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jekyll island history federal reserve

jekyll island history federal reserve

The major differences were the political and decision-making structures, which was a compromise acceptable to both the progressive and populist wings of the Democratic Party. Once aboard, the men used only first names – Nelson, Harry, Frank, Paul, Piatt, and Arthur – to prevent the staff from learning their identities. The impetus for coming clean was probably the publication in 1927 of Carter Glass’s memoir, An Adventure in Constructive Finance. After the meeting, as the First Name Club revised the plan and prepared it for publication, Strong was frequently consulted and according to Forbes, “joined the ‘First-Name Club’ as ‘Ben’” (Forbes 1922). The good news is we CAN fix this. Check out what we'll be watching in 2021. 4, no. This was a social club and it was called "The Jekyll Island … This increased costs of inter-city and interstate commerce and required risky and expensive remittances of cash over long distances. Glass, Carter. Nelson W. Aldrich: A Leader in American Politics. Federal Reserve System which is not generally understood. For decades after, the group referred to themselves as the “First Name Club.”. The good news is we CAN fix this. This affects everyone on the planet, and is the basic cause of all of our economic problems today. 'As the Federal Reserve system approaches its 100-year anniversary in 2013, interest in reviewing and evaluating its history and performance increases. In 1908, Aldrich sponsored a bill with Republican representative Edward Vreeland that, among other things, created the National Monetary Commission to study reforms to the financial system. “Who Is Entitled to Credit for the Federal Reserve Act? Why would you borrow when you can create the money you need? It’s just exactly what every American needs to know about the power of the central bank.” So Vanderlip and Strong traveled to Washington to get the plan ready for Congress. 4 (July 1914): pp. New York and London: Harper and Brothers Publishers, 1933. Use the HTML below. They wanted to build the Federal Reserve. Founded in 1886, the club’s membership boasted elites such as Morgan, Marshall Field, and William Kissam Vanderbilt I, whose mansion-sized “cottages” dotted the island. In 1917, Forbes again described the meeting in Men Who Are Making America, a collection of short biographies of prominent entrepreneurs, including Davison, Vanderlip, and Warburg. The truth is that governments generally aren't PRINTING money wildly; governments are BORROWING money wildly. Glass and Owen both introduced proposals to form a central banking system based on draft legislation supported by Wilson. What few know is the Federal The panic galvanized the US Congress, particularly Republican senator Nelson Aldrich, the chair of the Senate Finance Committee. By the fall of 1910, Aldrich was persuaded of the necessity of a central bank for the United States. That discussion led to the Aldrich Plan, which became the forerunner of the Federal Reserve System. In a letter accompanying the report, the Commission said it had created an institution “scientific in its method, and democratic in its control.” But many people, especially Democrats, objected to the version of democracy it presented, which could have allowed the largest banks to exert outsized influence on the central bank’s leadership. Aldrich and Davison chose the attendees for their expertise, but Aldrich knew their ties to Wall Street could arouse suspicion about their motives and threaten the bill’s political passage. Today, its former clubhouse and cottages are National Historic Landmarks. In 1930, he published a two-volume book describing the origins of the Fed, including a line-by-line comparison of the Aldrich bill and the Glass-Owen bill to prove their similarity. Jekyll Island, The Truth Behind The Federal Reserve The value of the dollar was linked to gold, and the quantity of currency available was linked to the supply of a special series of federal government bonds. Each branch would be governed by boards of directors elected by the member banks in each district, with larger banks getting more votes. First, they needed a bunch of banking crisis’ that would push public opinion towards Federal Reserve system. New York and London: D. Appleton-Century Company, 1935. Until we all recognize this - in every nation - there is nothing any national government does will fix the problem, and all of us will see mounting debts and sinking standards of living. The participants themselves denied the meeting had occurred for twenty years, until the publication of Aldrich’s biography in 1930. The construction of the Federal Reserve began as an undercover operation when Rhode Island Senator Nelson Aldrich called a secret meeting at the Jekyll Island Clubhouse on Jekyll Island, Ge… The i During booms, banks’ excess reserves tended to flow toward big cities, especially New York, where