market.

Still, I respect the man for his willingness to condemn Obama, the war criminal with a nobel peace prize, as he called him.  I don't have to agree with his economic views or share his vision of a just society (as I cannot allow the initiation of force) to appreciate his willingness to take a stand against WAR CRIMES!

Building coalitions to achieve common goals is acceptable from my perspective. 

Sat, 01/26/2013 - 20:43 | 3188418 TideFighter
TideFighter's picture

Everyone at ZH has recognized the problem long ago, and if we came together, we would make the Oxford Union look like the

Little Sisters of the Poor Debate Team against an army of Stephen Douglas Level Civil Warriors. Anti-corporatism needs a face,

a name, maybe a political party. I read ZH for many reasons, but privately hold hope for such a movement when the only beacon of light shines 

here in a small corner of the Internet. Let it be the cancerous death of corporatism our finest achievement. Raise your keyboard to the air and shout,

"All for one, and one for all!"   


Sat, 01/26/2013 - 20:44 | 3188419 gimli
gimli's picture

Can we trade Obama for this guy? 

I think foreign exchange is a healthy idea.

Sat, 01/26/2013 - 21:01 | 3188445 Pure Evil
Pure Evil's picture

Only if the store policy states there are no returns.

Sat, 01/26/2013 - 21:06 | 3188463 knukles
knukles's picture

Oh oh oh... we can thrown in a repatriation of Piers Morgan as a measure of good faith in exchange for the return of the Churchill bust....

Sat, 01/26/2013 - 20:48 | 3188425 Argos
Argos's picture

I know someone who's not going to get invitied to Davos next year.

Sat, 01/26/2013 - 21:03 | 3188449 Yen Cross
Sat, 01/26/2013 - 21:17 | 3188482 knukles
knukles's picture

Well now you know two people not going to Davos...
Haven't seen my Bohemian Grove engraved invitation yet, either.
Maybe Monica will drool it off on behalf of Bill.

Sat, 01/26/2013 - 22:06 | 3188550 booboo
booboo's picture

You don't wanna go, I have seen the "things to bring list, mouth dams, vasoline, lip gloss, cock rings, ball gags, handcuffs, sheep skins, Justin Bieber CD and favorite stuffed toy. Animals will be supplied by Fat Eddie's Wild Rides again this year."





Sat, 01/26/2013 - 22:44 | 3188619 AgAu_man
AgAu_man's picture

I do believe that Mr. Bankfine's new $33M place in the Hamptons has a Grove. ;-)

Sun, 01/27/2013 - 10:00 | 3188953 Cosimo de Medici
Cosimo de Medici's picture

But I'm allowed to bring guests to Bohemian Grove, and I'm thinking Daniel Hannan. And maybe Marc Faber. If I bring the latter, one would do well to steer clear of the onion dip.

Sat, 01/26/2013 - 21:38 | 3188515 borisspeaks
borisspeaks's picture

Alas, the best American politician isn't American.

Sat, 01/26/2013 - 22:08 | 3188551 Raymond Reason
Raymond Reason's picture

If only Ron Paul had this guy's razor sharp tongue. 

Sun, 01/27/2013 - 00:02 | 3188681 Savyindallas
Savyindallas's picture

Listen to Ron Paul speak for an hour with no  notes (as I have several times) and you will not doubt his speaking or communication abilities.  

Sat, 01/26/2013 - 22:17 | 3188578 Joe_in_Indiana
Joe_in_Indiana's picture

I am always looking for a statesman - here is one.

Sat, 01/26/2013 - 22:24 | 3188591 q99x2
q99x2's picture

Nother great weekend video. Keep em coming.

Sat, 01/26/2013 - 22:48 | 3188625 khakuda
khakuda's picture

Yes, thank you ZH. It's clearly a lot of work to find and aggregate this stuff

Sat, 01/26/2013 - 22:48 | 3188610 AgAu_man
AgAu_man's picture

The people claiming to be "doing God's work" would do well to remember or be reminded about the 7 Year Jubilee. Unless modern interpretation of "His will" has the view that this debt forgiveness applies only to family/Family.

