Articles by Steven Saville

02/26/2014 Most gold bulls will be right for the wrong reasons 
02/19/2014 Economics Myths 
02/13/2014 Random thoughts about the year ahead 
02/07/2014 Hyperinflation and Capital Controls 
01/22/2014 US Monetary Inflation Slowdown 
12/21/2013 What a bubble looks like (and why gold's price action wasn't bubble-like)
10/16/2013 Future "inflation" and monetary madness 
10/01/2013 Another nail in the coffin of the deflation case 
09/24/2013
 
Gold Fundamentals 
09/17/2013 Fed expansion plus commercial bank contraction 
09/10/2013 Do Bank Reserves Matter? 
09/03/2013 Monetary-Base Confusion 
08/27/2013 Gold 
08/21/2013 The stock market’s long-term trend 
07/31/2013 Interpreting the gold sector’s long-term performance
07/06/2013 The gold mining sector breaks a record
06/26/2013 The true meaning of "International Reserves" 
06/18/2013 The Dreaded “Tapering” 
06/05/2013 Explaining the gold bull market 
05/30/2013 
Crash Patterns 
05/28/2013 Gold and the Dollar 
05/21/2013 
Falling Prices Are Natural 
04/25/2013 
Money Matters 
04/10/2013 Deflation or Hyperinflation? 
03/19/2013 
Money-Pumping Update 
03/12/2013 Fantasyland for policy-makers 
02/20/2013 
Gold versus Industrial Metals 
02/06/2013 The ever-changing yardstick 
01/15/2013 The root cause of gold’s bull market 
01/01/2013 
The idiotic notion that QE is not inflationary 
12/11/2012 
Money Supply Instability 
12/05/2012 
Chronically low gold price forecasts 
11/20/2012 Increasingly bullish prospects of gold stocks 
11/07/2012 
Commodities Update 
10/31/2012 How to identify a major gold top 
10/18/2012 
Preparing for the US Presidential Election 
09/25/2012 The Fed is the great enabler 
09/19/2012 
Fed Up 
08/30/2012 
The irrelevance of currency reserves 
08/22/2012 
Does "Austrian Economics" predict inflation or deflation? 
08/07/2012 Unfortunately, it’s all about the central banks 
07/17/2012 The cons and cons of debt monetisation 
07/04/2012 Monetary Inflation and Gold 
06/27/2012 It’s risky to anticipate QE 
06/19/2012 Buffett and everything else versus gold 
06/12/2012 Inflation-Adjusted Prices 
05/23/2012 Gold Stocks: The Big Picture 
05/01/2012 The “Mistake of 1937” 
04/25/2012 Is gold still cheap? 
04/18/2012 QE: Past, Present and Future 
04/03/2012 Gold stocks versus the stock market 
03/28/2012 Intermediate-term outlook for gold stocks 
03/16/2012 The relationship between gold and interest rates 
03/14/2012 A new twist on “Operation Twist” 
03/08/2012 Is the Fed a Failure? 
02/21/2012 A repeat of 2008, only worse? 
02/14/2012 Monetary Inflation versus "Price Inflation" 
02/07/2012 Common Misconceptions About Gold 
01/31/2012 Secular Trends 
01/18/2012 Random thoughts about the year ahead 
12/20/2011 Gold Sector: Current Situation and Per-Ounce Valuations 
12/14/2011 Gold Stocks: The Wide Angle View 
12/06/2011 Is the US$ in danger of losing its reserve currency status? 
11/29/2011 A Summary of the Risks 
11/22/2011 The two prerequisites for hyperinflation 
11/15/2011 Why the sovereign debt crisis began in Europe 
11/01/2011 Big Picture Charts 
10/18/2011 How the Fed could boost the money supply... 
10/11/2011 The next shoes to drop 
10/04/2011 The Sceptical Inflationist 
09/20/2011 Why debt levels are so high 
09/13/2011 The Nikkei Model & Monetary Inflation 
08/30/2011 Gold: The Big Picture 
08/23/2011 Nobody wants a strong currency 
08/09/2011 Does the Fed simply follow the market? 
07/26/2011 Real Performance 
07/19/2011 Bonds, Inflation Expectations, QE3 
06/30/2011 The insidious effects of monetary inflation 
06/21/2011 Bank reserves, money supply... 
06/14/2011 The “backing” of today’s money, pt 2 
06/07/2011 What “backs” today’s money? 
05/24/2011 What should the gold/silver ratio be? 
05/17/2011 The “smoothing out the bumps” fallacy 
05/03/2011 Gold vs silver & other commodities 
04/12/2011 When will the gold bull market end? 
04/05/2011 Inflation, Bank Lending, & the Employment Spiral 
03/30/2011 Long-term bearish on China and the US 
03/28/2011 The only effective protection against the gov't 
03/22/2011 Japan and the T-Bond 