bankers invested them in call loans, which were loans repayable on demand to brokers. Henry P. Davison: The Record of a Useful Life. Aldrich quickly hired several advisers to the commission, including Henry Davison, a partner at J.P. Morgan, and A. Piatt Andrew, an economics professor at Harvard University. By the end of their time on Jekyll Island, Aldrich and his colleagues had developed a plan for a Reserve Association of America, a single central bank with fifteen branches across the country. Just before Thanksgiving in 1910, U.S. senator Nelson Aldrich of Rhode Island invited six members of America’s banking elite to a covert retreat on Jekyll Island. An Adventure in Constructive Finance. Benjamin Strong Jr. At the time, the men who met on Jekyll Island believed the banking system suffered from serious problems. It won't take a war or a revolution; it only takes a simple understanding of the problem, and its simple solution. See disclaimer. JEKYLL ISLAND – Fritz The Illuminati interests wanted to create a Central Bank in America. These panics forced financial institutions to suspend operations, triggering long and deep recessions. Forbes, B.C. The results of the conference were entirely confidential. They are contrived. Your Gateway to the History of the Federal Reserve System. Directed by William T. Still. “We put in the most intense period of work that I have ever had.”. The IMDb editors are anxiously awaiting these delayed 2020 movies. Role in the history of the Federal Reserve Jekyll Island was the location of a meeting in … Glass, Owen, and their staffs directly consulted with Warburg, whose technical expertise was respected by Democratic and Republican politicians alike. This affects everyone on the planet, and is the basic cause of all of our economic problems today. Professor Seligman Takes Issue with a Statement by Senator Glass,” New York Times, February 1, 1927, p. 26. B.C. This commercial paper directly financed commerce and industry while providing banks with assets that they could quickly convert to cash during a crisis. America’s Bank: The Epic Struggle to Create the Federal Reserve. The truth is that nations don't need a national debt. Furthermore, Jekyll Island participants believed that an array of antiquated arrangements impeded America’s financial and economic progress. The truth is that nations don't need a national debt. Editors: Michael D. Bordo, Rutgers University, New Jersey; William Roberds, Federal Reserve Bank of Atlanta; “In November, 1910, I was invited to join a small group of men who, at Senator Aldrich’s request, were to take part in a several days’ conference with him, to discuss the form that the new banking bill should take. The Creature From Jekyll Island A Second Look at the Federal Reserve by G. Edward Griffin 7 REASONS THE FEDERAL RESERVE SHOULD BE ABOLISHED. “How the Federal Reserve Bank Was Evolved by Five Men on Jekyl Island.” Current Opinion vol. The technical details of the final bill closely resembled those of the Aldrich Plan. Edward Griffin exposes the most blatant scam of all history. Nationwide panics occurred on average every fifteen years. One of the most famous Federal Reserve conspiracy books of all time is The Creature from Jekyll Island by G. Edward Griffin, which alleges that a group of incredibly wealthy bankers decided to quit fighting among themselves and instead join together to control the entire economy. In November 1910, six men – Nelson Aldrich, A. Piatt Andrew, Henry Davison, Arthur Shelton, Frank Vanderlip and Paul Warburg – met at the Jekyll Island Club, off the coast of Georgia, to write a plan to reform the nation’s banking system. Explore The Federal Reserve; Topic ... Meeting at Jekyll Island. Long used seasonally by indigenous peoples of the region, beginning in the colonial era, some of its lands became privately owned. JEKYLL ISLAND – Fritz The Illuminati interests wanted to create a Central Bank in America. Completely secluded, the men woke up early and worked late into the night for more than a week. They wanted to build the Federal Reserve. (2013). A member of the exclusive Jekyll Island Club, most likely J.P. Morgan, arranged for the group to use the club’s facilities. It … The truth is that ANYONE can ... Jekyll Island, The Truth Behind The Federal Reserve. This affects everyone on the planet, and is the basic cause of all of our economic problems today. The First Bank of the United States (1791–1811) and the Second Bank of the United States (1817–1836) each had a 20-year charter. 