Sat, 01/26/2013 - 23:09 | 3188640 Totentänzerlied
Totentänzerlied's picture

Oxford allowed a non Fabian-Socialist to speak? What the hell?

Sat, 01/26/2013 - 23:08 | 3188641 Fred123
Fred123's picture

Anyone notice Cornell West sitting in the front? I assume he was one of the speakers. Just shows how far in decline the West is when you have Head Ghettoman participating in a debate at Oxford Union.

Sat, 01/26/2013 - 23:32 | 3188656 joego1
joego1's picture

I don't understand why the truth always seems to be in the minority. I mean we have this guy and Ron Paul?

Sun, 01/27/2013 - 12:59 | 3189132 Michelle
Michelle's picture

Most people don't want to embrace the truth for acknowledging and accepting the truth will result in change, a painful but necessary process that will impact people's lifestyles, albeit for the better in the medium to long term. It's akin to a war, a war waged to bring about freedom from the chains of greed and its accompanying power over us all. The minority is silent and the majority is naive, parroting everything the leaders tell them. The war can be waged and the silent must become squeaky wheels so that our annoying noise can finally be oiled.

Sun, 01/27/2013 - 18:56 | 3189589 Bazza McKenzie
Bazza McKenzie's picture

Brits also have Nigel Farrage.

During the 1930s, Winston Churchill continuously warned his countrymen and others about the danger of a then re-arming Germany.  He was a voice crying in the wilderness.  Most people did not want to listen because to agree with him would mean Britain also had to rearm instead of indulging in more comfortable matters.

In retrospect Churchill was obviously right and when war became inevitable, the country turned to him to lead it.  That did not shield the country and its people from the frightful cost of war when fighting from a weak position, the consequences of ignoring reality in the preceding years.

That denial of reality is what is going on now throughout the Western world, not just in relation to the "banks" but in relation to the whole pro-consumption, anti-production economies that our politicians have created to pander to various constituencies.  There comes a point at which reality intrudes and the consequences cannot be avoided.  It is happening now to western economies that are all engaged in a slow-motion train wreck whose violence will increase.

Sat, 01/26/2013 - 23:45 | 3188664 neutrinoman
neutrinoman's picture

Great talk.

Sun, 01/27/2013 - 00:11 | 3188689 NoWayJose
NoWayJose's picture

This is the kind of guy that makes me want to move to England just so I can vote for him.  This should be mandatory viewing for any Republican politician.  But instead of Hannan, the top Republicans give us a string of inarticulate Presidential Candidates, and leaders like Back-Down Boehner and Cave-In Cantor.

Sun, 01/27/2013 - 01:40 | 3188763 fatman51
fatman51's picture

While he does make some valid points, he is dead wrong about regulations. I have not heard much lately about an insurance crisis. For a good reason, because insurance business is well regulated and kept relatively simple. Financial deriviatives were deliberately deregulated and thus treated as something different than what they really are, a financial insurance product. This act allowed banks to set up a system of fraudulent circular insurance, otherwise known as counterparty risk. Once this system is set up and allowed to run its course, it is too late to "let the banks fail", unless one wants an immediate economic depression.


The problem with libertarians: they are utopians.

Sun, 01/27/2013 - 11:38 | 3189036 AynRandFan
AynRandFan's picture

You fundamentally misunderstand libertarianism, because you refuse to accept the concept of failure as a necessary consequence of capitalism. If allowed to fail, the over-leveraged banking system would have reformed at a much lower societal cost than having it subsumed into a mega-powerful federal government whose economic policies are dictated by a central bank. Or, do you value individual liberty so lightly?

Sun, 01/27/2013 - 21:28 | 3189990 trav777
trav777's picture

you fucking idiot...just like the factories in china have reorganized into a lower societal cost in terms of pollution output, right?

