1888 Materials [E.G. White]

Preview:

DESCRIPTION

The Ellen G. White 1888 Materials consists exclusively of Ellen G. White letters, manuscripts, articles, and sermons that relate directly or indirectly to the Ministerial Institute and General Conference session held by Seventh-day Adventists in Minneapolis, Minnesota, from October 10 to November 4, 1888. No General Conference session in the history of the Seventh-day Adventist church has undergone such analysis and scrutiny, or has elicited as much comment as the 1888 meeting. Scribd.Ads.addBetweenPageUnit(824); 8

Citation preview

  • 7KH(OOHQ*:KLWH0DWHULDOVFRQVLVWVH[FOXVLYHO\RI(OOHQ*:KLWHOHWWHUVPDQXVFULSWVDUWLFOHVDQGVHUPRQVWKDWUHODWHGLUHFWO\RULQGLUHFWO\WRWKH0LQLVWHULDO,QVWLWXWHDQG*HQHUDO&RQIHUHQFHVHVVLRQKHOGE\6HYHQWKGD\$GYHQWLVWVLQ0LQQHDSROLV0LQQHVRWDIURP2FWREHUWR1RYHPEHU1R*HQHUDO&RQIHUHQFHVHVVLRQLQWKHKLVWRU\RIWKH6HYHQWKGD\$GYHQWLVWFKXUFKKDVXQGHUJRQHVXFKDQDO\VLVDQGVFUXWLQ\RUKDVHOLFLWHGDVPXFKFRPPHQWDVWKHPHHWLQJ^`7KH:KLWH(VWDWH7UXVWHHVEHOLHYHWKDWWKHNH\WRXQGHUVWDQGLQJWKH*HQHUDO

    &RQIHUHQFHVHVVLRQDVZHOODVWKHKLVWRU\RIVXEVHTXHQW\HDUVLVWREHIRXQGLQWKHZULWLQJVRI(OOHQ*:KLWH0UV:KLWHKDGPXFKWRVD\DWWKHWLPHDQGLQODWHU\HDUVDVZHOODERXWKHUH[SHULHQFHLQ0LQQHDSROLV,QWKHGHFDGHIROORZLQJVKHIUHTXHQWO\UHIHUUHGWR0LQQHDSROLVDQGWKHVSLULWWKDWZDVPDQLIHVWHGWKHUH^`6LQFHPDUNVWKHFHQWHQDU\RIWKHPHHWLQJDQGVLQFHWKHDWWHQWLRQRI6HYHQWK

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`

    1HDUO\DOOWKHPDQXVFULSWVDQGOHWWHUVKDYHEHHQFRSLHGGLUHFWO\IURPWKHILOHGUDZHUVZKHUHWKH\DUHKRXVHGKHQFHPLVVSHOOLQJVKDYHQRWEHHQ^`FRUUHFWHGQRUKDYHWKHGRFXPHQWVEHHQLPSURYHGLQDQ\RWKHUZD\IRUSXEOLFDWLRQ:KHUH

    FRPSOHWHOHWWHUVRUPDQXVFULSWVKDYHDOUHDG\EHHQUHOHDVHGWKHVHDUHUHSURGXFHGLQWKHLUJUDPPDWLFDOO\HGLWHGPRUHOHJLEOH0DQXVFULSW5HOHDVHIRUP2WKHUZLVHSUHYLRXVO\UHOHDVHGPDWHULDOVDUHQRWHGRQO\RQWKHPDUJLQRIHDFKSDJH0RVWRIWKHPDWHULDOVLQWKLVFROOHFWLRQKDYHQHYHUEHHQUHOHDVHGRUSXEOLVKHGEHIRUHLQDQ\IRUP$OWKRXJKWKHVHUPRQVJLYHQE\(OOHQ:KLWHDW0LQQHDSROLVKDYHEHHQSXEOLVKHGIRUPDQ\

    \HDUVLQ7KLUWHHQ&ULVLV

  • JUDPPDWLFDOHGLWLQJDQGUHW\SLQJFDQEHGRQH$OOPDQXVFULSWVDQGOHWWHUVKDYHWKHLURZQSDJLQDWLRQWKRXJKWKLVKDVQRWDOZD\VEHHQUHIOHFWHGE\WKHFRS\PDFKLQH^`7RDOOZKRVHHNWRXQGHUVWDQGWKHHYHQWIURP*RGVSHUVSHFWLYHZHUHFRPPHQGWKH

    VWXG\RIWKHVHOHWWHUVPDQXVFULSWVDUWLFOHVDQGVHUPRQV:HEHOLHYHWKH\ZLOOVHUYHDVDKHOSIXOJXLGHWRHYHU\6HYHQWKGD\$GYHQWLVWZKRGHVLUHVWREHQHILWIURPOHVVRQVRXUVSLULWXDODQFHVWRUVOHDUQHGRUIDLOHGWROHDUQRQHKXQGUHG\HDUVDJR^`7KH7UXVWHHVRIWKH(OOHQ*:KLWH(VWDWH2FWREHU

    ,GHQWLILFDWLRQRISHUVRQVDGGUHVVHGLQWKLVFROOHFWLRQ1RWH:HKDYHDWWHPSWHGWRSURYLGHWKHSRVLWLRQVKHOGE\WKHIROORZLQJLQGLYLGXDOVGXULQJWKHWLPHLQZKLFKWKH\UHFHLYHGWKHFRPPXQLFDWLRQVIURP(OOHQ:KLWHLQWKLVFROOHFWLRQ$GGLWLRQDOELRJUDSKLFDOLQIRUPDWLRQIRUSULQFLSDOGHQRPLQDWLRQDOZRUNHUVPD\EHIRXQGLQWKH6HYHQWKGD\$GYHQWLVW(QF\FORSHGLD

    %DOOHQJHU$)

    /LFHQVHGPLQLVWHUHPSOR\HGE\WKH5HYLHZDQG+HUDOG3XEOLVKLQJ$VVQ6HUYHGDVDVVLVWDQWVHFUHWDU\RIWKH1DWLRQDO5HOLJLRXV/LEHUW\$VVRF,QDWWHQGDQFHDW0LQQHDSROLV

    %HOGHQ)(

    $EXVLQHVVPDQDJHUDWWKH5HYLHZDQG+HUDOG3XEOLVKLQJ$VVQPHPEHURIWKH*&%RRN&RPPLWWHHDQGQHSKHZWR(OOHQ*:KLWH'HOHJDWHDW0LQQHDSROLV

    %ROOPDQ&3 (GLWRURIWKH*RVSHO+HUDOGDQGDVVRFLDWHHGLWRURIWKH6RXWKHUQ:DWFKPDQ

    %XWOHU*,

    3UHVLGHQWRIWKH*HQHUDO&RQIHUHQFHIRUWZRWHUPVDQG1RWLQDWWHQGDQFHDW0LQQHDSROLVGXHWRLOOQHVVDIWHUDSHULRGRIUHWLUHPHQWKHVHUYHGDVSUHVLGHQWRIWKH6RXWKHUQ8QLRQ&RQIHUHQFHDQGWKH6RXWKHUQ3XEOLVKLQJ$VVQ

    &ROFRUG:$ $QHGLWRUHPSOR\HGE\WKH5HYLHZDQG+HUDOG3XEOLVKLQJ$VVQ

    (OGULGJH&

    3UHVLGHQWDQGPDQDJHURIWKH5HYLHZDQG+HUDOG3XEOLVKLQJ$VVQ'HOHJDWHDW0LQQHDSROLV

    )DUJR- 2UGDLQHGPLQLVWHUDQGWUXVWHHRIWKH*HQHUDO&RQIHUHQFH$VVQ'HOHJDWHDW0LQQHDSROLV*DUPLUH-0

    /D\PHPEHUZKRSURPRWHGZKDWKHEHOLHYHGWREHYLVLRQVUHFHLYHGE\KLVGDXJKWHU$QQD

    +DVNHOO61 :RUOGPLVVLRQDU\DGPLQLVWUDWRUDQGHGXFDWRU'HOHJDWHDW0LQQHDSROLV

    +HDOH\:0 2UGDLQHGPLQLVWHUDQGHYDQJHOLVWLQ&DOLIRUQLD

    +HQU\$5

    )LQDQFLDORIILFHUDQGDGYLVRUIRUQXPHURXV6'$LQVWLWXWLRQV6HUYHGDVSUHVLGHQWDXGLWRUDQGWUHDVXUHURIWKH*HQ&RQI$VVQDVZHOODVPDQDJHUDQGWUHDVXUHURIWKH6'$3XEOLVKLQJ$VVQGXULQJWKHV'HOHJDWHDW0LQQHDSROLV

    +\DWW:6

    'HOHJDWHDW0LQQHDSROLVIURP:LVFRQVLQ/DWHUVHUYHGDVSUHVLGHQWRIWKH6RXWK$IULFD&RQIHUHQFH

    ,QJV: 2UGDLQHGPLQLVWHULQ&DOLIRUQLD

  • -RQHV$7

    2UGDLQHGPLQLVWHUDQGHGLWRURIWKH6LJQVRIWKH7LPHVDQG$PHULFDQ6HQWLQHO)URPWRKHZDVFKLHIHGLWRURIWKH5HYLHZDQG+HUDOG'HOHJDWHDW0LQQHDSROLV

    -RQHV&+ 0DQDJHURIWKH3DFLILF3UHVV3XEOLVKLQJ$VVQ'HOHJDWH0LQQHDSROLV

    .HOORJJ-+

    &KLHISK\VLFLDQDQGPDQDJHURIWKH%DWWOH&UHHN6DQLWDULXP,QDWWHQGDQFHDW0LQQHDSROLV

    /DUVRQ0 2UGDLQHGPLQLVWHULQ,RZD

    /LQGVD\+

    )LQDQFLDODGPLQLVWUDWRUIRUQXPHURXV6'$LQVWLWXWLRQV6HUYHGDV*HQHUDO&RQIHUHQFHWUHDVXUHUIURPWRDQGDVVHFUHWDU\WUHDVXUHUDQGDXGLWRURIWKH5HYLHZDQG+HUDOG3XEOLVKLQJ$VVQLQWKHODWHUV'HOHJDWHDW0LQQHDSROLV

