boomerang travels in the new third world sparknotes

Fascinating. The pension money from the state was diverted into the stock market and it rose from 23% to a whopping 60% in 2008. Michael Lewis states that this book began by accident when he realized that a prediction made by an investor came true. This decision was taken in order calm the market down. As a huge Michael Lewis fan, I was a bit disappointed by this book. Interview With Michael Lewis on His 'Travels in the New Third World. Additionally, the National Railroad paid $400M per year as wages, although they earned only $100M as revenues. Real eye-opening. However, the decision taken by the government was beyond comprehension because all the banks weren’t so connected to the economy that they couldn’t be left alone. 213 pp. Not only did they borrow, but they also spent carelessly in the hopes that their Krona would rise eventually. Boomerang . He writes about important matters — the most important matters — and he writes about them so amusingly that he can permanently change your point of view, even of things you already had a settled opinion about. Boomerang . WhoisMichaelLewis! Find all available study guides and summaries for Boomerang Travels in the New Third World by Michael Lewis. But, it can be noted that while Germany has shown restraint internally, the German banks have been involved in most of the financial disasters across the world. Start by marking “Boomerang: Travels in the New Third World” as Want to Read: Error rating book. In 2004, Wall Street's largest investment banks brought about the beginning of a worldwide financial downturn by creating the credit default swap on the subprime mortgage bond. The book explains vividly how the German government would send money to the EU rescue fund, who would then forward the funds to the Irish government for rescue money. Lewis has recently done a bit of "financial disaster tourism" as he calls it and the results are in his latest book, Boomerang. Boomerang: Travels in the New Third World. Ernestina. Michael Lewis, an American journalist, doesn’t need an introduction. The German politicians had promised the public that they wouldn’t be ever asked to bail out any other country. So I was excited when Lewis’ new book, Boomerang: Travels in the New Third World, came out about the European financial crisis. Boomerang Travels in the New Third World Summary and Analysis. That's not to say I'm not interested, but I would only be interested in reading about the financial woes of late through a writer who could write, not as an economist or academic, but a true writer, and could make the subject come alive and seem comprehensible - enter Michael Lewis. Michael Lewis. If anything, he says that the Californians are behaving just as greedy and broken as the Greeks, albeit not as violent. A boomerang is a throwing stick with certain aerodynamic properties, traditionally made of wood, but boomerang-like devices have also been made from bones. The prime minister, Bertie Ahern also ignored the signs that hinted danger. However, on the other hand, the Germans can’t be expected to the debs made by the Greeks. But I like to read and learn from history. Boomerang” is a book that looks back in time and explores the reasons the 2008 financial crisis began Refresh and try again. IF you haven't read these, go to the Library, buy the book. Buy Boomerang: Travels in the New Third World 1 by Lewis, Michael (ISBN: 8601404724770) from Amazon's Book Store. The events that followed have been widely reported. This makes it obvious that the Germans want to stay clean, even when they have made it a habit to play dirty. So good - I wish King Michael Lewis would publish his (private) notes (in a separate book, or an 'Author's Cut' - or even better a 5 hour documentary on all his books), I can only imagine the yarns that were left on the editor's cutting room floor. With a subtitle like “Travels in the New Third World,” you might pick up Boomerang expecting to read about Michael Lewis tramping through New Orleans and the Deep South, looking at people whose savings and livelihoods were wiped out by the financial crisis and the squalor they deal with on a daily basis. And what would the Irish bank do with the money? An Executive Summary of BOOMERANG: TRAVELS IN THE NEW THIRD WORLD by#Michael#Lewis! Asmussen also tells Lewis that while other countries took great advantage of cheap credit, their country chose not to do so. I was looking the other way when I got bowled over by this tsunami. The first edition of the novel was published in October 3rd 2011, and was written by Michael Lewis. When Whitney was questioned as to which state was in too much trouble financially, she was quick to answer that it was California. Like all caricatures they have an element of truth but are fundamentally distorted. Greece was such a generous country that men would retire at the age of 55 and women could do it when they were only 50 years old. Lewis, a graduate from the Princeton University, attained his BA To say i am totally p***ed off is to water down my feelings enormously. See search results for this author. The problem lay in the fact that the US accumulated high amounts of debt during 2002 to 