Yeah, the free market is working WONDERS over there.

Sun, 01/27/2013 - 02:15 | 3188775 booboo
booboo's picture

large corporations love regulation, they will even lobby for much of it when they see leaner, smarter smaller companies making inroads or threaten their system. Smaller business fold under overbearing regulation and if you have ever owned a business you may agree.

one of the main reasons for a greater concentration of wealth into the hands of the too big to fail institutions was the additional regulations after 08. Smaller banks have a harder time keeping up.

Sun, 01/27/2013 - 11:24 | 3188969 falak pema
falak pema's picture

regulation is word that has different meanings for different power groups.

Regulation to achieve general good in a democratic framework does not mean regulation to cut "red tape" in a deregulated framework for oligarchs, ostensibly to avoid bureaucracy, but in fact to allow crony capitalism for the powerful so that the regulation in fact helps the oligarchies to become virtual monopolies and rip off huge margins subsequently in the name of "market efficiency".  When you regulate to deregulate you help the crooks become bigger crooks. 

Large corporations LOVE Regulation; yes, the regulation that allows them to limit competition so as to keep the "parasites" from eating their cake.

Its not regulation to defend the consumer, the essence of supply and demand,  its regulation to defend the monopoly producer. 

The kind we have with the TBTF of today! 

PS : If I have one point I contend in this video presented here it is this: Those pages and pages of banking regulation were truly smoke and mirrors, as Reaganomics ensured that "regulatory capture" made them irrelevant. The King WAS STILL ALIVE and the market was his to give to his own "best and brightest". The invisible hand was a myth as there was no true counter power to represent the people.

Sun, 01/27/2013 - 02:19 | 3188776 Banjo
Banjo's picture

Quite simplistic arguments. Essentially arguing for "real" capitalism. One could make an equivalent argument saying Soviet communism was not really "real" and not how it was supposed to be implemented as Marx envisioned it.

Fact of the matter is THIS.

Belief systems - Kings, Oligarchy, Capitalism, Communism, Fascism etc.. UNLESS they have the distinct values and mission of distribution of what society produces will concentrate wealth in a smaller and smaller minority of hands until the majority can no longer "eat cake" and there is a societal collapse.This is why there were debt jubilees in the past.

Had there been no bailouts in 2008 this would have happened back then as the whole social fabric would have been rent asunder with cascading defaults, rising unemployment and massively crashing asset prices along with disappearing pension and bank accounts would have re-set the system.

The central banks held it together with money printing, for how long? who knows it does seem as the system is still trying to clear the MASSIVE debt over hang. My bet is a massive global bond market bust and with no credible currency to run to. This is going to be an EPIC disaster.

NOTE on greed: Greed is not wanting a 50 inch plasma or a BMW or other material wealth. Greed is wanting many more tangible goods that what you have actually produced in reciprocation with your fellow exchangee in the market place.

So if I work a year and make 1 million as some high level paper pusher and then I exchange this for the productive effort of tens or hundreds of other peoples time and labor that is a greed based society.

In a capitalist system written of Adam Smiths day no one could patent things such as Amazons one click and myriad of other nonsensical claims that simply enforce a right to monopoly. Could you even imagine a baker patenting how a loaf of bread was baked square or round, if it was sliced or not.

All I can say is that this so called crisis is AWESOME loving to see all the stupid dumb arse cheer leaders getting burned or their ideology LOL. The reset when it does come will be STAGGERING and even a global war is not out of the question, people wanting to blame rather than own up and say heck we made some really bad assumptions. E.g. that greed is the best way to run a society.

If you believe that more power to you, hope it's working out great for you, your family and fellow citizens.



Sun, 01/27/2013 - 02:47 | 3188783 Tinky
Tinky's picture

Two words: Glass–Steagall

The notion that there was no failure of regulation is preposterous.