    0FFXOODJK6

    2UGDLQHGPLQLVWHUDQGPHPEHURIWKH1HZ=HDODQG&RQIHUHQFH([HFXWLYH&RPPLWWHH

    0LOOHU+:

    2UGDLQHGPLQLVWHUDQGPHPEHURIWKH0LFKLJDQ&RQIHUHQFH([HFXWLYH&RPPLWWHH'HOHJDWHDW0LQQHDSROLV

    0LOOHU0%

    2UGDLQHGPLQLVWHULQ0LFKLJDQ%URWKHURI+:0LOOHU'HOHJDWHDW0LQQHDSROLV

    0RUULVRQ-+ 3UHVLGHQWRIWKH,RZD&RQIHUHQFH'HOHJDWHDW0LQQHDSROLV

    1LFROD/ 6HFUHWDU\RIWKH*HQHUDO&RQIHUHQFHIURPWR2OVHQ2$ 3UHVLGHQWRIWKH*HQHUDO&RQIHUHQFHIURPWR

    3UHVFRWW::

    6HFUHWDU\RIWKH6'$(GXFDWLRQDO6RFLHW\LQ/DWHUVHUYHGWKHZRUOGILHOGDVHGXFDWRUDQGDGPLQLVWUDWRU,QDWWHQGDQFHDW0LQQHDSROLV

    5RXVVHDX65 /D\ZRUNHULQ$XVWUDOLD

    6PLWK/ $VVLVWDQWHGLWRURIWKH5HYLHZDQG+HUDOG6RQRI8ULDK6PLWK

    6PLWK8(GLWRURIWKH5HYLHZDQG+HUDOGXQWLOZKHQKHEHFDPHDQDVVRFLDWHHGLWRUXQGHU$7-RQHV,QKHUHWXUQHGDVFKLHIHGLWRU'HOHJDWHDW0LQQHDSROLV

    6WRQH%UR 1RLQIRUPDWLRQDYDLODEOH

    7DLW$22UGDLQHGPLQLVWHUDQGHGLWRUVHUYLQJLQDVVHFUHWDU\DQGWUHDVXUHURIWKH,QWHUQDWLRQDO7UDFW6RFLHW\,QKHMRLQHGWKH5HYLHZDQG+HUDOG3XEOLVKLQJ$VVQDVLWVILUVWFLUFXODWLRQPDQDJHU'HOHJDWHDW0LQQHDSROLV

    8QGHUZRRG5$

    3UHVLGHQWRIWKH2KLR&RQIHUHQFHIURPWR'HOHJDWHDW0LQQHDSROLV

    9DQ+RUQ,'

    3UHVLGHQWRIWKH0LFKLJDQ&RQIHUHQFHIURPWR,QKHVHUYHGDVDPHPEHURIWKH*HQHUDO&RQIHUHQFH([HFXWLYH&RPPLWWHH'HOHJDWHDW0LQQHDSROLV

    (-:DJJRQHU

    (GLWRURIWKH6LJQVRIWKH7LPHV)URPWR3UHVHQWHGWKHNH\OHFWXUHVRQMXVWLILFDWLRQE\IDLWKLQ0LQQHDSROLV0RYHGWR(QJODQGLQWRVHUYHDVHGLWRURI3UHVHQW7UXWK'HOHJDWHDW0LQQHDSROLV

    :DVKEXUQ 2UGDLQHGPLQLVWHULQ,RZD

  • -6

    :KLWH-( 6RQRI(OOHQ:KLWHVHUYLQJLQSXEOLVKLQJOLQHV)URPWRKHSLRQHHUHG6'$ZRUNLQWKH6RXWK:KLWH0DU\ (OOHQ:KLWHVGDXJKWHULQODZWKHZLIHRI:&:KLWH:KLWH:&

    6RQRI(OOHQ*:KLWHPHPEHURIWKH*HQHUDO&RQIHUHQFH([HFXWLYH&RPPLWWHHKROGLQJQXPHURXVDGPLQLVWUDWLYHSRVWV'HOHJDWHDW0LQQHDSROLV

    ,QGH[WRGRFXPHQWORFDWLRQ/(77(52506 3$*( /(77(52506 3$*(/W 0V /W /W /W /WI /W /W /W /WG /WD /W /W /W /WD /W /W /WD /W /W 0V /W 0V /WD 0V /W 0V /W 0VD /W 0V /W 0V /W 0V /W 0V /W 0V /W 0V /W 0V /W 0V /W /W /W /W /W /W /W /W /W /W /W /WD 0V /W 0V /WD 0V /W 0V /W 0V

  • /W 0V /W 0V /W 0V /W 0V /W 0V /W 0V /W 0V /W 0V /W 0V 0V 0V 0V 0V 0V /W 0V /W 0V /W 0V 0V 0V 0V 0V 0V 0V 0V

    /WD /W

    /W /W

    /W /W

    /WJ /W

    /WM /W

    /W /W

    /WG /W

    /W /W

    /W /WE /W

    /W /W

    0V 0V

    /W /W

  • /WD

    0V

    /W

    0V7HVWLPRQLHVWR0LQLVWHUVDQG*RVSHO:RUNHUV

    /WD /W

    /W /W

    /W /W

    /W /W

    /W 0V

    /W /W

    /W /W

    /W 0V

    /WD /W

    0V

    0V /W

    0V /W

    /W 0V

    /W 0V

    VHH7KH*HQHUDO&RQIHUHQFH%XOOHWLQ

    /W /W

    /WD /W

    /W 0V

    /W /W

    /W /W

    /W

    /W

  • *(1(5$/&21)(5(1&(%8//(7,16

    0V $SU

    /W $SU

    /W $SU

    /W $SU

    /WD $SU

    /W

    /WD 5(9,(:$1'+(5$/'$57,&/(6

    /W 2FW

    /W 0DUN

    /W -XO

    /W )HE

    /W 0DUN

    /W 0DUN

    /W 0DUN

    /W 0D\

    /W $XJ

    /W 'HF

    /W 0DUN

    /W 0DUN

    6,*162)7+(7,0(6$57,&/(6$SU 1RY -XO 2FW 1RY

  • 1RY 27+(5'HF 7HVWLPRQLHVIRUWKH&KXUFK 'HF 7HVWLPRQLHVIRUWKH&KXUFK $SU 'DQJHULQ$GRSWLQJ $SU :RUOGO\3ROLF\$SU 0DU $XJ

    Chapter1ToE.J.WaggonerandA.T.Jones

    &DXWLRQV$ERXW0DNLQJ'RFWULQDO'LIIHUHQFHV3URPLQHQW&RQWHPSODWLQJWKH0DUYHOVDQG0\VWHULHVRIWKH,QFDUQDWLRQ

    :ULWWHQ)HEUXDU\IURP%DVHO6ZLW]HUODQGWR(-:DJJRQHUDQG$7-RQHV,KDYHVRPHWKLQJWRVD\WR\RXWKDW,VKRXOGZLWKKROGQRORQJHU,KDYHEHHQORRNLQJLQYDLQ

    DV\HWWRJHWDQDUWLFOHWKDWZDVZULWWHQQHDUO\WZHQW\\HDUVDJRLQUHIHUHQFHWRWKHDGGHGODZ,UHDGWKLVWR(OGHU>-+@:DJJRQHU,VWDWHGWKHQWRKLPWKDW,KDGEHHQVKRZQ>WKDW@KLVSRVLWLRQLQUHJDUGWRWKHODZZDVLQFRUUHFWDQGIURPWKHVWDWHPHQWV,PDGHWRKLPKHKDVEHHQVLOHQWXSRQWKHVXEMHFWIRUPDQ\\HDUV^`,KDYHQRWEHHQLQWKHKDELWRIUHDGLQJDQ\GRFWULQDODUWLFOHVLQWKHSDSHUWKDWP\PLQG

    VKRXOGQRWKDYHDQ\XQGHUVWDQGLQJRIDQ\RQHVLGHDVDQGYLHZVDQGWKDWQRWDPROGRIDQ\PDQVWKHRULHVVKRXOGKDYHDQ\FRQQHFWLRQZLWKWKDWZKLFK,ZULWH,KDYHVHQWUHSHDWHGO\IRUP\ZULWLQJVRQWKHODZEXWWKDWVSHFLDODUWLFOHKDVQRW\HWDSSHDUHG7KHUHLVVXFKDQDUWLFOHLQ+HDOGVEXUJ,DPZHOODZDUHEXWLWKDVQRWFRPHDV\HW,KDYHPXFKZULWLQJPDQ\\HDUVROGRQWKHODZEXWWKHVSHFLDODUWLFOHWKDW,UHDGWR(OGHU:DJJRQHUKDVQRWFRPHWRPH\HW^`

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

  • OLEHUW\WRSXWLQWKHLUYDULRXVLGHDVDQGWKHRULHVDQGEULQJWKHPEHIRUHWKHSXEOLFEHFDXVH\RXKDYHGRQHWKLV7KLVZLOOEULQJLQDVWDWHRIWKLQJVWKDW\RXKDYHQRWGUHDPHGRI,KDYHZDQWHGWRJHWRXWDUWLFOHVLQUHJDUGWRWKHODZEXW,KDYHEHHQPRYLQJDERXWVRPXFKP\ZULWLQJVDUHZKHUH,FDQQRWKDYHWKHDGYDQWDJHRIWKHP^`,WLVQRVPDOOPDWWHUIRU\RXWRFRPHRXWLQWKH6LJQVDV\RXKDYHGRQHDQG*RGKDVSODLQO\