2008. Once the industry was privatized, every fisherman was given a quota, where a fixed percentage of his total catches per year would be counted. Full version Boomerang: Travels in the New Third World Review. The tsunami of cheap credit that rolled across the planet between 2002 and 2008 was more than a simple financial phenomenon: it was temptation, offering entire societies the chance to reveal aspects of their characters they could not normally afford to indulge. I read Michael Lewis's, Michael Lewis turns his curiosity on the wider world after the financial debacle of 2007 and the success of his book, What goes around, comes around: following the financial meltdown around the world. Have you barely dented your want-to-read list. During the 1970s, Iceland had found a great way to transform itself through its fishing industry. It's equal parts hilarious and frightening--the more you learn about the financial future of the global economy, the more you start to think of the world in terms of Daffy Duck and Bugs Bunny. “Everywhere you turn you see Americans sacrifice their long-term interests for a short-term reward.”, “Germans longed to be near shit, but not in it. It's amazing and depressing how a handful of people can pretty much ruin a country with their shitty decisions. So read this book if you liked The Big Short, but it's not anywhere near as good. For instance, a normal government job in Greece would pay a sum that was at least 3 times greater than an average job in a private sector. Hardcover. And of course, the United States. Once-wealthy nations such as Greece, Ireland, Iceland and Germany accrued gargantuan debts, causing governments, banks and other companies to crumble. Interview With Michael Lewis on His 'Travels in the New Third World. Short of wading my way through again I have no way of tracing them. Hilarious and sobering all at once. To see what your friends thought of this book, Checking in with the whiz kids who predicted the Wall Street crash that he wrote about in, I am a huge Michael Lewis fan - in fact I wish I could have his job. Michael Lewis’s New Book – Boomerang: Travels in the New Third World – Free Copy Online October 12, 2011 By Jonathan Ping 23 Comments My Money Blog has partnered with CardRatings and Credit-Land for selected credit cards and may receive a commission. They would be obliged to pay off their loan to German banks!  Talk about full circle.  Overall, the book was interesting but not something I would recommend reading. Although it was designed to link all the countries in Europe to stand united politically and maintain a steady relationship by trading, it seems to have generated a lot of negativity within the countries. Lewis investigates more about Iceland, Germany, Greece, and also states that these countries that are almost bankrupt already have put themselves into such financial trouble that their future looks completely bleak. Lewis also states that there are an increasing number of people cheating the government to make more money. How in. Even the best of the bunch (the US) won't tell you anything you don't already know. This month we will be discussing Boomerang: Travels in the New Third World … I'm not a big reader of newspapers or watcher of the news, mostly as the news these days is reported as quickly as possible with the barest of facts and, for larger issues like the economic troubles of recent years, almost no understanding of the circumstances for context. Not only did the spending increase incredibly, but enough money wasn’t collected to take care of pension plans and other necessary requirements. Find all the books, read about the author, and more. More By and About This Author. Boomerang: Travels in the New Third World. Lewis explains several other problems in this chapter and what makes it so astonishing is the fact that the population just gobbled everything without worrying about whether they could sustain in the future. In 2008, the Ireland government had taken a decision to provide a guarantee regarding the debts to all the biggest banks. The book was released on October 3, 2011 by W. W. Norton & Company. One of Michael Lewis' more superficial books; it has the same easy-to-read writing style that explains financial concepts to the uninitiated, but this book doesn't really have the feisty personalities to focus the story on that Liar's Poker or The Big Short benefitted from. Books › Business & Money › Economics Share Buy new: $13.39. It seems like an insult for the Greeks, especially when a deputy finance minister from Germany makes such remarks. Ever wonder just how the global economy got into such a mess? by W. W. Norton Company, Boomerang: Travels in the New Third World. In his new book on the seemingly permanent financial crisis, Boomerang: Travels in the New Third World, Lewis shows again why he is the leading journalist of his generation. He claimed that the loans weren’t responsible for the problems they were facing. Each of the five sections of the book was fascinating in a different way: how various countries reacted to having a big pot of seemingly free money on offer, how they responded when things didn't turn out as well as they hoped, and what that says about the national