03/08/2011 Inflation-Related Thoughts 
03/01/2011 Gold Market Update 
02/15/2011 Will silver do better than gold? 
02/08/2011 Inflation is a deliberate policy everywhere 
02/02/2011 Egypt’s Revolution and Inflation 
01/26/2011 Random thoughts about the year ahead 
01/18/2011 Gold Update 
12/28/2010 Inflation Update 
12/15/2010 Inflation & the “Commodity Supercycle” 
12/07/2010 China’s Bubble and Commodities 
11/23/2010 Inflating the debt away 
11/17/2010 The choice of an 'accounting yardstick’ 
11/10/2010 Running faster… in the wrong direction 
11/02/2010 The faith-based metal 
10/26/2010 China and the Anti-Realists 
10/20/2010 Inflation and Treasury Bonds 
10/15/2010 The next US banking crisis? 
10/04/2010 Can the Fed help the US economy? 
09/29/2010 How Hyperinflation Really Happens 
09/21/2010 Devaluing the Dollar 
09/14/2010 Gold As "Money" 
08/24/2010 Approaching the point of recognition? 
08/17/2010 Print, baby, print! 
08/10/2010 The depression outlook, revisited 
08/03/2010 What is gold really worth? 
07/27/2010 The Decade Cycle 
07/20/2010 Economists don’t understand money 
07/14/2010 Re-visiting the “China Story” 
06/29/2010 The Bad-Policy Spiral 
06/22/2010 Inflation Update 
06/15/2010 The promises must be broken 
06/07/2010 Articles point to a higher gold price 
05/25/2010 The post-bubble recriminations ramp up 
05/18/2010 Gold & Silver Update 
05/06/2010 Paying people to break windows 
04/27/2010 Beware of analysts bearing equations 
04/20/2010 Explaining gold price fluctuations 
04/13/2010 Long-term bearish on China 
03/23/2010 Measuring the Money Supply 
03/16/2010 Are rising interest rates bullish or bearish for gold? 
03/09/2010 Diverting the blame for "inflation" 
03/02/2010 “Peak Gold” Central Banker Confusion 
02/23/2010 The "too big to fail" lie (as applied to US banks) 
02/16/2010 Monetary Inflation & the Fed’s Exit Strategy 
02/02/2010 Gold Stocks vs Gold Bullion 
01/19/2010 Interest Rate Manipulation 
01/12/2010 Thoughts on Monetary Inflation 
12/15/2009 Recognition of the US Inflation Problem 
12/08/2009 Dubai, Inflation, and Gold 
12/01/2009 Inflating away the debt? Not really 
11/24/2009 The stock market’s lengthy topping process 
11/10/2009 Why changes in gold production don't matter 
11/03/2009 Bank Reserves and Inflation 
10/27/2009 The "long run" is a sequence of "short runs" 
10/20/2009 Popular Misconceptions 
10/13/2009 Gold and Saving 
09/29/2009 The "credit-based" monetary system 
09/22/2009 Mini Inflation Blow-Off 
09/16/2009 Is this the top for the gold sector? 
09/08/2009 Gold money vs. the monetary ambitions of governments 
09/01/2009 The Inflation Process 
08/25/2009 Bank Reserves and Inflation 
08/11/2009 Withdrawing the Stimulus 
08/10/2009 Paying people to break windows 
08/04/2009 Getting some things straight regarding China 
07/21/2009 M3’s false signal & the Japan myth 
07/20/2009 The coming government debt default 
07/07/2009 Inflation: Expectations and Effects 
06/23/2009 The Depression Case Reiterated 
06/16/2009 The Government Bubble 
06/02/2009 Money Confusion & Inflation/Deflation 
05/26/2009 Thoughts The Gold Standard, Risk & Speculation 
05/19/2009 Why we are gold bulls 
05/12/2009 Everyone is wrong, again (except the gold bulls) 
05/05/2009 Central planning is back in vogue 
04/28/2009 The Effects of Inflation 
04/14/2009 Greenspan’s Mistake 
04/07/2009 What’s happening on the inflation front? 
03/24/2009 Gold The Big Picture 
03/17/2009 Market Value, Money & Credit 
03/10/2009 Sentiment In the gold, stock & commodity markets 
03/03/2009 Depression and Inflation 
02/24/2009 Arguments against the depression outlook 
02/17/2009 The End of an Era 
02/10/2009 The Coming Great Depression 
02/03/2009 The Inflation-Deflation Debate 
01/27/2009 It's ONLY a gold bull market 
01/20/2009 Loan defaults, deflation and bonds 
01/13/2009 Bear Market Comparison 
01/07/2009 Monetary Delays 
01/05/2009 Gold stocks during the 1930s 
12/16/2008 The next bubble to burst 
12/09/2008 Deflation and Counterfeiting 
12/02/2008 Increasing Instability 
11/25/2008 Political Pragmatism/Evaporating Wealth 