    UHYHDOHGWKDWVXFKWKLQJVVKRXOGQRWEHGRQH:HPXVWNHHSEHIRUHWKHZRUOGDXQLWHGIURQW6DWDQZLOOWULXPSKWRVHHGLIIHUHQFHVDPRQJ6HYHQWKGD\$GYHQWLVWV7KHVHTXHVWLRQVDUHQRWYLWDOSRLQWV,KDYHQRWUHDG(OGHU%XWOHUVSDPSKOHWRUDQ\DUWLFOHVZULWWHQE\DQ\RIRXUZULWHUVDQGGRQRWPHDQWR%XW,GLGVHH\HDUVDJRWKDW(OGHU>-+@:DJJRQHUVYLHZVZHUHQRWFRUUHFWDQGUHDGWRKLPPDWWHUZKLFK,KDGZULWWHQ7KHPDWWHUGRHVQRWOLHFOHDUDQGGLVWLQFWLQP\PLQG\HW,FDQQRWJUDVSWKHPDWWHUDQGIRUWKLVUHDVRQ,DPIXOO\FRQYLQFHGWKDWSUHVHQWLQJLWKDVEHHQQRWRQO\XQWLPHO\EXWGHOHWHULRXV^`(OGHU%XWOHUKDVKDGVXFKDQDPRXQWRIEXUGHQVKHZDVQRWSUHSDUHGWRGRWKLVVXEMHFW

    MXVWLFH%URWKHU(-:>:DJJRQHU@KDVKDGKLVPLQGH[HUFLVHGRQWKLVVXEMHFWEXWWREULQJWKHVHGLIIHUHQFHVLQWRRXUJHQHUDOFRQIHUHQFHVLVDPLVWDNHLWVKRXOGQRWEHGRQH7KHUHDUHWKRVHZKRGRQRWJRGHHSZKRDUHQRW%LEOHVWXGHQWVZKRZLOOWDNHSRVLWLRQVGHFLGHGO\IRURUDJDLQVWJUDVSLQJDWDSSDUHQWHYLGHQFH\HWLWPD\QRWEHWUXWKDQGWRWDNHGLIIHUHQFHVLQWRRXUFRQIHUHQFHVZKHUHWKHGLIIHUHQFHVEHFRPHZLGHVSUHDGWKXVVHQGLQJIRUWKDOOWKURXJKWKHILHOGVYDULRXVLGHDVRQHLQRSSRVLWLRQWRWKHRWKHULVQRW*RGVSODQEXWDWRQFHUDLVHVTXHVWLRQLQJVGRXEWVZKHWKHUZHKDYHWKHWUXWKZKHWKHUDIWHUDOOZHDUHQRWPLVWDNHQDQGLQHUURU^`7KH5HIRUPDWLRQZDVJUHDWO\UHWDUGHGE\PDNLQJSURPLQHQWGLIIHUHQFHVRQVRPHSRLQWVRI

    IDLWKDQGHDFKSDUW\KROGLQJWHQDFLRXVO\WRWKRVHWKLQJVZKHUHWKH\GLIIHUHG:HVKDOOVHHH\HWRH\HHUHORQJEXWWREHFRPHILUPDQGFRQVLGHULW\RXUGXW\WRSUHVHQW\RXUYLHZVLQGHFLGHGRSSRVLWLRQWRWKHIDLWKRUWUXWKDVLWKDVEHHQWDXJKWE\XVDVDSHRSOHLVDPLVWDNHDQGZLOOUHVXOWLQKDUPDQGRQO\KDUPDVLQWKHGD\VRI0DUWLQ/XWKHU%HJLQWRGUDZDSDUWDQGIHHODWOLEHUW\WRH[SUHVV\RXULGHDVZLWKRXWUHIHUHQFHWRWKHYLHZVRI\RXUEUHWKUHQDQGDVWDWHRIWKLQJVZLOOEHLQWURGXFHGWKDW\RXGRQRWGUHDPRI^`0\KXVEDQGKDGVRPHLGHDVRQVRPHSRLQWVGLIIHULQJIURPWKHYLHZVWDNHQE\KLVEUHWKUHQ

    ,ZDVVKRZQWKDWKRZHYHUWUXHKLVYLHZVZHUH*RGGLGQRWFDOOIRUKLPWRSXWWKHPLQIURQWEHIRUHKLVEUHWKUHQDQGFUHDWHGLIIHUHQFHVRILGHDV:KLOHKHPLJKWKROGWKHVHYLHZVVXERUGLQDWHKLPVHOIRQFHWKH\DUHPDGHSXEOLFPLQGVZRXOGVHL]H>XSRQWKHP@DQGMXVWEHFDXVHRWKHUVEHOLHYHGGLIIHUHQWO\ZRXOGPDNHWKHVHGLIIHUHQFHVWKHZKROHEXUGHQRIWKHPHVVDJHDQGJHWXSFRQWHQWLRQDQGYDULDQFH^`7KHUHDUHWKHPDLQSLOODUVRIRXUIDLWKVXEMHFWVZKLFKDUHRIYLWDOLQWHUHVWWKH6DEEDWKWKH

    NHHSLQJRIWKHFRPPDQGPHQWVRI*RG6SHFXODWLYHLGHDVVKRXOGQRWEHDJLWDWHGIRUWKHUHDUHSHFXOLDUPLQGVWKDWORYHWRJHWVRPHSRLQWWKDWRWKHUVGRQRWDFFHSWDQGDUJXHDQGDWWUDFWHYHU\WKLQJWRWKDWRQHSRLQWXUJLQJWKDWSRLQWPDJQLI\LQJWKDWSRLQWZKHQLWLVUHDOO\DPDWWHUZKLFKLVQRWRIYLWDOLPSRUWDQFHDQGZLOOEHXQGHUVWRRGGLIIHUHQWO\7ZLFH,KDYHEHHQVKRZQWKDWHYHU\WKLQJRIDFKDUDFWHUWRFDXVHRXUEUHWKUHQWREHGLYHUWHGIURPWKHYHU\SRLQWVQRZHVVHQWLDOIRUWKLVWLPHVKRXOGEHNHSWLQWKHEDFNJURXQG^`&KULVWGLGQRWUHYHDOPDQ\WKLQJVWKDWZHUHWUXWKEHFDXVHLWZRXOGFUHDWHDGLIIHUHQFHRI

    RSLQLRQDQGJHWXSGLVSXWDWLRQVEXW\RXQJPHQZKRKDYHQRWSDVVHGWKURXJKWKLVH[SHULHQFHZHKDYHKDGZRXOGDVVRRQKDYHDEUXVKDVQRW1RWKLQJZRXOGVXLWWKHPEHWWHUWKDQDVKDUSGLVFXVVLRQ^`,IWKHVHWKLQJVFRPHLQWRRXUFRQIHUHQFH,ZRXOGUHIXVHWRDWWHQGRQHRIWKHPIRU,KDYH

    KDGVRPXFKOLJKWXSRQWKHVXEMHFWWKDW,NQRZWKDWXQFRQVHFUDWHGDQGXQVDQFWLILHGKHDUWVZRXOGHQMR\WKLVNLQGRIH[HUFLVH7RRODWHLQWKHGD\EUHWKUHQWRRODWHLQWKHGD\:HDUHLQWKHJUHDWGD\RIDWRQHPHQWDWLPHZKHQDPDQPXVWEHDIIOLFWLQJKLVVRXOFRQIHVVLQJKLVVLQV

  • KXPEOLQJKLVKHDUWEHIRUH*RGDQGJHWWLQJUHDG\IRUWKHJUHDWFRQIOLFW:KHQWKHVHFRQWHQWLRQVFRPHLQEHIRUHWKHSHRSOHWKH\ZLOOWKLQNRQHKDVWKHDUJXPHQWDQGWKHQWKDWDQRWKHUGLUHFWO\RSSRVHGKDVWKHDUJXPHQW7KHSRRUSHRSOHEHFRPHFRQIXVHGDQGWKHFRQIHUHQFHZLOOEHDGHDGORVVZRUVHWKDQLIWKH\KDGKDGQRFRQIHUHQFH1RZZKHQHYHU\WKLQJLVGLVVHQVLRQDQGVWULIHWKHUHPXVWEHGHFLGHGHIIRUWVWRKDQGOH>WR@SXEOLVKZLWKSHQDQGYRLFHWKHVHWKLQJVWKDWZLOOUHYHDORQO\KDUPRQ\^`(OGHU>-+@:DJJRQHUKDVORYHGGLVFXVVLRQVDQGFRQWHQWLRQ,IHDUWKDW(-:

    >:DJJRQHU@KDVFXOWLYDWHGDORYHIRUWKHVDPH:HQHHGQRZJRRGKXPEOHUHOLJLRQ(-:>:DJJRQHU@QHHGVKXPLOLW\PHHNQHVVDQG%URWKHU-RQHVFDQEHDSRZHUIRUJRRGLIKHZLOOFRQVWDQWO\FXOWLYDWHSUDFWLFDOJRGOLQHVVWKDWKHPD\WHDFKWKLVWRWKHSHRSOH^`%XWKRZGR\RXWKLQN,IHHOWRVHHRXUWZROHDGLQJSDSHUVLQFRQWHQWLRQ",NQRZKRZWKHVH

    SDSHUVFDPHLQWRH[LVWHQFH,NQRZZKDW*RGKDVVDLGDERXWWKHPWKDWWKH\DUHRQHWKDWQRYDULDQFHVKRXOGEHVHHQLQWKHVHWZRLQVWUXPHQWDOLWLHVRI*RG7KH\DUHRQHDQGWKH\PXVWUHPDLQRQHEUHDWKLQJWKHVDPHVSLULWH[HUFLVHGLQWKHVDPHZRUNWRSUHSDUHDSHRSOHWRVWDQGLQWKHGD\RIWKH/RUGRQHLQIDLWKRQHLQSXUSRVH^`7KH6LFNOH>$PLVVLRQDU\SDSHUEULHIO\SXEOLVKHGLQ@ZDVVWDUWHGLQ%DWWOH&UHHNEXWLW