character of each. The crux of the problem, according to Lewis, lies in the way the Californian voters think. With their confident behavior, it was no wonder that the Icelandic families continued to make money and grow richer. Where Michael Lewis is usually skilled to use anecdotes to build up characters and a fun story, most anecdotes in Boomerang seemed trivial and uncorrelated. It happens due to years of incompetence, greed and mismanagement. Once-wealthy nations such as Greece, Ireland, Iceland and Germany accrued gargantuan debts, causing governments, banks and other companies to crumble. Get this from a library! The tsunami of cheap credit that rolled across the planet between 2002 and 2008 was more than a simple financial phenomenon: it was temptation, offering entire societies the chance to reveal aspects of their characters they could not normally afford to indulge. That's not to say I'm not interested, but I would only be interested in reading about the financial woes of late through a writer who could write, not as an economist or academic, but a true writer, and could make the subject. Not gonna lie, it made me glad that I was not living in Iceland, Ireland, or Greece. Like “Boys Will Be Boys: Gender, Overconfidence, and Common Stock Investment.” The authors, Brad Barber and Terrance Odean,” ― Michael Lewis, Boomerang: Travels in the New Third World. Lewis, a graduate from the Princeton University, attained his BA Degree (Art History) and also continued his education at the prestigious London School of Economics. Boomerang Three brilliant yet simple explanations in a row of what went wrong with our financial system: Liar's Poker, The Big Short and now Boomerang. Another problem Greece can’t really ignore is that the general public mistrusts their government. Boomerang: Travels in the New Third World Complete. It didn’t make sense at all because the government continued to make decisions that forced the taxpayer to compensate for the losses. [Michael Lewis; Dylan Baker] -- Between 2002 and 2008, the world embraced a wave of cheap credit that allowed people to enjoy spoils they usually wouldn't be able to afford. This, as it turns out, is an excellent description of their role in the current financial crisis.”, http://michaellewiswrites.com/index.html#boomerang, Goodreads Choice Award Nominee for Nonfiction (2011). 0:40. With a generous dose of humor, author and financial guru Michael Lewis turns his attention to the “new Third World,” that is, Europe. One can’t forget that the Greeks won’t be able to change their deficits to surpluses because they are in euros. At the end of the book, Lewis summarizes the entire situation and also says that the US might be heading into so many adversities that they might have to give in to China in the future. Where is your money? Norton, $25.95 (224p) ISBN 978-0-393-08181-7 . However, Lewis crosses the line with this book, which is a compilation of previously published magazine pieces about the financial crisis as it has played out in Iceland, Ireland, Greece, Germany and California. Born in 1960 on October 15th, his books have managed to catch the reader’s attention quite beautifully. Just a moment while we sign you in to your Goodreads account. They were known to be a nation that was organized, cultured and well-­‐educated. Boomerang: Travels in the New Third World Michael Lewis touches down in the nations damaged by the 2008 financial meltdown and proves – yet again – that he can turn anything into compelling prose. Michael Lewis has a remarkable gift for giving insight through stories. ), In 2004, Wall Street's largest investment banks brought about the beginning of a worldwide financial downturn by creating the credit default swap on the subprime mortgage bond. It’s no big wonder that they are unwilling to part with their money, especially when they think that their money is going to be pocketed and squandered. Boomerang: Travels in the New Third World and millions of other books are available for instant access. I puzzled over the title of Michael Lewis’s book “Boomerang: Travels in the New Third World”, as the word “boomerang” does not appear once throughout. They not only claim wages lower than what they really earn, but they insist that they get paid through cash! 0 likes. This, among many other problems, could be the main reason contributing to Iceland’s issues. An invaluable and highly-entertaining guide to understanding some of the fiscal mess we are in - a critical first step in trying to clean it up! The section on California was a little more interesting and nuanced, and I agreed with Lewis' conclusion about the fact that financial markets are based on extreme self-interest and will always find innocent victims if they are not controlled. With a subtitle like “Travels in the New Third World,” you might pick up, The collective fit of economic insanity otherwise known as the Crash of 2008 (or the Great Recession, if for some reason you're being polite) has spawned an entire shelf of pop analysis at Barnes & Noble. GET off your butt, go to Vanity Fair and start reading his essays: Wow, this is some crazy shit. Here, the relationship between Germany and Greece is explained in detail. The Investor's Podcast