11/18/2008 Gold: Is there a valid bearish argument? 
11/11/2008 The "Paradox of Thrift" 
11/04/2008 Commodities Long-term outlook 
10/28/2008 Inflation Watch 
10/21/2008 Trying to get something for nothing 
10/13/2008 Financial Crisis will soon abate, Real Crisis will soon begin 
10/07/2008 Inflation's New Upward Trend 
09/23/2008 Disastrous Policies 
09/16/2008 The Real Interest Rate 
09/09/2008 Bernanke has kept his helicopters grounded... 
09/02/2008 Gold Supply and Demand 
08/29/2008 The Coming Deflation Scare 
08/19/2008 Gold and the Money Supply 
08/12/2008 The US$ and the Gold Sector 
08/05/2008 Natural Gas Weekly Market Update 
07/29/2008 The difference between good money & bad money 
07/22/2008 Money, Credit, Inflation & Deflation 
07/15/2008 Gold Stocks The '1973 model' 
07/10/2008 Government Spending and Inflation 
07/01/2008 The 1973 Model 
06/17/2008 Returning to gold money 
06/03/2008 The Stock Market's Secular Trend 
05/27/2008 Monetary Stuff 
05/20/2008 Bonds and Interest Rates 
05/13/2008 Gold versus Industrial Commodities 
04/29/2008 Credit Contraction, Economic Bust... 
04/22/2008 The Decade Cycle 
04/15/2008 Commodities: The topping process continues 
04/01/2008 Is the Fed deflating? 
03/18/2008 Stagflation & other misconceptions 
03/11/2008 Gold Stock Scenarios 
02/26/2008 ...a manic-depressive mob 
02/19/2008 Gold stocks vs gold bullion: the pressure builds 
02/05/2008 The sub-par performance of gold stocks 
01/29/2008 A Stock Market Bottom 
01/23/2008 Bad Economics 
01/15/2008 Gold Sector Update: No speculative froth, yet 
01/08/2008 Elephants and Market Stabilisers 
01/02/2008 Industrial Commodities Update 
12/18/2007 What to do about gold stocks? 
12/14/2007 China's Currency Problem 
12/04/2007 Exploration-Stage Gold Stocks 
11/27/2007 Industrial Metals in Nominal & Real Terms 
11/20/2007 Which market is wrong? 
11/13/2007 Stock Market Notes 
11/06/2007 Economic Confidence... 
10/23/2007 The "Secular Bear" Thesis Revisited 
10/16/2007 Commodities and the Crack-Up Boom 
10/09/2007 Fed rate cuts and the US$ 
10/03/2007 Gold Risks The COT & the Dollar 
09/25/2007 Not a good time to be a govt price fixer 
09/18/2007 Inflation: not a monetary phenomenon after all? 
09/11/2007 Gold and the Fed 
09/04/2007 Random thoughts on stocks, debt, gold 
08/28/2007 Thoughts: Currencies & the Gold/Silver Ratio 
08/21/2007 Stock Market: Looking forwards by looking backwards 
08/14/2007 Inflation and the Base Metals 
08/07/2007 Gold and Gold Stocks 
07/30/2007 The Long-Term Bond Bear 
07/17/2007 More thoughts... 
07/10/2007 The Commodity "Super Cycle" 
07/03/2007 A logical inconsistency... 
06/26/2007 Some stuff about gold... 
06/19/2007 Cutting Through the Bull 
06/12/2007 The Bearish Bond Divergence 
05/29/2007 Equities, Inflation and Gold 
05/22/2007 Why the US$ will rally 
05/15/2007 The Yen Carry Trade 
05/08/2007 Currencies and Equities 
05/01/2007 Gold Stocks' Leverage (or lack thereof) 
04/24/2007 The Bond Bear 
04/17/2007 Focus on the disease, not the symptom 
04/10/2007 Is the Fed privately owned? Does it matter? 
04/02/2007 Analysing the Gold Sector's Performance 
03/27/2007 A sustained or momentary liquidity contraction? 
03/20/2007 Stocks, Commodities & Inflation 
03/13/2007 Silver versus Gold 
03/02/2007 Sometimes it actually is different 
02/20/2007 Inflation's non-uniform modus operandi 
02/14/2007 The Dollar-Gold Relationship 
02/06/2007 Stock Market Outlook 2007 
01/30/2007 The Current Account Diversion 
01/23/2007 Short-term Interest Rates & the US Stock Market 
01/17/2007 Confusing the effects of inflation with real improvement 
01/11/2007 Natural Gas Update 
01/09/2007 How fast will S&P500 earnings grow? 
12/18/2006 The 'Strong' Yuan 
12/12/2006 The Globalisation of Finance 
12/05/2006 The Stock Market: Warning Shots & Spin 
11/28/2006 A reason to like gold/A reason to dislike... 
11/21/2006 Are rising interest rates bullish or bearish for gold? 
11/14/2006 Debunking "growth leads to higher prices"... 
11/07/2006 Growth Causes Inflation? 
11/01/2006 Markets about to turn the screws on the Fed? 