    LVQRWGHVLJQHGWRWDNHWKHSODFHRIWKH6LJQVDQG,FDQQRWVHHWKDWLWLVUHDOO\QHHGHG7KH6LJQVRIWKH7LPHVLVQHHGHGDQGZLOOGRWKDWZKLFKWKH6LFNOHFDQQRW,NQRZLIWKH6LJQVLVNHSWIXOORISUHFLRXVDUWLFOHVIRRGIRUWKHSHRSOHWKDWHYHU\IDPLO\VKRXOGKDYHLW%XWDSDLQFRPHVWRP\KHDUWHYHU\WLPH,VHHWKH6LFNOH,VD\LWLVQRWDV*RGZRXOGKDYHLW,I6DWDQFDQJHWLQGLVVHQVLRQDPRQJXVDVDSHRSOHKHZLOORQO\EHWRRJODG^`,GRQRWWKLQNWKDW\HDUVZLOOZLSHRXWWKHLPSUHVVLRQVPDGHDWRXUODVWFRQIHUHQFH,NQRZ

    KRZWKHVHWKLQJVZRUN,DPVDWLVILHGWKDWZHPXVWKDYHPRUHRI-HVXVDQGOHVVRIVHOI,IWKHUHLVDGLIIHUHQFHXSRQDQ\SDUWVRIWKHXQGHUVWDQGLQJRIVRPHSDUWLFXODUSDVVDJHRI6FULSWXUHWKHQGRQRWEHZLWKSHQRUYRLFHPDNLQJ\RXUGLIIHUHQFHVDSSDUHQWDQGPDNLQJDEUHDFKZKHQWKHUHLVQRQHHGRIWKLV^`:HDUHRQHLQIDLWKLQWKHIXQGDPHQWDOWUXWKVRI*RGVZRUG$QGRQHREMHFWPXVWEHNHSWLQ

    YLHZFRQVWDQWO\WKDWLVKDUPRQ\DQGFRRSHUDWLRQPXVWEHPDLQWDLQHGZLWKRXWFRPSURPLVLQJRQHSULQFLSOHRIWUXWK$QGZKLOHFRQVWDQWO\GLJJLQJIRUWKHWUXWKDVIRUKLGGHQWUHDVXUHEHFDUHIXOKRZ\RXRSHQQHZDQGFRQIOLFWLQJRSLQLRQV:HKDYHDZRUOGZLGHPHVVDJH7KHFRPPDQGPHQWVRI*RGDQGWKHWHVWLPRQLHVRI-HVXV&KULVWDUHWKHEXUGHQRIRXUZRUN7RKDYHXQLW\DQGORYHIRURQHDQRWKHULVWKHJUHDWZRUNQRZWREHFDUULHGRQ7KHUHLVGDQJHURIRXUPLQLVWHUVGZHOOLQJWRRPXFKRQGRFWULQHVSUHDFKLQJDOWRJHWKHUWRRPDQ\GLVFRXUVHVRQDUJXPHQWDWLYHVXEMHFWVZKHQWKHLURZQVRXOQHHGVSUDFWLFDOJRGOLQHVV^`7KHUHKDVEHHQDGRRUWKURZQRSHQIRUYDULDQFHDQGVWULIHDQGFRQWHQWLRQDQGGLIIHUHQFHV

    ZKLFKQRQHRI\RXFDQVHHEXW*RG+LVH\HWUDFHVWKHEHJLQQLQJWRWKHHQG$QGWKHPDJQLWXGHRIPLVFKLHI*RGDORQHNQRZV7KHELWWHUQHVVWKHZUDWKWKHUHVHQWPHQWWKHMHDORXVLHVWKHKHDUWEXUQLQJVSURYRNHGE\FRQWURYHUVLHVRIERWKVLGHVRIWKHTXHVWLRQFDXVHVWKHORVVRIPDQ\VRXOV^`0D\WKH/RUGJLYHXVWRVHHWKHQHHGRIGULQNLQJIURPWKHOLYLQJIRXQWDLQRIWKHZDWHURIOLIH

    ,WVSXUHVWUHDPVZLOOUHIUHVKDQGKHDOXVDQGUHIUHVKDOOFRQQHFWHGZLWKXV2KLIWKHKHDUWVZHUHRQO\VXEGXHGE\WKH6SLULWRI*RG,IWKHH\HZDVVLQJOHWR*RGVJORU\ZKDWDIORRGRIKHDYHQO\OLJKWZRXOGSRXUXSRQWKHVRXO+HZKRVSDNHDVQHYHUPDQVSDNHZDVDQHGXFDWRUXSRQHDUWK$IWHU+LVUHVXUUHFWLRQ+HZDVDQHGXFDWRUWRWKHORQHO\GLVDSSRLQWHGGLVFLSOHVWUDYHOLQJWR(PPDXVDQGWRWKRVHDVVHPEOHGLQWKHXSSHUFKDPEHU+HRSHQHGWRWKHPWKH6FULSWXUHVFRQFHUQLQJ+LPVHOIDQGFDXVHGWKHLUKHDUWVWREHERXQGZLWKDKRO\QHZDQGVDFUHGKRSHDQGMR\^`)URPWKH+RO\RI+ROLHVWKHUHJRHVRQWKHJUDQGZRUNRILQVWUXFWLRQ7KHDQJHOVRI*RGDUH

  • FRPPXQLFDWLQJWRPHQ&KULVWRIILFLDWHVLQWKHVDQFWXDU\:HGRQRWIROORZ+LPLQWRWKHVDQFWXDU\DVZHVKRXOG&KULVWDQGDQJHOVZRUNLQWKHKHDUWVRIWKHFKLOGUHQRIPHQ7KHFKXUFKDERYHXQLWHGZLWKWKHFKXUFKEHORZLVZDUULQJWKHJRRGZDUIDUHXSRQWKHHDUWK7KHUHPXVWEHDSXULI\LQJRIWKHVRXOKHUHXSRQWKHHDUWKLQKDUPRQ\ZLWK&KULVWVFOHDQVLQJRIWKHVDQFWXDU\LQKHDYHQ7KHUHZHVKDOOVHHPRUHFOHDUO\DVZHDUHVHHQ:HVKDOONQRZDVZHDUHNQRZQ^`,WLVDPHODQFKRO\DQGGLVSLULWLQJWKLQJWRREVHUYHKRZOLWWOHHIIHFWWKHVROHPQWUXWKVUHODWLQJ

    WRWKHVHODVWGD\VKDYHXSRQWKHPLQGVDQGKHDUWVRIWKRVHZKRFODLPWREHOLHYHWKHWUXWK7KH\OLVWHQWRWKHGLVFRXUVHVSUHDFKHGWKH\VHHPWREHGHHSO\LQWHUHVWHGDVWKH\KDQJXSRQWKHOLSVRIWKHVSHDNHUDQGLIKLVZRUGVDUHVXEOLPHWKH\DUHGHOLJKWHGWHDUVIORZDVWKHORYHRI&KULVWLVWKHWKHPHEURXJKWEHIRUHWKHP^`%XWZLWKWKHFORVHRIWKHGLVFRXUVHWKHVSHOOLVEURNHQ(QWHUWKHKRPHVDQG\RXZLOOEH

    VXUSULVHGWRQRWKHDURQHZRUGWKDWZRXOGOHDG\RXWRWKLQNWKDWDGHHSLPSUHVVLRQZDVPDGHDVWKHFLUFXPVWDQFHVZDUUDQWHGLQWKHSUHVHQWDWLRQRIVXFKHOHYDWLQJWKLQJV,WZDVH[DFWO\DVLIWKH\KDGOLVWHQHGWRVRPHSOHDVDQWVRQJRUPHORG\,WLVGRQHDQGWKHLPSUHVVLRQJRQHOLNHWKHPRUQLQJGHZEHIRUHWKHVXQ^`:KDWLVWKHUHDVRQRIWKLV"7KHWUXWKLVQRWEURXJKWLQWRWKHOLIH7KH\GLGQRWDFFHSWWKHWUXWK

    VSRNHQDVWKHZRUGRI*RGWRWKHP7KH\GLGQRWORRNSDVWWKHLQVWUXPHQWWRWKHJUHDW:RUNHUZLWKLQWKHKHDYHQO\VDQFWXDU\7KH\GLGQRWWDNHWKHZRUGDVDVSHFLDOPHVVDJHIURP*RGRIZKRPWKHVSHDNHUZDVRQO\WKHRQHZKRZDVHQWUXVWHGZLWKWKHPHVVDJH,VLWWKHQDQ\PDUYHOWKDWWKHWUXWKLVVRSRZHUOHVVWKDWZLWKDODUJHUQXPEHULIWKHUHLVVRPHH[FLWHPHQWDOLWWOHDQLPDOHFVWDV\DOLWWOHKHDGNQRZOHGJHWKHLQIOXHQFHLVQRGHHSHU"^`7KHUHLVDOWRJHWKHUWRRPXFKVHUPRQL]LQJ7KHUHLVWRROLWWOHOLVWHQLQJDQGKHDULQJWKHYRLFH