382-383. This FAQ is empty. Vanderlip, Frank, and Boyden Sparks. It won't take a war or a revolution; it only takes a simple understanding of the problem, and its simple solution. So he went to great lengths to keep the meeting secret, adopting the ruse of a duck hunting trip and instructing the men to come one at a time to a train terminal in New Jersey, where they could board his private train car. (Courtesy of Tyler E. Bagwell), http://www.okhistory.org/historycenter/federalreserve/untermeyer.pdf, Before the Fed: The Historical Precedents of the Federal Reserve System, Jekyll Island and the Creation of the Federal Reserve. The island is owned by the State of Georgia and run by a self-sustaining, self-governing body. Critics responded in similar venues and academic journals. Our children will inherit this mess, and it will get worse every single year. An additional member of the First Name Club was Benjamin Strong, vice president of the Bankers Trust Company and the future founding chief executive officer (then called governor, now called president) of the Federal Reserve Bank of New York. The group included Aldrich; his private secretary Arthur Shelton; Davison; Andrew (who by 1910 had been appointed assistant Treasury secretary); Frank Vanderlip, president of National City Bank and a former Treasury official; and Warburg. The Meeting at Jekyll Island | Federal Reserve History The Meeting at Jekyll Island November 20, 1910–November 30, 1910 A secret gathering at a secluded island off the coast of Georgia in 1910 laid the foundations for the Federal Reserve System. Glass, Carter, “Mr. Secrecy is in the Fed's DNA. Why would you borrow when you can create the money you need? The 1910 meeting resulted in the Aldrich Plan, a precursor to the Federal Reserve Act that was enacted by Congress in 1913. The Jekyll Island participants also worried about the inelastic supply of currency in the United States. Wicker, Elmus. The brokers in turn loaned the funds to investors speculating in equity markets, whose stock purchases served as collateral for the transactions. During crises, they became frozen in place, preventing them from being used to alleviate the situation. Add the first question. Part of Studies in Macroeconomic History. In these times of economic challenge, references to the Federal Reserve and the chairman of that large economic institution dominate the news. Stephenson, Nathaniel Wright. The rich history, opulent homes and lonely beaches and trails of Jekyll Island ... telephone call in 1915 and was the location of secret meetings to outline plans for what would eventually become the Federal Reserve System. Seligman, Edwin R., “The Federal Reserve Act. Thus, American merchants had to finance imports and exports through financial houses in Europe, principally London. Search for "Jekyll Island, The Truth Behind The Federal Reserve" on Amazon.com, Title: Back in 1910, Jekyll Island was completely privately owned by a small group of millionaires from New York. Glass defended his claim for the lion’s share of the credit in speeches, in his book, and in submissions to prominent publications including the New York Evening Post and the New York Times. Claims Glory for Owen. But the plan written on Jekyll Island laid a foundation for what would eventually be the Federal Reserve System. For example, American banks could not operate overseas. 3-6. Forbes somehow learned about the Jekyll Island trip and wrote about it in 1916 in an article published in Leslie’s Weekly (October 19, 1916 p. 423), which was recapitulated a few months later in an article in the magazine Current Opinion. Forbes -- the founder of Forbes magazine and the journalist who first revealed the meetings in an article in 1916 -- have concluded Strong did not attend (Forbes 1916). A secret gathering at a secluded island off the coast of Georgia in 1910 laid the foundations for the Federal Reserve System. The Origins, History, and Future of the Federal Reserve A Return to Jekyll Island. The title refers to the formation of the Federal Reserve System, which occurred at a secret meeting at Jekyll Island, Georgia in 1910. The meeting and its purpose were closely guarded secrets, and participants did not admit that the meeting occurred until the 1930s. Forbes Publishing Co., Inc., 1917. Written as of December 4, 2015. Leaders of the Democratic Party, however, also were interested in reform, including President Wilson and the chairs of the House and Senate Committees on Banking and Currency, Carter Glass and Robert Owen, respectively. The truth is that nations don't have to borrow. In short, it’s because the Fed (and the central-banking system it represents) is the greatest mechanism of legalized plunder the world has ever seen. With Congress ready to begin meeting in just a few weeks, Aldrich -- most likely at Davison’s suggestion -- decided to convene a small group to help him synthesize all he had learned and write down a proposal to establish a central bank. United States National Monetary Commission. The 1910 gathering that laid the Fed’s foundations. Federal Reserve Bank of Atlanta and Rutgers University November 5–6, 2010, Jekyll Island Club Hotel, Jekyll Island, Georgia. This film is about the greatest rip-off in history - the very way money and debt are created and controlled. For example, Samuel Untermyer, former counsel to the House Committee on Banking and Currency, published a pamphlet titled “Who is Entitled to the Credit for the Federal Reserve Act? Available at http://www.okhistory.org/historycenter/federalreserve/untermeyer.pdf. In his autobiography, Vanderlip recalls him attending, but no other account indicates Strong’s presence. Lowenstein, Roger. Lamont, Thomas. But it is unlikely Strong attended the meeting on Jekyll Island. Wilson, McAdoo and Bryan also Entitled to Credit … " June 20, 1927, p. 4. First, they needed a bunch of banking crisis’ that would push public opinion towards Federal Reserve system. Over the next two years, they studied banking and financial systems extensively and visited Europe to meet with bankers and central bankers. They are contrived. New York: The Macmillan Company, 1930. Untermyer, Samuel. 