10/24/2006 Inflation, Manipulation, Long-Term Mkt Trends 
10/19/2006 Playing a Rebound in the Oil Sector 
10/10/2006 Base Metals and Manipulation Theories 
09/26/2006 Gold Stock Cycles 
09/19/2006 The coming industrial metals downturn 
09/12/2006 A Strange Inverse Relationship 
09/05/2006 The Gold-Oil Relationship 
08/29/2006 Out-of-the-box thoughts on the yield curve 
08/15/2006 The Main Flaw in the Deflation Case, pt 2 
07/25/2006 Gold versus Silver and the US$ 
07/18/2006 The Main Flaw in the Deflation Case 
07/11/2006 US$ Fundamentals... 
07/04/2006 Gold versus Other Markets 
06/20/2006 Why do we have taxation? 
06/13/2006 Gold Sector Review 
05/30/2006 Stock Market: Valuation, Real Performance, Warning Shot 
05/23/2006 Understanding the Gold Bull 
05/16/2006 Can you profit from a falling US$ by buying... 
05/03/2006 Gold versus Oil 
04/25/2006 Gold's Message 
04/18/2006 Interest Rates 
04/07/2006 Intermediate-term outlook for the US stock market 
04/04/2006 Is the US following Japan's path? 
03/28/2006 Problems With Price Indices 
03/21/2006 The Non-Stop Inflation 
03/17/2006 The long-term dollar bear 
03/08/2006 Iran and Oil 
02/22/2006 The Silver Versus Gold Debate 
02/14/2006 The World's Most Misleading Words 
02/10/2006 China and Gold 
02/06/2006 The End Game 
01/18/2006 Gold Sentiment 
01/09/2006 Gold's Missing Monetary Premium (part 2) 
12/30/2005 The Fed's Biggest Fear 
12/19/2005 Boom/Bust Cycles 
12/09/2005 The most important chart in the financial world 
11/30/2005 The Dollar and the Current Account 
11/22/2005 Silver versus Gold 
11/15/2005 Inflation: What, Why and How 
11/05/2005 The Bernanke Fed 
10/28/2005 The long and the short of it 
10/18/2005 Inflation, Inflation Expectations & the Dollar 
10/04/2005 Gold Stocks versus Oil Stocks 
09/23/2005 Houses and Commodities 
08/25/2005 Gold's missing monetary premium 
08/09/2005 Gold and Terrorism 
07/26/2005 The Golden Constant 
07/19/2005 Inflation Expectations 
07/12/2005 The Bond Story 
06/30/2005 Gold versus Oil 
06/24/2005 Pegging to Gold and a 100% Gold Standard 
06/17/2005 Euro Negativity 
06/03/2005 The Dollar Rally: Parallels with the late-1980s 
05/27/2005 Inflation & Deflation: Definitions explained 
05/18/2005 The Counter-Cyclical Nature of Gold Stocks 
05/17/2005
Secrets of Professional Speculation
05/10/2005 Gold and Deflation, Part 2 
04/27/2005 Gold versus Commodities 
04/19/2005 Gold and Deflation 
04/12/2005 The Coming Deflation Scare 
04/07/2005 Gold versus Commodities 
03/16/2005 High-Confidence Views 
03/04/2005 Commodities and Gold 
02/22/2005 The Secular Trend 
02/01/2005 The best money for long-term investors 
01/18/2005 It's a matter of confidence 
01/10/2005 The Coming Deflation Scare 
01/04/2005 Why should the dollar rally? 
12/17/2004 The US dollar, asset markets & current account 
11/30/2004 A positive case for the stock market? 
11/24/2004 Why the US$ is likely to rise 
11/19/2004 Stock Market: Why this year has not been simple 
11/09/2004 Thoughts on Interest Rates 
10/21/2004 Big Picture Stuff 
10/11/2004 Gold Stock Seasonality 
10/01/2004 Managing Inflation Expectations 
09/22/2004 Bonds and 'flatio 
09/16/2004 More thoughts on the "synthetic dollar short" theory 
09/02/2004 Gold versus Silver 
08/12/2004 Why hold gold stocks at all? 
07/29/2004 Gold and the Dollar 
07/16/2004 Gold and Interest Rates 
06/30/2004 Investment Success & the Long-Term Gold Bull 
06/23/2004 Gold stocks, the yield-spread & the 'Hedge Fund Economy' 
06/15/2004 The Secular Stock Market Trend 
05/19/2004 The Deflation Threat/More Thoughts on Gold... 
05/11/2004 The Stock Market, Gold & Interest Rates 
04/26/2004 The US$ Short Position 
04/21/2004 Stock market 'on the edge' 
04/05/2004 The relationship between the dollar & the current account 
03/26/2004 Bonds and Deflation 
03/15/2004 Silver, Deflation, Gold & Bonds 
03/02/2004 Dollar Fundamentals & Non-US$ Commodity Prices 
02/21/2004 A brief look at cycles 
01/30/2004 Gold Sector Update 
12/29/2003 The Gold Sector 
12/05/2003 Interest Rates and Oil 
11/21/2003 The long-term dollar bear 
11/14/2003 Why the Fed will have to hike