Sun, 01/27/2013 - 11:41 | 3189041 AynRandFan
AynRandFan's picture

False. Fannie and Freddie would still have handed out trillions to people who couldn't pay it back.

Sun, 01/27/2013 - 15:46 | 3189387 Tinky
Tinky's picture

It is patently absurd to suggest that the systemic failure would have been anything remotely like what it was had investment houses remained separate from banks.

Sun, 01/27/2013 - 03:28 | 3188798 AldoHux_IV
AldoHux_IV's picture

I found his speech lacked any real insight other than probusiness vs promarkets characterized by political pandering, but everything else fell flat. The number one problem with free markets isn't as much regulation (which needs to be far simpler and scalable to size), as it is access-- access (imho) to an infrastructure that holds various markets which can create as close as humanly possible to fair and efficient pricing based on supply and demand i.e. an infrastructure that does not award gaming and instead due diligence. I most certainly hope that everyone except certain economists, policymakers, politicians-- aka human paraquats can see that creative destruction allows for renewed and vigorous growth and opportunities. By the way, greed does not work nor should be mentioned in a free market infrastructure because it simply is not necessary to keep it thriving as we all inherently seek some form of pupose for which we are compensated with a better lifestyle and needs-- mentioning it just skews things.

Sun, 01/27/2013 - 04:56 | 3188825 beaglebog
beaglebog's picture

Another tax-eater champions the free-market. 



Sun, 01/27/2013 - 05:19 | 3188833 TWSceptic
TWSceptic's picture

One of the best short speeches on the subject I've seen so far. Should be mandatory to watch in schools.

Sun, 01/27/2013 - 10:12 | 3188842 falak pema
falak pema's picture

The three myths of Reaganomics-Thatcherism : Deregulate, Desupervise, Decriminalise the Oligarchy supply-side elitist economy construct based on the Friedman ideology inspired by Hayek. After having broken down the labour union resistance and created EASY ACCESS ENTRY TO THE MARKET FOR THE CHOSEN FEW VIA ZIRP AND MONEY CREATION LEVERAGE.

That's where we are. Now the SAME people are desperately retro cycling backwards by going hyper Keynesian, not to save the middle class, but to save their own 0.2% asses that have grown obese during the PREVIOUS period. 

Cause and effect, of two diametrically opposed economic strategies to achieve the same aim : creating a neo-feudal Oligarchy, neo-platonist uber-class and pulling the plug under the middle class, back bone of "we the people" democracy. 

There is only one way to go for the Oligarchy : elect a Caesar, or a senatorial aréopage with a mouthpiece Potus, Primus inter pares,  to decree the market is now frozen and central power is the ONLY solution. On all continents.

Will it hold...Oligarchs only thrive on self aggrandisement and hubris...

Sun, 01/27/2013 - 18:06 | 3189573 Bazza McKenzie
Bazza McKenzie's picture

Perpetuating a few myths of your own there.  Reagan and Thatcher may have been in favor of deregulation they were certainly not in favor of decriminalizing fraud.

Every system of complex regulation invariably becomes a handbook for legalized fraud.  You may claim in theory it doesn't have to be.  In practice it always is, since those affected have a huge incentive to actively shape the regulation to their own benefit.

All the TARP money was handed out under "regulation".  Did that "regulation" benefit the rest of the country?

It is obvious to the man in the street that financial institutions have engaged in massive fraud and theft, but they have generally done so in ways that comply with the regulations and thus absolve them from any legal guilt.

Abolish the regulations, get back to common law, and make every director and senior executive personally responsible for all fraud and theft committed by their companies and the behavioral change would be immense.  TBTF banks would not exist because they can't survive without fraud and because they are too complex to honestly control and thus being a director of one would almost guarantee personal conviction for failing to control the fraudulent behavior of employees.

Sun, 01/27/2013 - 18:32 | 3189593 falak pema
falak pema's picture

they were certainly not in favor of decriminalizing fraud...