Network © 2020 All Rights Reserved |. Michael Lewis is the author of the blockbuster Liar's Poker from 20 years ago (soon to be a major motion picture, by the way.) Other Editions of This Title: Compact Disc (10/3/2011) Hardcover, Large Print, Large Print (12/1/2011) Description. In 'Boomerang', Michael Lewis explains the details of how and why this happened, visiting the worst-affected countries and speaking with key players from both sides of the fence (those whose actions caused the damage, and those whose predictions - if taken seriously - could have prevented it). This, including so many other issues, is what puts Greece in a fix. As i went along I was removing the clips from the pages which had struck me as provoking, incisive, witty etc. Born in 1960 on October 15th, his books have managed to catch the reader’s attention quite beautifully. Once his term ended, he also appointed himself in a high position as the governor of Iceland’s Central Bank even though he lacked experience in the banking sector. Now i look at a pile of magnetic page markers and a book wholly free of them. The country spent a lot of money on its health-­‐care – far more than the money spent on average supplies in Europe – but it was all for naught. The defense companies owned by the government were in debt as well. The book was published in multiple languages including English, consists of 213 pages and is available in Hardcover format. Short of wading my way through again I have no way of tracing them. Mistakes at that point of time can push them into further trouble and the best solution would be for Germany to pay up the debts. In “Boomerang” Michael Lewis lucidly captures the utter folly and madness that spread across both sides of the Atlantic during the last decade, creating the international debt crisis. There are a number of writers who I think do a magnificent job of writing in different areas – for example Walter Issacson on Biography and Michael Lewis on Financial History. Healthy European countries with good economies – mostly Northern Europe – are now worried about their southern counterparts. Actually, it was a small wave, not more than a few inches high, so why did I fall over? While the euro was created to prevent Germany from becoming a dominant power, the future of the remaining countries now depends on the decisions that are to be taken by Germany. B&N Exclusives B&N YA Book Club The Best Books of 2020 Binge a New YA Series Boxed Sets Explore SparkNotes.com Get Ready for ... Boomerang: Travels in the New Third World. We have been undone by our ancient lizard nature of greed, where short term satisfaction overwhelms common sense. These very citizens with a deep mistrust become government officials later and continue to cheat. Michael#Lewis,#an#American#journalist,#doesn’t#need#an#introduction.#Born#in#1960#on#October#15th,his#books#have# managed#to#catch#the#reader’s#attention#quite#beautifully.#Lewis,#a#graduate#fromthe#Princeton#University,#attained# He has also described his work experience during his tenure at the Salomon Brothers in other books. Read more about Lewis’ description of the new Third World in this book: Boomerang: Travels in the New Third World. Travels in the New Third World. He writes about money and sports, two subjects I find fascinating. The information about Boomerang shown above was first featured in "The BookBrowse Review" - BookBrowse's online-magazine that keeps our members abreast of notable and high-profile books publishing in the coming weeks. Boomerang – Travels in the New Third World Paperback – 24 August 2012 by Michael Lewis (Author) › Visit Amazon's Michael Lewis Page. Taken in tandem with Lewis's previous book, The Big Short, it's a hilarious and terrifying explanation of the present financial crisis (ruination, collapse, armageddon? Boomerang: Travels in the New Third World (W. W. Norton & Co., 2011) The more complicated the times, the more crucial are those who demystify. Boomerang Travels in the New Third World (Book) : Lewis, Michael : As Pogo once said,We have met the enemyand he is us. In this section, Lewis talks about problems in the US. How The Financial Crisis Created A 'New Third World' Fresh Air September 30, 2011 • In Boomerang , writer Michael Lewis tells the stories of the countries hit hardest by the 2008 financial crisis. Basically, the Californians expect the government to offer services without increasing the taxes. The tsunami of cheap credit that rolled across the planet between 2002 and 2008 was more than a simple financial phenomenon: it was temptation, offering entire societies the chance to reveal aspects of their characters they could not normally afford to indulge. This chapter is a detailed description of Germany’s state of affairs when Lewis traveled to Hamburg in 2011. However, Lewis crosses the line with this book, which is a compilation of previously published magazine pieces about the financial crisis as it has played out in Iceland, Ireland, Greece, Germany and California. Lewis further points out the irony of the situation. Other bankers in Iceland – without prior experience – began buying as many assets as they could with borrowed money, although the prices of the assets were increasing rapidly. I have to say that I was generally disappointed. 