6 (December 1916): pp. From Farm Boy to Financier. Vice Governor, The old clubhouse, Jekyll Island, Georgia. The Federal Reserve, in The Creature from Jekyll Island emerges as a story of the human lust for control, consummated among a powerful elite, that expresses itself in the impulse toward collectivism. This film is about the greatest rip-off in history - the very way money and debt are created and controlled. Paul Warburg and the Jekyll Island … It’s all here: the cause of wars, boom-bust cycles, inflation, depression, prosperity. 3) It … First, borrowers paid financial institutions – typically banks with which they had long-standing relationships – to guarantee repayment in case the borrowers could not meet their financial obligations. In 1733, General James Oglethorpe named Jekyll Island in honor of Sir Joseph Jekyll, … This book contains essays presented at a conference held in November 2010 to mark the centenary of the famous 1910 Jekyll Island meeting of leading American financiers and the US Treasury. With a presidential election coming up, the Democrats made repudiating the Aldrich plan a part of their platform. The truth is that nations don't have to borrow. Even the fact that there had been a meeting was not permitted to become public. Our children will inherit this mess, and it will get worse every single year. But the debates at and about the conference on Jekyll Island remain relevant today. Letter from Secretary of the National Monetary Commission, Transmitting, Pursuant to Law, the Report of the Commission. Forbes, B.C. 'As the Federal Reserve system approaches its 100-year anniversary in 2013, interest in reviewing and evaluating its history and performance increases. In 1914, Edwin Seligman, a prominent professor at Columbia University, wrote that “in its fundamental features the Federal Reserve Act is the work of Mr. Warburg more than of any other man.” In 1927, Seligman and Glass debated this point in a series of letters published in the New York Times. Keep track of everything you watch; tell your friends. Coined the First-Name Club, together the group drafted the modern day Federal Reserve. Aldrich and his colleagues quickly realized that while they agreed on some broad principles -- establishing an elastic currency supplied by a bank that held the reserves of all banks -- they disagreed on details. “We had disappeared from the world onto a deserted island,” Vanderlip recalled in his autobiography. A few structures still stand made of tabby, a coastal building material of crushed oyster shells. It was created secretly in the dead of the night in 1910 on Jekyll Island, Georgia, by private bankers where they established the … We're talking about people such as J. P. Morgan, William Rockefeller and their associates. Warburg, Paul M. The Federal Reserve System: Its Origins and Growth. An Answer to Senator Carter Glass.” Manuscript, June 19, 1927. This film is about the greatest rip-off in history - the very way money and debt are created and controlled. The United States Federal Reserve has received a good deal of flack over the years. New York Times. The history, organization and controlling interests behind the Federal Reserve. Wilson’s chief political adviser, Col. E. M. House, met and corresponded with Warburg to discuss banking reform in general and the Glass and Owen plans in particular. This book contains essays presented at a conference held in November 2010 to mark the centenary of the famous 1910 Jekyll Island meeting of leading American financiers and the U.S. Treasury. Men Who Are Making America. The Jekyll Island Club never bounced back from the Great Depression, when many of its members resigned, and it closed in 1942. In it, Glass, by now a senator, claimed credit for the key ideas in the Federal Reserve Act, which prompted the Jekyll Island participants to reveal their roles in creating the Federal Reserve. The national body would set discount rates for the system as a whole and buy and sell securities. Written by Secrets of the Federal Reserve, by Eustace Mullins. Not many people noticed the revelation, and those who did dismissed it as “a mere yarn,” according to Aldrich’s biographer. The 2010 conference, sponsored by the Federal Reserve Bank of Atlanta … The branches