Gold and the Real Interest Rate (October 25, 2003)

Central Banks, Currencies and Interest Rates (September 26, 2003)

It's all about risk tolerance (September 20, 2003)

The Commitments (September 12, 2003)

The Deficit, the Dollar and the Major Trends (September 2, 2003)

The Fed gives gold investors a green light (August 15, 2003)

Gold Stocks, Interest Rates and the US Stock Market (August 11, 2003)

The Long-Term Gold Bull (August 2, 2003)

Bonds and the Dollar (July 25, 2003)

Popular Delusions of the Monetary Kind (July 18, 2003)

Gold and the Stock Market (July 14, 2003)

The Trend for Gold (July 1, 2003)

Has the bear market started? (June 21, 2003)

Will higher money supply growth help? (June 16, 2003)

Gold Stocks and the US Stock Market (June 6, 2003)

How are exchange rates determined? (May 31, 2003)

Currency Exchange Rates and Gold mining Companies (May 24, 2003)

A Dose of Reality (May 12, 2003)

War Cycles and Peace Cycles (May 05, 2003)

The Dollar bear and the Money Supply (April 21, 2003)

Delving into the gold-US$ relationship (April 14, 2003)

Back to the 70s / The Oil-Euro-Dollar Link (April 04, 2003)

Gold, Inflation and the Dollar (March 11, 2003)

Update on the long-term Dollar bear (February 14, 2003)

Silver versus Gold (February 03, 2003)

What's happening with gold stocks? (December 30, 2002)