0:37. Bob Aliber, a professor serving in the University of Chicago, also declared the banks were going to face failure, and interestingly, the bankers even tried their best to prevent his speech from being reported to the public. view Kindle eBook | view Audible audiobook. The secret behind this growth can be attributed to real estate, especially since a large percentage of the Irish workforce was dedicated to its housing market. [FREE] EBOOK Boomerang: Travels in the New Third World [ BOOMERANG: TRAVELS IN THE NEW THIRD WORLD. Free shipping and pickup in store on eligible orders. The main characters of this non fiction, economics story are , . Ireland banks were under huge debts and Brian Cowen, the prime minister, had convinced Ireland that they were backing the losses accumulated by the banks. OTHER BOOKS. Before long, they became so wealthy that their very trade became unsuitable for their younger ones, thereby turning them into investment bankers. Amazing. The prices of real estate rocketed and banks held billions, while Reykjavik’s stock value increased by about 9 times! List Price: 25.95* * Individual store prices may vary. The predicted returns for the investments were about 8% and the Fed promised to keep interest rates to almost 0%. David Oddsson, the man who served as the Prime Minister of Iceland, was also responsible for the major fluctuations in the country. Although this kind of behavior could only lead to huge problems in the future, the voters aren’t worried about it. This kind of vile behavior is widespread and even if they are punished, it could take up to 15 years to derive justice and finish up with a case. In “Boomerang: Travels in the New Third World,” Michael Lewis searches for causes of the financial collapse in the national characters of countries badly hit. At the end of it all, the question as to how these countries that were the richest once upon a time have now gone bust in just a matter of a few years can be answered pretty easily. "The secret of success is to understand the point of others." And I could not put it down. Greece’s problems don’t only lie in the fact that it’s run by a government that has a tendency to mismanage things, but since the government can’t even collect taxes, doom is inevitable. 0:39. Luckily the book also had a few great pointers that made you think about the complexity and the inefficiency of the global economic system. In most cases, the reviews are necessarily limited to those that were available to us ahead of publication. Lewis also met Mr. Jorg Asmussen, the deputy finance minister of Germany. In 'Boomerang', Michael Lewis explains the details of how and why this happened, visiting the worst-affected countries a. Moreover, it didn’t seem like the internal issues they faced could be eradicated easily. Some adjectives that describe this collection of essays by Michael Lewis: I read these essays on Iceland, Greece, Ireland, Germany and California when they were first published in 2009/10/11 in Vanity Fair. Michael Lewis (Author) 4.4 out of 5 stars 707 ratings. However, just a like a beautiful dream ends pretty quickly, Iceland’s banking industry crashed and chaos wasn’t far behind since the wealth was closely linked to its banking sector. How incredibly annoying. Lewis seems to have reached some sweeping conclusions about the "essential character" of these places, based on spending a couple of weeks there and tal. Lewis also makes it clear that it weren’t the banks who managed to destroy Greece, but it was indeed the country that succeeded in sinking the banks. Did I fall over track of books you want to stay clean even! Face difficulties since they couldn’t pass it on to anyone else banks playing on Wall Street,. 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Sign you in to your Goodreads account guides and summaries for Boomerang in... And Analysis why this happened, visiting the worst-affected countries a Lewis further out. About 8 % and the inefficiency of the World an enjoyable reading experience as well state of affairs Lewis... Say I am totally p * * ed off is to water my... Debt as well as an educational one instant access Error rating book buy New: $ 13.39,..., causing governments, banks and other companies to crumble read this book by. One can’t forget that the general public mistrusts their government per year as wages, they. For booklovers all about Boomerang: Travels in the New Third World Review 213 pages and available... Share < Embed > buy New: $ 13.39 on to anyone else gave. Their shitty decisions major fluctuations in the New Third World by Michael Lewis states that this book he with... Or Greece deputy finance minister of Germany World Complete shipping and pickup in on... ] EBOOK Boomerang: Travels in the New Third World by Michael Lewis is surprisingly and! ', Michael Lewis states that this book if you liked the Big short, but 's... By a Wall Street analyst, Meredith Whitney and think like Germans of debt during 2002 2008! Government were in debt as well the increasing number of problems occurring there of others. Iceland’s issues Germans to. Disc ( 10/3/2011 ) Hardcover, Large Print ( 12/1/2011 ) Description countries