    RI*RGEXWKHDULQJRQO\WKHYRLFHRIPDQDQGWKHKHDUHUVJRWRWKHLUKRPHVZLWKVRXOVXQQRXULVKHGEXWHPSW\DVEHIRUHDQGSUHSDUHGWRVLWLQMXGJPHQWXSRQWKHVHUPRQFRPPHQWLQJXSRQLWDVWKH\ZRXOGXSRQDWUDJHG\UHYLHZLQJWKHPDWWHUDVDKXPDQHIIRUW/HWWKLVPLQGEHLQ\RXZKLFKZDVDOVRLQ&KULVW-HVXV)LOOWKHPLQGZLWKWKHJUHDWKXPLOLDWLRQRI&KULVWDQGWKHQFRQWHPSODWH+LVGLYLQHFKDUDFWHU+LVPDMHVW\DQGJORU\RIWKH+LJKHVWDQG+LVGLVURELQJ+LPVHOIRIWKHVHDQGFORWKLQJ+LVGLYLQLW\ZLWKKXPDQLW\7KHQZHFDQVHHDVHOIGHQLDODVHOIVDFULILFHWKDWZDVWKHPDUYHORIDQJHOV^`2KLWZDVSRYHUW\LQGHHGDSSRUWLRQHGWRWKH6RQRI*RGWKDW+HVKRXOGEHPRYLQJXSRQD

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`,ZLVKWKDWILQLWHPLQGVFRXOGVHHDQGVHQVHWKHJUHDWORYHRIWKHLQILQLWH*RG+LVJUHDWVHOI

    GHQLDO+LVVHOIVDFULILFHLQDVVXPLQJKXPDQLW\*RGKXPEOHG+LPVHOIDQGEHFDPHPDQDQGKXPEOHG+LPVHOIWRGLHDQGQRWRQO\WRGLHEXWWRGLHDQLJQRPLQLRXVGHDWK2KWKDWZHPLJKWVHHWKHQHHGRIKXPLOLW\RIZDONLQJKXPEO\ZLWK*RGDQGJXDUGLQJRXUVHOYHVRQHYHU\SRLQW^`

    ,NQRZWKDW6DWDQVZRUNZLOOEHWRVHWEUHWKUHQDWYDULDQFH:HUHLWQRWWKDW,NQRZ>WKDW@WKH&DSWDLQRIRXUVDOYDWLRQVWDQGVDWWKHKHOPWRJXLGHWKHJRVSHOVKLSLQWRWKHKDUERU,VKRXOGVD\/HWPHUHVWLQWKHJUDYH^`2XU5HGHHPHUOLYHWKWRPDNHLQWHUFHVVLRQIRUXVDQGQRZLIZHZLOOGDLO\OHDUQLQWKHVFKRRO

  • RI&KULVWLIZHZLOOFKHULVKWKHOHVVRQV+HZLOOWHDFKXVLQPHHNQHVVDQGORZOLQHVVRIKHDUWZHVKDOOKDYHVRODUJHDPHDVXUHRIWKH6SLULWRI-HVXVWKDWVHOIZLOOQRWEHLQWHUZRYHQLQWRDQ\WKLQJWKDWZHPD\GRRUVD\7KHH\HZLOOEHVLQJOHWRWKHJORU\RI*RG:HQHHGWRPDNHVSHFLDOHIIRUWVWRDQVZHUWKHSUD\HURI&KULVWWKDWZHPD\EHRQHDV+HLVRQHZLWKWKH)DWKHU+HZKRGHFODUHG+LPVHOIDFWXDOO\VWUDLWHQHGZKLOHLQWKHGD\VRI+LVKXPLOLDWLRQEHFDXVH+HKDGPDQ\WKLQJVWRVD\WR+LVGLVFLSOHVZKLFKWKH\FRXOGQRWEHDUQRZ7KHZRQGHUVRIUHGHPSWLRQDUHGZHOWXSRQDOWRJHWKHUWRROLJKWO\^`:HQHHGWKHVHPDWWHUVSUHVHQWHGPRUHIXOO\DQGFRQWLQXRXVO\LQRXUGLVFRXUVHVDQGLQRXU

    SDSHUV:HQHHGRXURZQKHDUWVWREHGHHSO\VWLUUHGZLWKWKHVHGHHSDQGVDYLQJWUXWKV7KHUHLVGDQJHURINHHSLQJWKHGLVFRXUVHVDQGWKHDUWLFOHVLQWKHSDSHUOLNH&DLQVRIIHULQJ&KULVWOHVV^`

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`

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`7UXWKVFRQQHFWHGZLWKWKHVHFRQGFRPLQJRI&KULVWLQWKHFORXGVRIKHDYHQZLOOEHWDONHGRI

    ZULWWHQXSRQPRUHWKDQQRZ7KHUHLVWREHFORVHGHYHU\GRRUWKDWZLOOOHDGWRSRLQWVRIGLIIHUHQFHDQGGHEDWHDPRQJEUHWKUHQ,IWKHROGPDQZDVSXUJHGIURPHYHU\KHDUWWKHQWKHUHZRXOGEHJUHDWHUVDIHW\LQGLVFXVVLRQEXWQRZWKHSHRSOHQHHGVRPHWKLQJRIDGLIIHUHQWFKDUDFWHU7KHUHLVDOWRJHWKHUWRROLWWOHRIWKHORYHRI&KULVWLQWKHKHDUWVRIWKRVHZKRFODLPWREHOLHYHWKHWUXWK:KLOHDOOWKHLUKRSHVDUHFHQWHUHGLQ-HVXV&KULVWZKLOH+LV6SLULWSHUYDGHVWKHVRXOWKHQWKHUHZLOOEHXQLW\DOWKRXJKHYHU\LGHDPD\QRWEHH[DFWO\WKHVDPHRQDOOSRLQWV^`7KH%LEOHLVEXW\HWGLPO\XQGHUVWRRG$OLIHORQJSUD\HUIXOVWXG\RILWVVDFUHGUHYHDOLQJVZLOO

    OHDYHVWLOOPXFKXQH[SODLQHG,WLVWKHGHHSPRYLQJVRIWKH6SLULWRI*RGWKDWLVQHHGHGWRRSHUDWHXSRQWKHKHDUWWRPROGFKDUDFWHUWRRSHQWKHFRPPXQLFDWLRQEHWZHHQ*RGDQGWKHVRXOEHIRUHWKHGHHSWUXWKVZLOOEHXQUDYHOHG0DQKDVWROHDUQKLPVHOIEHIRUH*RGFDQGRJUHDWWKLQJVIRUKLP7KHOLWWOHNQRZOHGJHLPSDUWHGPLJKWEHDKXQGUHGIROGJUHDWHULIWKHPLQGDQGFKDUDFWHUZHUHEDODQFHGE\WKHKRO\HQOLJKWHQPHQWRIWKH6SLULWRI*RG$OWRJHWKHUWRROLWWOHPHHNQHVVDQGKXPLOLW\DUHEURXJKWLQWRWKHZRUNRIVHDUFKLQJIRUWKHWUXWKDVIRUKLGGHQWUHDVXUHVDQGLIWKHWUXWKZHUHWDXJKWDVLWLVLQ-HVXVWKHUHZRXOGEHDKXQGUHGIROGJUHDWHUSRZHUDQGLWZRXOGEHDFRQYHUWLQJSRZHUXSRQKXPDQKHDUWVEXWHYHU\WKLQJLVVRPLQJOHGZLWKVHOIWKDWWKHZLVGRPIURPDERYHFDQQRWEHLPSDUWHG/HWWHU^`(OOHQ*:KLWH(VWDWH:DVKLQJWRQ'&0D\(QWLUH/HWWHU

  • Chapter2ToG.I.ButlerandUriahSmith

    *LYLQJ([SRVXUHWR'LIIHULQJ'RFWULQDO9LHZSRLQWV'LVDSSURYDORI'0&DQULJKWV$FWLRQV:ULWWHQ$SULOIURP%DVHO6ZLW]HUODQGWR'HDU%UHWKUHQ>*,@%XWOHUDQG>8ULDK@

    6PLWK,KDYHVHQWFRSLHVRIOHWWHUVZULWWHQWR%UHWKUHQ>(-@:DJJRQHUDQG>$7@-RQHVWR(OGHU

    >*,@%XWOHULQUHIHUHQFHWRLQWURGXFLQJDQGNHHSLQJLQIURQWDQGPDNLQJSURPLQHQWVXEMHFWVRQZKLFKWKHUHDUHGLIIHUHQFHVRIRSLQLRQ,VHQWWKLVQRWWKDW\RXVKRXOGPDNHWKHPZHDSRQVWRXVHDJDLQVWWKHEUHWKUHQPHQWLRQHGEXWWKDWWKHYHU\VDPHFDXWLRQVDQGFDUHIXOQHVVEHH[HUFLVHGE\\RXWRSUHVHUYHKDUPRQ\DV\RXZRXOGKDYHWKHVHEUHWKUHQH[HUFLVH^`,DPWURXEOHGIRUWKHOLIHRIPH,FDQQRWUHPHPEHUWKDWZKLFK,KDYHEHHQVKRZQLQ

    UHIHUHQFHWRWKHWZRODZV,FDQQRWUHPHPEHUZKDWWKHFDXWLRQDQGZDUQLQJUHIHUUHGWRZHUHWKDWZHUHJLYHQWR(OGHU>-+@:DJJRQHU,WPD\EHWKDWLWZDVDFDXWLRQQRWWRPDNHKLVLGHDVSURPLQHQWDWWKDWWLPHIRUWKHUHZDVJUHDWGDQJHURIGLVXQLRQ^`1RZ,GRQRWZLVKWKHOHWWHUVWKDW,KDYHVHQWWR\RXVKRXOGEHXVHGLQDZD\WKDW\RXZLOO

    WDNHLWIRUJUDQWHGWKDW\RXULGHDVDUHDOOFRUUHFWDQG'U:DJJRQHUVDQG(OGHU-RQHVVDUHDOOZURQJ^`,ZDVSDLQHGZKHQ,VDZ\RXUDUWLFOHLQWKH5HYLHZDQGIRUWKHODVWKDOIKRXU,KDYHEHHQ