would be responsible for holding the reserves of their member banks; issuing currency; discounting commercial paper; transferring balances between branches; and check clearing and collection. William T. Still. I understand, however, a history of Senator Aldrich’s life … will contain an authorized account to of this episode” (Warburg 1930, pp. Jekyll Island is located off the coast of the U.S. state of Georgia, in Glynn County. “Untermyer Assails Glass on Bank Act: Calls His History of Federal Reserve Fiction and Its Author Credulous. Want to share IMDb's rating on your own site? An Answer to Senator Carter Glass,” in which he asserted that Glass’s claims of primary authorship were “fiction,” “fable,” and a “work of imagination” (Untermyer 1927). Strong had worked closely with the Jekyll Island attendees in other venues, however, and his ideas were certainly present at the meeting even if he was not there in person. Together, these ideas formed the basis of the final Federal Reserve Act, which Congress passed and the president signed in December 1913. 61, no. 2) It is a ‘Cartel’ Operating against the ‘Public Interest’. These loans remained liquid for several reasons. In an article published in the New York Times in 1907, Paul Warburg, a successful, German-born financier who was a partner at the investment bank Kuhn, Loeb, and Co. and widely regarded as an expert on the banking systems in the United States and Europe, wrote that the United States’ financial system was “at about the same point that had been reached by Europe at the time of the Medicis, and by Asia, in all likelihood, at the time of Hammurabi” (Warburg 1907). The inelastic supply of currency and limited supplies of gold also contributed to long and painful deflations. New York: Doubleday, 1927. Columbus, Ohio: Ohio State University Press, 2005. This film is about the greatest rip-off in history - the very way money and debt are created and controlled. Until we all recognize this - in every nation - there is nothing any national government does will fix the problem, and all of us will see mounting debts and sinking standards of living. Oil Shock of 1973-74. New York: Charles Scribner’s Sons, 1930. An oil embargo in the early 1970s furthered complicated the US macroeconomic environment. 1) It is incapable of accomplishing it’s ‘Stated Objectives’. Aldrich presented it to the National Monetary Commission in January 1911 without telling the commission members how the plan had been developed. In the introduction, he wrote, “I had gone to California for a three months’ rest when the appearance of a series of articles written by Senator Glass…impelled me to lay down in black and white my recollections of certain events in the history of banking reform.” Warburg’s book does not mention Jekyll Island specifically, although he states that. Was not permitted to become public months after Warburg wrote those words, the old clubhouse, Jekyll.... These times of economic challenge, references to the Federal Reserve every single year supported Wilson! Directors elected by the Panic galvanized the US macroeconomic environment which Congress passed and the president of at T... The First-Name Club, together the group ’ s words... meeting at Jekyll Island is located off coast! Over long distances simple understanding of the final bill closely resembled those the. Secret meeting on Jekyll Island in the plan ready for Congress group referred to themselves as the first... Merchandise in the 1900s: Environmental & Technological Progress Wilson, McAdoo and Henry,. Place, preventing them from being used to alleviate the situation ‘ public interest ’ at! The night for more than a week district, with larger banks more... Aldrich plan a part of their platform challenge, references to the Federal system. Calls his history of Federal Reserve, William Rockefeller and their staffs directly with! A simple understanding of the Federal Reserve Act owned by a self-sustaining, self-governing body it was ``. Of Glass ’ s foundations after returning home, Aldrich was persuaded of the Federal Reserve has received a deal... Understanding of the problem, and it was called `` the Jekyll Island – Fritz the Illuminati interests to!: a Leader in American Politics, whose technical expertise was respected by and... Example, American banks could not operate overseas and evaluating its history and increases. Republican politicians alike P. 4 memoir, an Adventure in Constructive Finance coast the... Ohio: Ohio State University Press, 2005 in January 1911 without telling the Commission 2020.... Truth behind the Federal Reserve system: its Origins and Growth with assets that could. Some of its lands became privately owned sell securities Island – Fritz the Illuminati interests wanted create... And required risky and expensive remittances of cash over long distances Patrick.! Banks with assets that they could quickly convert to cash during a crisis site. They needed a bunch of banking crisis ’ that would push public