Thatcher made UK/City into land of Oligarchs pulling in their money via trusts into the network of offshore banks in Guernsey/Jersy/Isle of Man/City...the big pay off in her days was Arab, later same scam got the Ruskis in know that. Euro/Petro dollar land city became the biggest whitewashing scamistan in the tell me she was not in favor of...

As for Reagan he fathered Michael Milken and the Soros brigade; the Gordon Gekkos of "greed is good" memory fails people!

Reagan's USA bootstrapped the Bush/Halliburton/Enron scam into USA; now tell me Reagan was not a criminal scam patsy player. Remember who his two top aides were? Shultz and Weinberger, both from Bechtel...Bohemian Grove nest of the Trilateral crowd...can't get more crony than that! 


Sun, 01/27/2013 - 20:30 | 3189848 hooligan2009
hooligan2009's picture

hard to agree with you here...what was happening before thatcher was far, far worse than what thatcher "corrected". She rolled back socialism by two decades.

Hannan makes some great points, namely that Governments and their laws/regulations/agencies lower livign standards by restricitng business activity. Businesses fail by offering out dated products and succeed by doing the opposite. Businesses migrate to being generic providers when they can only "milk" their products and have achieved the lowest possible cost of production and lowest possible price to the consumer. (think land based telecom companies, electricity companies and banks). there may very well be attempts to reinvent these generic based products, but that is not where the action is that achieves the objectives of a capitalist system...and that is...the profitable generation of ideas to those that can affor to buy them.

i personally think we are seeing the end of the service based society and are moving to the information based society where politics (and their central banks) ceases to be relevant and money much less so. We will access information to make better choices that don't involve money (like dodging traffic jams and drones). 

Problem with that is, value is not measured by money and that makes it just a little tricksy. Unless food and water "rustling" combined with free energy are available. 

The answer of course lies at the other end of solyent green for the energy part. Check this from shit!

I dare say this guy could have made a lot of money writing algo's!

Mon, 01/28/2013 - 07:57 | 3190813 falak pema
falak pema's picture

I won't argue with your contention that she righted the wrong of excessive and navel gazing socialism of UK's Wilsonian phase.

I am not questioning that she achieved that. Her focus on small business and entrepreneurial UK was first class. 

But she went overboard. She totally destroyed and decredibilised the Unions, dangerous disruption of social fabric, she went totally neo liberal as did Ronald and we see what neo liberalism has done to first world.

Also, she built the quickie fix of UK economy on two pillars : the North Sea oil full tilt production something that dried that pond in 20 years! And the emergence of rampantly financialised UK, a huge financial headed economy with NO industrial legs.

She did that! This Sin city of City finance was her brain child. 

Sorry, she went overboard and became one of the TWO catholic kings of first world neo liberalism. 

Sun, 01/27/2013 - 06:28 | 3188844 schatzi
schatzi's picture

Don't agree with everything he said, but still... fantastic speech and incredibly gifted orator.

Sun, 01/27/2013 - 17:32 | 3189520 Tursas
Tursas's picture

Yuo mean a new Adolf?

Sun, 01/27/2013 - 06:40 | 3188848 writingsonthewall
writingsonthewall's picture

From the idea that capitalism has failed (it has not in his view, it has been ravaged by political pandering)

He means regulation - you know - that thing which we now recognise as the reason the banks were able to commit legal fraud.


Now when did that regulation (or 'political pandering' start then Hannan? - oh yes - in the middle ages.


This is the argument of the free market fool - lets go back to a pre-middle ages time.


...and look how many fools sign up to this - simply because they have been persuaded to fear rthe very Government THEY created.


This is absurd - you don't like the Governments regulation - then change it - the piss poor popularity of Hannans party demonstrates that clearly this is a fringe argument for dimwits and the fearful.