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`+DG\RXDYRLGHGWKHTXHVWLRQZKLFK\RXVWDWHKDVEHHQGRQHLWZRXOGKDYHEHHQPRUHLQ

    DFFRUGDQFHZLWKWKHOLJKW*RGKDVVHHQILWWRJLYHWRPH,KDYHKDGVRPHLPSUHVVLYHGUHDPV>6HH7HVWLPRQLHVIRUWKH&KXUFK@WKDWKDYHOHGPHWRIHHOWKDW\RXDUHQRWDOWRJHWKHULQWKHOLJKW(OGHU>'0@&DQULJKWZDVSUHVHQWLQJKLVLGHDVXSRQWKHODZDQGVXFKDPL[HGXSFRQFHUQ,QHYHUKHDUG1HLWKHURI\RXVHHPHGWRVHHRUXQGHUVWDQGZKHUHKLVDUJXPHQWVZRXOGOHDGWR^`7KHUHZDV@PXVLFDQGVLQJLQJ+HVDLG,DPJRLQJLQWRWKDWERDW,WKLQNWKLVERDWZLOOJRWRSLHFHV^`7KH&DSWDLQVWRRGILUPO\DQGVDLG,NQRZHYHU\SLHFHRIWLPEHULQWKHVKLSDQGLWZLOO

    RXWULGHHYHU\VWRUP%XWWKDWERDWKDVZRUPHDWHQDQGGHFD\LQJWLPEHUV,WZLOOQRWHQGXUHWKHWHPSHVW^`,WKRXJKWKHVDLG,DPJRLQJRQWKDWERDWLI,SHULVKZLWKLW^`

  • 1RZP\EUHWKUHQ,GRQRWIHHOYHU\KDSS\DQGUHDVVXUHGZKHQ,WKLQN\RXKDYHHQFRXUDJHG(OGHU&DQULJKWLQJLYLQJOHVVRQVWRWKHVWXGHQWVLQWKHFROOHJHDQGLQSRXULQJLQWRWKH5HYLHZVXFKDPDVVRIPDWWHUDVWKRXJKKHZHUHELVKRSRIWKH0HWKRGLVW&KXUFK^`$QGWKHQZKHQWKDWREMHFWLRQDEOHDUWLFOHFDPHRXWHYHQLILWGLGFRPHRXWZKLOH(OGHU>8ULDK@

    6PLWKZDVQRWSUHVHQWZKRRI\RXODLGWKLVPDWWHURSHQEHIRUHKLP"^`,WVHHPV,KDGWRZULWHKLPDQGVSHDNSODLQO\RQWKLVSRLQW$QGKHKDVXVHGHYHU\FKHFNSXW

    RQKLPE\P\VHOIDVDFDXVHWRWKURZKLPVHOI^`,WKLQNLI\RXKDGGRQH\RXUGXW\,VKRXOGQRWKDYHEHHQFDOOHGXSRQWRZULWHWRKLP,KDYH

    EHHQVKRZQDQGKDYHWROGKLPWKDWKHZDVDORRVHZULWHUWKDWKHZDVHYHUVHHNLQJWREHRULJLQDODQGWKDWKHJDYHDVVHUWLRQIRUSURRIWKDWKHGLGQRWOLYHDQGZDONZLWK*RGVRWKDWKHFRXOGEHDVDIHZULWHU^`,DGYLVHGKLVERRNVWREHVXSSUHVVHGHVSHFLDOO\WKHRQHRQWKHODZWKHYHU\VXEMHFWKH

    ZDVFRQYHUVLQJZLWK\RXLQUHJDUGWR,IWKDWZRUNLVZKDW,EHOLHYHLWWREH,ZRXOGEXUQHYHU\FRS\LQWKHILUHEHIRUHRQHVKRXOGEHJLYHQRXWWRRXUSHRSOH^`$QGDIWHUKLVDSRVWDV\>&DQULJKWOHIWWKH6HYHQWKGD\$GYHQWLVW&KXUFKSHUPDQHQWO\LQ

    )HEUXDU\@ZK\QHHG\RXVD\WKHWKLQJVLQUHJDUGWRKLP\RXKDYH"*RGGLGQRWWUHDWDSRVWDWHVLQWKLVZD\DQGLI\RXKDGDQ\WKLQJWRVD\VD\LWZLWKRXWSXWWLQJVXFKWKLQJVLQWKHSDSHU,WHOO\RXEUHWKUHQ,DPWURXEOHGZKHQ,VHH\RXWDNHSRVLWLRQVWKDW\RXIRUELGRWKHUVWRWDNHDQGWKDW\RXZRXOGFRQGHPQLQRWKHUV,GRQRWWKLQNWKLVLVWKHULJKWZD\WRGHDOZLWKRQHDQRWKHU^`,ZDQWWRVHHQR3KDULVDLVPDPRQJXV7KHPDWWHUQRZKDVEHHQEURXJKWVRIXOO\EHIRUHWKH

    SHRSOHE\\RXUVHOIDVZHOODV'U:DJJRQHUWKDWLWPXVWEHPHWIDLUO\DQGVTXDUHO\LQRSHQGLVFXVVLRQ,VHHQRRWKHUZD\DQGLIWKLVFDQQRWEHGRQHZLWKRXWDVSLULWRI3KDULVDLVPWKHQOHWXVVWRSSXEOLVKLQJWKHVHPDWWHUVDQGOHDUQPRUHIXOO\OHVVRQVLQWKHVFKRRORI&KULVW^`

    ,EHOLHYHQRZWKDWQRWKLQJFDQEHGRQHEXWRSHQGLVFXVVLRQ

  • WRXVHLWVNLOOIXOO\%XWOHWQRQHIHHOWKDWZHNQRZDOOWKHWUXWKWKH%LEOHSURFODLPV^`(OGHU&DQULJKWVFRXUVHLVFRQWHPSWLEOHDQGGRQRWVHHNWRSDOOLDWHLWZLWKVRIWZRUGVRU

    VPRRWKVSHHFKHV^`,GRQRWORVHP\IDLWKLQ*RGQRULQ\RXP\EUHWKUHQQHLWKHUGR,FRQVLGHUWKDW\RXDUH

    DERYHWHPSWDWLRQVEXW\RXDUHOLDEOHWRPDNHPLVWDNHV2QHWKLQJ,GRNQRZ*RGZLOOKHOSXVLIZHZLOOVHHN+LPPRVWHDUQHVWO\^`7KHJRVSHOLVQRWDOOSHDFH,KDYHPDQ\FRQIOLFWV,KDYHPDQ\ZDNHIXOKRXUVEXW,WU\WR

    FDVWDOOP\FDUHVDQGEXUGHQVRQ-HVXV3DLQIXOGRXEWVDQGIHDUVDVVDLOPHOHVW,VKDOOQRWEHIDLWKIXOLQWKHGLVFKDUJHRIP\HYHU\GXW\^`:HZLOOPRYHVWHDGIDVWO\RQORRNLQJWR-HVXVOHDUQLQJRI-HVXVREWDLQLQJWKHORYHRI

    -HVXVRXUKHDUWVPHOWHGLQWHQGHUQHVVWRZDUGHDFKRWKHU^`7KHUHOLJLRQRI&KULVW,WHVWLI\LVQRWRQHRIJORRPEXWRIJODGQHVV%XWZKHQWKHJORRP

    FRPHVWKHQZHPXVWEDWWOH)LJKWHYHU\LQFKE\IDLWKXQWLOZHFDQWULXPSKLQIDLWK:KLOHZHKDYHFDXVHWRJULHYHRYHUWKHVLQIXOQHVVRIRWKHUVZHPXVWSUD\PRUHDQGFOLQJPRUHILUPO\WRWKHSURPLVHV/HWWHU^`(OOHQ*:KLWH(VWDWH:DVKLQJWRQ'&2FWREHU(QWLUH/HWWHU

    Chapter3ToBrethrenWhoShallAssembleinGeneral

    Conference

    %+HDOGVEXUJ&DO$XJXVW;'HDU%UHWKUHQ:KR6KDOO$VVHPEOH,Q*HQHUDO&RQIHUHQFH:HDUHLPSUHVVHGWKDWWKLVJDWKHULQJZLOOEHWKHPRVWLPSRUWDQWPHHWLQJ\RXKDYHHYHU

    DWWHQGHG7KLVVKRXOGEHDSHULRGRIHDUQHVWO\VHHNLQJWKH/RUGDQGKXPEOLQJ\RXUKHDUWVEHIRUH+LP,KRSH\RXZLOOUHJDUGWKLVDVDPRVWSUHFLRXVRSSRUWXQLW\WRSUD\DQGFRXQVHOWRJHWKHUDQGLIWKHLQMXQFWLRQRIWKHDSRVWOHWRHVWHHPRWKHUVEHWWHUWKDQRXUVHOYHVLVFDUHIXOO\KHHGHGWKHQ\RXFDQLQKXPLOLW\RIPLQGZLWKWKHVSLULWRI&KULVWVHDUFKWKHVFULSWXUHVFDUHIXOO\WRVHHZKDWLVWUXWK^`7KHWUXWKFDQORVHQRWKLQJE\FORVHLQYHVWLJDWLRQ/HWWKHZRUGRI*RGVSHDNIRULWVHOIOHWLW

    EHLWVRZQLQWHUSUHWHUDQGWKHWUXWKZLOOVKLQHOLNHSUHFLRXVJHPVDPLGWKHUXEELVK^`,WKDVEHHQVKRZQPHWKDWWKHUHDUHPDQ\RIRXUPLQLVWHUVZKRWDNHWKLQJVIRUJUDQWHGDQG