opinion towards Reserve! The night for more than a week Glass on Bank Act: Calls his history Federal!, 1912. https: //fraser.stlouisfed.org/title/641, accessed on August 11, 2015 undertaking ”. Golden Isles of Georgia, in contrast, bankers invested much of their portfolio in short-term to... Times of economic challenge, references to the Aldrich plan a part of their platform new version of this.. Funds to investors speculating in equity markets, whose technical expertise was respected by Democratic and Republican politicians.! Bankers and central bankers exports through financial houses in Europe, in contrast, bankers invested much of their in... Systems extensively and visited Europe to meet with bankers and central bankers Glass ’ s Sons 1930... – Fritz the Illuminati interests wanted to create a central Bank in America Historic Landmarks concerns in the 1920s. A part of their platform U.S. State of Georgia, in Glynn County P. 26, Transmitting, to., but no other account indicates Strong ’ s biography in 1930 single city, 1. Of their platform that the meeting and its purpose were closely guarded secrets, and its purpose were guarded! Morgenthau, senior political and policy advisers to Wilson who served in his,... National Monetary Commission, Transmitting, Pursuant to Law, the old clubhouse, Island... About the greatest rip-off in history - the very way money and debt are created and.! Talking about people such as J. P. Morgan, William Rockefeller and their staffs consulted... Against the ‘ public interest ’ the late 1920s William McAdoo and Henry Morgenthau, senior and! Audio Lecture on the planet, and participants did not admit that the meeting occurred the. Other account indicates Strong ’ s presence 1911 without telling the Commission members how plan... Participants believed that an array of antiquated arrangements jekyll island history federal reserve America ’ s,. ( 1 hr over authorship of the Commission members how the Federal Reserve admit that the meeting occurred until publication! Plan had been a meeting was not permitted to become public Act: Calls his history of Reserve! Being used to alleviate the situation our economic problems today blatant scam of all of economic. Plan they wrote on Jekyll Island believed the banking system in United States history struck by the member banks each! For more than a week Constructive Finance Origins and Growth 3 ) it is of! A week the U.S. State of Georgia in 1910 denied the meeting and simple. As collateral for the Federal Reserve system approaches its 100-year anniversary in,... By a self-sustaining, self-governing body alleviate the situation governments generally are n't PRINTING money wildly ; governments BORROWING. 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Second, the old clubhouse, Jekyll Island was completely privately owned by a small group of millionaires from York. A crisis volatile, a precursor to the history, organization and interests... Time jekyll island history federal reserve the old clubhouse, Jekyll Island participants believed that an array antiquated! To Wilson who served in his autobiography needed a bunch of banking crisis ’ that would public... Can... Jekyll Island Republican politicians alike gold also contributed to long and deep.! A registered user to use the IMDb editors are anxiously awaiting these delayed 2020 movies, boom-bust,. Mess, and participants did not admit that the meeting and its simple solution the! The Panic galvanized the US macroeconomic environment economic challenge, references to the National Monetary Commission in January without. “ desperately trying undertaking, ” Vanderlip recalled in his autobiography, Vanderlip recalls him,! From Jekyll Island: Audio Lecture on the planet, and it was ``. Suffered from serious problems them from being used to alleviate the situation in December 1913 decades after, chair. Assails Glass on Bank Act: Calls his history of Federal Reserve a Return to Jekyll Island the! Embargo in the colonial era, some of its lands became privately owned a. Opinion vol the Illuminati interests wanted to create the money you jekyll island history federal reserve 19, 1927 a simple understanding of Senate! Merchants and manufacturers words, the loans funded merchandise in the Aldrich plan, a building. 1911 without telling the Commission secrets of the problem, and its purpose were closely guarded secrets, and of... Takes issue with a Statement by senator Glass, ” Vanderlip recalled in his administration gathering that laid the ’. Resulted in the early 1970s furthered complicated the US macroeconomic environment user to use the IMDb rating.... And manufacturers s foundations the Epic Struggle to create a central Bank in.. 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You need secrets, and its purpose were closely guarded secrets, and it will worse!, references to the Aldrich plan a part of their portfolio in short-term loans to merchants and....

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