Sun, 01/27/2013 - 18:06 | 3189574 smacker
smacker's picture

Nope. You are not the first person to claim that Hannan criticises regulation. He does not. His criticism of what happened in the last decade and longer is ineffective and pointless regulation (ie: regulation introduced for political motives), and abandonment of regulation by the "Jonah" Brown government which led to the criminality and crash.

That is why he argues that it wasn't capitalism that caused the crash, but corporatism. Which of course we know is loved by the Left.

Sun, 01/27/2013 - 06:41 | 3188849 WTFx10
WTFx10's picture

"The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks." John Dalberg Lord Acton

Sun, 01/27/2013 - 06:43 | 3188850 zilverreiger
zilverreiger's picture

Deregulation of banks DID cause 2008.

Nazi Boogyman imagery.

This guy talks partly shit. Probably some UK city shill.

Sun, 01/27/2013 - 13:01 | 3189133 Pareto
Pareto's picture

First sentence, dumb.  Second sentence dumber.  Third sentence, dumber still.

Sun, 01/27/2013 - 15:54 | 3189402 Tursas
Tursas's picture


Sun, 01/27/2013 - 09:00 | 3188909 Bullwinkle Moose
Bullwinkle Moose's picture

If we can now have presidents that are not US citizens, I wish Mr. Hannan was our president.

Sun, 01/27/2013 - 10:49 | 3188970 spanish inquisition
spanish inquisition's picture

One of his most interesting phrases was something like  "I was a journalist before I was elected and I recognize when a story is past the point of correction". (about 3:07 in)

I guess that is why it is important to own media in your portfolio if you print money.

Edit: He seems like a smart guy. After stating that they should be occupying the central banks, he then starts on who are the "real" enemies of Wall Street and capitalism. He then mentions Nazi's, Stalin and 911, you could argue based on his earlier statement that he was talking about the same group in a veiled way, because those stories are all past the point of correction?

Sun, 01/27/2013 - 15:52 | 3189398 Tursas
Tursas's picture

Nothing is past the corerction.  Four years past we heard the truth in Davos:

Sun, 01/27/2013 - 11:53 | 3189053 smacker
smacker's picture

Clarification:  Daniel Hannan is a brilliant guy and gives me faith that not all of our political elites have gone mad and surrendered to rampant socialist corruption.

But when he says that lack of regulation was not the cause of the UK banking crises because there are 10,000 pages of it in the UK, he would have done better to articulate that the real problem was that the FSA (Financial Services Authority) and Gordon "Jonah" Brown and his sidekick Ed Balls chose to abandon they chose not to apply the 10,000 pages, which of course led to banking criminality.

It goes almost without saying that the bossman of the FSA at the time has since been awarded a Knighthood by HRH Queen Elizabeth and Gordon Brown and Balls still walk the streets.

Sun, 01/27/2013 - 15:48 | 3189392 Tursas
Tursas's picture

Sorry my friand, you got it wrong! We the people have always been capitalists!

Sun, 01/27/2013 - 17:51 | 3189550 smacker
smacker's picture

Why don't you tell us about the price of fish?

Sun, 01/27/2013 - 14:44 | 3189315 PaperBear
PaperBear's picture

Mr Demolition Man.

Sun, 01/27/2013 - 17:42 | 3189536 blindman
blindman's picture

Cornel West | Occupy Wall Street Debate | Oxford Union
"..i was born at night, but not last night." c.w.

Mon, 01/28/2013 - 00:46 | 3190472 ZeroFreedom
ZeroFreedom's picture

We have found Englands version of Ron Paul. Awesome and Spot on speech. Also no powerpoint which really liked.

Wed, 01/30/2013 - 12:57 | 3199191 steve from virginia
steve from virginia's picture



Slick and mendacious misrepresentation by libertarian, almost all of his presumptions are factually incorrect.


Except for one: the markets are indeed working ... grinding the waste-based American style economy to small bits. It's a matter of thermodynamics rather than (American proto-fascist style) politics.


Try harder next time.

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