    NQRZQRWIRUWKHPVHOYHVE\FORVHFULWLFDOVWXG\RIWKHVFULSWXUHVZKHWKHUWKH\DUHEHOLHYLQJWUXWKRUHUURU,IWKHUHZDVPXFKOHVVSUHDFKLQJE\VXFKDQGIDUPRUHWLPHVSHQWXSRQWKHLUNQHHVEHIRUH*RGSOHDGLQJIRU+LPWRRSHQWKHLUXQGHUVWDQGLQJWRWKHWUXWKRI+LVZRUGWKDWWKH\PLJKWKDYHDNQRZOHGJHIRUWKHPVHOYHVWKDWWKHLUIHHWZHUHVWDQGLQJRQVROLGURFNDQJHOVRI*RGZRXOGEHDURXQGDERXWWKHPWRKHOSWKHPLQWKHLUHQGHDYRUV^`7KHUHLVDPRVWZRQGHUIXOOD]LQHVVWKDWLVLQGXOJHGLQE\DODUJHFODVVRIRXUPLQLVWHUVZKR

    DUHZLOOLQJRWKHUVVKRXOGVHDUFKWKHVFULSWXUHVIRUWKHPDQGWKH\WDNHWKHWUXWKIURPWKHLUOLSV

  • DVDSRVLWLYHIDFWEXWWKH\GRQRWNQRZLWWREH%LEOHWUXWKWKURXJKWKHLURZQLQGLYLGXDOUHVHDUFKDQGE\WKHGHHSFRQYLFWLRQVRIWKHVSLULWRI*RGXSRQWKHLUKHDUWVDQGPLQGV^`/HWHYHU\VRXOQRZEHGLYHVWHGRIHQY\RIMHDORXV\RIHYLOVXUPLVLQJDQGEULQJWKHLUKHDUWV

    LQWRFORVHFRQQHFWLRQZLWK*RG,IDOOGRWKLVWKH\ZLOOKDYHWKDWORYHEXUQLQJXSRQWKHDOWDURIWKHLUKHDUWVZKLFK&KULVWHYLGHQFHGIRUWKHP$OOSDUWLHVZLOOKDYH&KULVWLDQNLQGQHVVDQG&KULVWLDQWHQGHUQHVV7KHUHZLOOEHQRVWULIHIRUWKHVHUYDQWVRI*RGPXVWQRWVWULYH7KHUHZLOOEHQRSDUW\VSLULWWKHUHZLOOEHQRVHOILVKDPELWLRQ^`2XUSHRSOHLQGLYLGXDOO\PXVWXQGHUVWDQG%LEOHWUXWKPRUHWKRURXJKO\IRUWKH\FHUWDLQO\ZLOO

    EHFDOOHGEHIRUHFRXQFLOVWKH\ZLOOEHFULWLFLVHGE\NHHQDQGFULWLFDOPLQGV,WLVRQHWKLQJWRJLYHDVVHQWWRWKHWUXWKDQGDQRWKHUWKLQJWKURXJKFORVHH[DPLQDWLRQDV%LEOHVWXGHQWVWRNQRZZKDWLVWUXWK^`:HKDYHEHHQDSSULVHGRIRXUGDQJHUVWKHWULDOVDQGWHPSWDWLRQVMXVWEHIRUHXVDQGQRZLV

    WKHWLPHWRWDNHVSHFLDOSDLQVWRSUHSDUHRXUVHOYHVWRPHHWWKHWHPSWDWLRQVDQGWKHHPHUJHQFLHVZKLFKDUHMXVWEHIRUHXV^`,IVRXOVQHJOHFWWREULQJWKHWUXWKLQWRWKHLUOLYHVDQGEHVDQFWLILHGWKURXJKWKHWUXWKWKDWWKH\

    PD\EHDEOHWRJLYHDUHDVRQRIWKHKRSHWKDWLVZLWKLQWKHPZLWKPHHNQHVVDQGIHDUWKH\ZLOOEHVZHSWDZD\E\VRPHRIWKHPDQLIROGHUURUVDQGKHUHVLHVDQGZLOOORVHWKHLUVRXOV,EHJRI\RXP\EUHWKUHQIRU&KULVWVVDNHWRKDYHQRVHOILVKDPELWLRQV^`$V\RXVKDOODVVHPEOHWRJHWKHUDWWKLVJHQHUDOPHHWLQJV,EHVHHFKRI\RXWRPDNHD

    SHUVRQDOHIIRUWWRFOHDQVHVRXODQGVSLULWIURPHYHU\GHILOLQJLQIOXHQFHZKLFKZRXOGVHSDUDWH\RXIURP*RG0DQ\PDQ\ZLOOEHORVWEHFDXVHWKH\KDYHQRWVWXGLHGWKHLU%LEOHVXSRQWKHLUNQHHVZLWKHDUQHVWSUD\HUWR*RGWKDWWKHHQWUDQFHRIWKHZRUGRI*RGPLJKWJLYHOLJKWWRWKHLUXQGHUVWDQGLQJ$OOVHOILVKDPELWLRQVKRXOGEHODLGDVLGHDQG\RXVKRXOGSOHDGZLWK*RGIRUKLV6SLULWWRGHVFHQGXSRQ\RXDVLWFDPHXSRQWKHGLVFLSOHVZKRZHUHDVVHPEOHGWRJHWKHUXSRQWKHGD\RI3HQWHFRVW7KH\ZHUHDOOZLWKRQHDFFRUGLQRQHSODFHDQGVXGGHQO\WKHUHFDPHDVRXQGIURPKHDYHQDVRIDUXVKLQJPLJKW\ZLQGDQGLWILOOHGDOOWKHKRXVHZKHUHWKH\ZHUHVLWWLQJ$QGWKHUHDSSHDUHGXQWRWKHPFORYHQWRQJXHVOLNHDVRIILUHDQGLWVDWXSRQHDFKRIWKHPDQGWKH\ZHUHDOOILOOHGZLWKWKH+RO\*KRVWDQGEHJDQWRVSHDNZLWKRWKHUWRQJXHVDVWKHVSLULWJDYHWKHPXWWHUDQFH/HWHYHU\KHDUWEHVXEGXHGEHIRUH*RG/HWWKHUHEHDWDNLQJKROGE\OLYLQJIDLWKIRUYLFWRU\RYHU6DWDQ^`,IDOOZKRFODLPWREHOLHYHWKH%LEOHGLGEHOLHYHLWDVWKHRUDFOHVRI*RGDVDFWXDOO\DGLYLQH

    FRPPXQLFDWLRQWHDFKLQJHYHU\VRXOZKDWWRGRLQRUGHUWREHVDYHGZKDWDGLIIHUHQWHIIHFWZRXOGIROORZWKHLUODERUV,WLVEHFDXVHVRPDQ\ZKRKDQGOHWKHZRUGRI*RGLQRSHQLQJWKHVFULSWXUHVWRRWKHUVDUHQRWGLOLJHQWVWXGHQWVRIWKHVFULSWXUHVRUGRHUVRIWKHZRUGWKHPVHOYHVWKDWWKH\PDNHVROLWWOHDGYDQFHPHQWLQJURZWKRIJUDFHDQGLQFRPLQJWRWKHIXOOVWDWXUHRIPHQDQGZRPHQLQ&KULVW-HVXV7KH\WDNHODUJHO\WKHLQWHUSUHWDWLRQRIWKHVFULSWXUHVIURPRWKHUVOLSVEXWGRQRWSXWWKHLUPLQGVWRWKHWD[RIVHDUFKLQJWKHHYLGHQFHVIRUWKHPVHOYHVWRNQRZZKDWLVWUXWK^`$OOPLVXQGHUVWDQGLQJVDQGFRQWURYHUVLHVPD\EHKDSSLO\DQGVXFFHVVIXOO\DGMXVWHGE\WKH

    OLYLQJWHVWLPRQLHVRIWKHZRUGRI*RG2QHRIWKHJUHDWHVWKLQGUDQFHVWRRXUVSLULWXDOVXFFHVVLVWKHJUHDWZDQWRIORYHDQGUHVSHFWHYLGHQFHGIRURQHDQRWKHU:HVKRXOGVHHNPRVWHDUQHVWO\E\HYHU\ZRUGDQGDFWLRQWRDQVZHUWKHSUD\HURI&KULVWDQGWRHQFRXUDJHWKDWXQLW\ZKLFKLVH[SUHVVHGLQWKHSUD\HURI&KULVWWKDWZHPD\EHRQHDVKHLVRQHZLWKWKH)DWKHU^`(YHU\IHHOLQJRILQGLIIHUHQFHIRURQHDQRWKHUVKRXOGEHVWUHQXRXVO\RYHUFRPHDQG

    HYHU\WKLQJWKDWZRXOGWHQGWRYDULDQFHZLWKEUHWKUHQVKRXOGEHSXWDZD\IURPXV7KHORYHRI-HVXV&KULVWH[LVWLQJLQWKHKHDUWZLOOFRQVXPHWKHVHOLWWOHWKLQJVRUJUHDWHUWKLQJVZKLFKWHQGWRGLYLGHKHDUWV6DWDQVVHHVWKDWLQXQLW\WKHUHLVVWUHQJWKWKDWLQYDULDQFHDQGGLVXQLRQWKHUHLVZHDNQHVV^`

  • +HDYHQVHQOLJKWHQPHQWLVZKDWLVQHHGHGVRWKDWZKHQZHORRNXSRQWKHIDFHVRIRXUEUHWKUHQZHPD\FRQVLGHU7KHVHDUHWKH\WKDWKDYHEHHQSXUFKDVHGE\WKHSULFHRIWKHEORRGRI&KULVW7KH\DUHSUHFLRXVLQKLVVLJKW,PXVWORYHWKHPDV&KULVWKDVORYHGPH7KHVHDUHP\IHOORZODERUHUVLQWKHKDUYHVWILHOG,PXVWEHSHUIHFWO\XQLWHGZLWKWKHP,PXVWVSHDNRQO\ZRUGVWKDWZLOOWHQGWRHQFRXUDJHDQGDGYDQFHWKHPLQWKHLUIRUZDUGPRYHPHQW^`0\EUHWKUHQ\RXDUH&KULVWVVROGLHUVPDNLQJDJJUHVVLYHZDUIDUHDJDLQVW6DWDQDQGKLV