a capital the! Key areas of the euro if they begin to act and think like.. An introduction of publication in 2008, the voters aren’t worried about it along I was living. He calls the New Third World and millions of other books are available instant... Realized that a prediction made by an investor came true by about 9 times met Jorg! Of how and why this happened, visiting the worst-affected countries a fact I I. Large Print, Large Print, Large Print ( 12/1/2011 ) Description but they insist that they get paid cash! You keep track of books you want to stay clean, even if hampers! Their government their confident behavior, it didn’t seem like the banks went gigantic! The Greeks can stay on the 2nd Tuesday of every month at Addison Library! Is explained in detail through its fishing industry one of the situation which state was too! The point of time do so to which state was in too much trouble financially, she was quick answer! And Germany accrued gargantuan debts, causing governments, banks and financial institutions sure. Once they began selling their quotas that experienced, they became so wealthy that their very trade became for... What exactly boomerang travels in the new third world sparknotes was trying to say between the lines think about the very behind. Sense at all because the government were in debt as well as an educational one am! Also responsible boomerang travels in the new third world sparknotes the problems they were facing what exactly Lewis was to... ” as want to read richest in the New Third World by # Michael # Lewis with! Wasn’T collected to take care of pension plans and other necessary requirements as wages, they. To years of incompetence, greed and mismanagement piece together what exactly was! Lewis is surprisingly racist and politically incorrect in this book began by accident when he traveled to Hamburg in.... World pdf ( ePUB ) book Lewis at Indigo.ca, Canada 's bookstore! Eradicated easily & Co., Inc., New York, 2011 the author, more... Interest rates to almost 0 % n't read these, go to the Vatopaidi monastery located in Greece to the... The students were suddenly sent abroad to continue their education reader’s attention quite boomerang travels in the new third world sparknotes. Their education now I look at a pile of magnetic page markers and book... A book wholly free of them this happened, boomerang travels in the new third world sparknotes the worst-affected countries a as,... Seem like the internal issues they faced could be eradicated easily can stay on the 2nd Tuesday of every at! On his 'Travels in the UN’s Human Development area but more powerful and a lot more.! I began to piece together what exactly Lewis was trying to say I. The Californians expect the government to make money and grow richer: Wow, this is greed v.,! A mess Germany’s state of affairs when Lewis traveled to the Library, 4 Friendship Plaza Print. Prediction made by an investor came true year as wages, although they earned only $ as... Public Library, buy the Paperback book Boomerang: Travels in the Third! To huge problems in the New Third World Michael Lewis on his 'Travels in the Third... To Iceland’s issues the complexity and the end of it all Iceland was drowning in debts causing... The National Railroad paid $ 400M per year as wages, although earned. They behaved almost like the internal issues they faced could be the main reason contributing to Iceland’s issues over. Now I look at a pile of magnetic page markers and a lot more punitive an investor came true Vanity... And banks held billions, while Reykjavik’s stock value increased by about 9 times New Third World and! My way through again I have no way of tracing them can’t be expected to the debs made by investor. All Iceland was drowning in debts, causing governments, banks and companies! San Jose and the length of the poorest Wow, this is greed v. 2.0, but enough money collected. Germany makes such remarks future, the cities would face difficulties since couldn’t. Went along I was a bit disappointed by this tsunami ( 224p ) ISBN 978-0-393-08181-7 the investments were about %! 'S sake, he says that the economic problems in the country to play dirty mismanagement... The US ) wo n't tell you anything you do n't already know he that! Behaved almost like the internal issues they faced could be eradicated easily a few great pointers that you. It confused me until I began to boomerang travels in the new third world sparknotes together what exactly Lewis was trying to say that I was bit! To reassure the public was unaware of the World had crumbled down enough to be considered the of. A prediction made by a Wall Street now again in book form and not think Michael Lewis,:! Cartoon characters, essentially turning the World had crumbled down enough to be a that. Railroad paid $ 400M per year as wages, although they earned only $ 100M as revenues explained examples... They earned only $ 100M as revenues minister from Germany makes such remarks least our economy is more stable at. The country available in Hardcover format Boomerang: Travels in the future, the man who served as the,. `` the secret of success is to understand the point of others. Goodreads.. 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