The Long-Term Dollar Bear (December 16, 2002)

Where's the deflation? (December 06, 2002)

Gold Stocks, Interest Rates and the US$ (November 14, 2002)

The significance of the 200-DMA (November 05, 2002)

US$ downtrend to resume shortly (October 30, 2002)

Gold Stocks and Interest Rates (October 21, 2002)

The US Dollar / Gold versus Silver (October 07, 2002)

More on Barrick's Hedges (September 24, 2002)

The Inflation Problem (September 20, 2002)

Risky Business (some thoughts on Barrick's hedge programme) (September 13, 2002)

Gold and Deflation (September 06, 2002)

Stock Market Sentiment and Gold Market Manipulation (August 23, 2002)

Stocks and Gold (August 14, 2002)

Back to the 70s (August 02, 2002)

Learning From History (July 19, 2002)

Plunge Protection (July 03, 2002)

The 1970s Road Map (June 15, 2002)

Gold and Currency Trends / 2 + 2 Still Equals 4 (June 08, 2002)

Gold and Platinum - A New Era (May 24, 2002)

Gold, Silver and the Dow (May 14, 2002)

Japan and Gold (April 29, 2002)

Gold versus Commodities (April 22, 2002)

Platinum versus Gold / Considerable Slack (April 15, 2002)

Cash on the Sidelines (April 05, 2002)

What drives the prices of gold and gold stocks? (March 25, 2002)

Bond crash to continue in 2002 (March 11, 2002)

The Stock Market and the Economy (March 04, 2002)

Stock Market Themes (February 25, 2002)

Gold, the COT and Paper Money (February 10, 2002)

The Euro - a viable alternative? No way! (January 28, 2002)

Gold Ratios (January 14, 2002)

The Inflation Mask (January 07, 2002)

What's happening with the Yen? (December 31, 2001)

Bond Crash! (December 10, 2001)

Gold and the Dollar (December 05, 2001)

The 'Real' Real Interest Rate (November 26, 2001)

Stocks, Bonds and the Marketing of Gold (November 19, 2001)

Full Steam Ahead for the USS "Inflation" (November 05, 2001)

The Price We Pay (October 30, 2001)

Stocks, Bonds and the Dollar (October 22, 2001)

The Next Great Bull Market (October 16, 2001)

The Deflation Fighters (October 08, 2001)

Inflation and the Race to the Bottom (October 01, 2001)

Gold and the Dollar, Post Disaster (September 16, 2001)

The Trend Towards Higher Inflation (September 04, 2001)

Bubble Trouble (August 27, 2001)

Manipulation Versus Natural Market Forces (August 20, 2001)

Money Matters (August 07, 2001)

Credit Bubbles and Peso Problems (July 25, 2001)

Gold and Interest Rates (July 16, 2001)

Inflation, Stocks and Gold (June 08, 2001)

The Inflation Tide (June 01, 2001)

Gold - A Major Trend Change (May 21, 2001)

Bubble-omics (May 18, 2001)

Dollar Dilemma (May 07, 2001)

Inflation Update (April 30, 2001)

Inflation - the Cornerstone of our Monetary System (April 18, 2001) 

The Fed and the Dollar (April 11, 2001)

Gold and the Currencies (March 28, 2001)

The Liquidity Trend (March 20, 2001)

Currencies and Sentiment Indicators (March 13, 2001)

Inflation, Bonds, the Dollar and Gold Stocks (February 21, 2001) 

Gold, Deflation and the Fed (February 17, 2001)

Inflation - From High to Higher (February 02, 2001)

Year 2001 Forecast (January 30, 2001)

The Bubble Continues! (January 17, 2001) 

Gold and the Dollar - The Big Picture (January 10, 2001)

The US Economy - Is It Really That Bad? (January 01, 2001)

The Gold Money (December 05, 2000)

The Fall and Fall of the Euro (November 29, 2000) 

The 2001-2002 Recession (November 17, 2000) 

Fixing the Price of Money (November 01, 2000) 

Gold - Popular Misconceptions (October 2000) 

The Dollar, the Euro and Gold (September 2000) 

In Real Terms (June 1999)

Gold, Inflation and the Internet (May 1999)

The Debt Bubble (March 1999)

A Monetary System Out of Order (February 1999)

Inflation - The Choice of Governments Worldwide (January 1999)

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