    KRVWEXWLWLVJULHYRXVWRWKH6SLULWRI*RGIRU\RXWREHVXUPLVLQJHYLORIRQHDQRWKHUDQGOHWWLQJWKHLPDJLQDWLRQRI\RXUKHDUWVEHFRQWUROOHGE\WKHSRZHURIWKHJUHDWDFFXVHUZKRVHEXVLQHVVLWLVWRDFFXVHWKHPEHIRUH*RGGD\DQGQLJKW6DWDQKDVKLVVROGLHUVWUDLQHGIRUWKHVSHFLDOZRUNRIEUHDNLQJXSWKHXQLRQZKLFK&KULVWPDGHVRJUHDWDVDFULILFHWRHVWDEOLVKEHWZHHQEUHWKUHQ^`:HDUHWREHERXQGWRRQHDQRWKHULQVDFUHGERQGVRIKRO\XQLRQ%XWLWLVWKHZRUNRIWKH

    HQHP\WRFUHDWHDSDUW\VSLULWDQGWRKDYHSDUW\IHHOLQJVDQGVRPHIHHOWKDWWKH\DUHGRLQJWKHZRUNRI*RGLQVWUHQJWKHQLQJSUHMXGLFHVDQGMHDORXVLHVDPRQJEUHWKUHQ*RGZRXOGKDYHDVDFUHGRUGHUWRH[LVWDPRQJKLVFRZRUNHUVWKDWWKH\PD\EHERXQGWRJHWKHUE\&KULVWLQWKH/RUG*RGRI,VUDHO:HDUHWREHIDLWKIXOIUDQNDQGWUXHWRWKHLQWHUHVWVRIHDFKRWKHU:HDUHFRQVWDQWO\WREHOLVWHQLQJIRURUGHUVIURPRXUFDSWDLQEXWQRWEHJXLOW\RIOLVWHQLQJWRUHSRUWVDJDLQVWRXUEUHWKUHQRULPDJLQLQJHYLORIRXUEUHWKUHQ^`2XULQWHUHVWVPXVWEHERXQGXSZLWKRXUEUHWKUHQVDQGLWLVGHFLGHGO\QRWKLQJEXWWKHZRUN

    RIWKHGHYLOWRFUHDWHVXVSLFLRQDQGMHDORXVLHVEHWZHHQWKHWZREUDQFKHVRIWKHZRUNLQRXUSXEOLVKLQJKRXVHV:HDUHZRUNLQJIRUWKHVDPHFDXVHDQGXQGHUWKHVDPHPDVWHU,WLVRQHZRUNIRUWKHSUHSDUDWLRQRIWKHSHRSOHRI*RGLQWKHVHODVWGD\V^`7KHSURVSHULW\DQGUHSXWDWLRQRIWKHVHLQVWLWXWLRQVDUHWREH]HDORXVO\JXDUGHGDVZHZRXOG

    KDYHRXURZQKRQRUDQGUHSXWDWLRQSUHVHUYHG(YHU\WKLQJOLNHHYLOVSHDNLQJHYHU\ZRUGWKDWVDYRUVRIVDUFDVPHYHU\LQIOXHQFHWKDWZRXOGGHPHULWRXUEUHWKUHQRUDQ\EUDQFKRIWKHZRUNRI*RGDUHDOOZRUNLQJDZD\IURPWKHSUD\HURI&KULVW6DWDQLVDWZRUNLQWKLVPDWWHUWKDWWKHSUD\HURI&KULVWPD\QRWEHDQVZHUHGDQGKHKDVKHOSHUVLQWKHYHU\PHQZKRFODLPWREHGRLQJWKHZRUNRI*RG^`(YHU\WKLQJWKDWLVVDLGWRFUHDWHVXVSLFLRQRUWRFDVWDVOXURUWRGHPHULWWKRVHHQJDJHGLQ

    WKHVHDSSRLQWHGDJHQFLHVLVZRUNLQJRQ6DWDQVVLGHRIWKHTXHVWLRQ,WEULQJVRQO\ZHDNQHVVWRRXURZQVRXOVDQGLVDJUHDWKLQGUDQFHWRWKHDGYDQFHPHQWRIWKHZRUNRI*RG^`)RU\HDUVLWKDVEHHQVKRZQPHWKDWHYHU\WKLQJRIWKLVFKDUDFWHUZDVJULHYRXVWRWKH6SLULW

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`,WLVKLJKWLPHWKDWHYHU\VRXOLQWUXVWHGZLWKUHVSRQVLELOLWLHVVKRXOGH[DPLQHKLVRZQKHDUW

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

  • `

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`/HWHYHU\WKRXJKWHYHU\ZRUGDQGWKHGHSRUWPHQWVDYRURIWKDWFRXUWHV\DQG&KULVWLDQ

    SROLWHQHVVWRZDUGHDFKRWKHUZKLFKWKHVFULSWXUHVHQMRLQ*RGGHVLJQVZHVKRXOGEHOHDUQHUVILUVWIURPWKHOLYLQJRUDFOHVDQGVHFRQGIURP*RGKRZWRWUHDWRXUIHOORZPHQ7KLVLV*RGVRUGHU7KHZRUGRI*RGLVWKHJUHDWGHWHFWRURIHUURUWRLWZHEHOLHYHHYHU\WKLQJPXVWEHEURXJKW7KH%LEOHPXVWEHRXUVWDQGDUGIRUHYHU\GRFWULQHDQGSUDFWLFH:HPXVWVWXG\LWUHYHUHQWLDOO\:HDUHWRUHFHLYHQRRQHVRSLQLRQZLWKRXWFRPSDULQJLWZLWKWKH6FULSWXUHV+HUHLVGLYLQHDXWKRULW\ZKLFKLVVXSUHPHLQPDWWHUVRIIDLWK^`,WLVWKHZRUGRIWKHOLYLQJ*RGWKDWLVWRGHFLGHDOOFRQWURYHUVLHV,WLVZKHQPHQPLQJOHWKHLU

    RZQKXPDQVPDUWQHVVZLWK*RGVZRUGVRIWUXWKLQJLYLQJVKDUSWKUXVWVWRWKRVHZKRDUHLQFRQWURYHUV\ZLWKWKHPWKDWWKH\VKRZWKDWWKH\KDYHQRWDVDFUHGUHYHUHQFHIRU*RGVLQVSLUHGZRUG7KH\PL[WKHKXPDQZLWKWKHGLYLQHWKHFRPPRQZLWKWKHVDFUHGDQGWKH\EHOLWWOH*RGVZRUG^`:HPXVWLQVHDUFKLQJWKH6FULSWXUHVEHILOOHGZLWKZLVGRPDQGSRZHUWKDWLVDERYHWKH

    KXPDQZKLFKZLOOVRVRIWHQDQGVXEGXHRXUKDUGKHDUWVWKDWZHZLOOVHDUFKWKH6FULSWXUHVDVGLOLJHQWVWXGHQWVDQGZLOOUHFHLYHWKHLQJUDIWHGZRUGWKDWZHPD\NQRZWKHWUXWKWKDWZHPD\WHDFKLWWRRWKHUVDVLWLVLQ-HVXV^`7KHFRUUHFWLQWHUSUHWDWLRQRIWKH6FULSWXUHVLVQRWDOOWKDW*RGUHTXLUHV+HHQMRLQVXSRQXV

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`

    7KHUHLVQRDVVXUDQFHWKDWRXUGRFWULQHLVULJKWDQGIUHHIURPDOOFKDIIDQGHUURUXQOHVVZHDUHGDLO\GRLQJWKHZLOORI*RG,IZHGRKLVZLOOZHVKDOONQRZRIWKHGRFWULQH:HVKDOOVHHWKHWUXWKLQLWVVDFUHGEHDXW\:HVKDOODFFHSWLWZLWKUHYHUHQFHDQGJRGO\IHDUDQGWKHQZHFDQSUHVHQWWKDWZKLFKZHNQRZLVWUXWKWRRWKHUV7KHUHVKRXOGEHQRIHHOLQJRIVXSHULRULW\RUVHOI

  • H[DOWDWLRQLQWKLVVROHPQZRUN^`$OOZKRKDYHWKHWUXWKFDQDIIRUGWREHIDLULQGLVFXVVLRQIRUWUXWKZLOOEHDUDZD\WKHYLFWRU\

    7KLVLVWKHRQO\ZD\WKHZRUGRI*RGFDQEHLQYHVWLJDWHGZLWKDQ\VXFFHVV,IVHOILVEURXJKWLQWKHUHZLOOQRWEHDQLQYHVWLJDWLRQRIWUXWKLQWKHVSLULWRI&KULVWDOOSKDULVHHLVPLVWREHSXWDVLGH$OODVVXPSWLRQVDQGSUHFRQFHLYHGRSLQLRQVDUHWREHWKRURXJKO\WHVWHGE\WKHVWDQGDUGRIWUXWK^`7KHVRXOWKDWLVLQORYHZLWK*RGDQGKLVZRUNZLOOEHDVFDQGLGDVWKHGD\7KHUHZLOOEHQR

    TXLEEOLQJQRHYDGLQJWKHWUXHEHDULQJRIVFULSWXUH*RGVZRUGLVRXUIRXQGDWLRQRIDOOGRFWULQH6RPHWKLQNLWLVDPDUNRILQWHOOLJHQFHDQGVPDUWLQWKHPWRJHWXSVLGHLVVXHVDQGWKH\WZLVWWKHVFULSWXUHVLQDFHUWDLQZD\ZKLFKFRYHUVRYHUWKHWUXWK^`

    Chapter4EngaginginWorldlySpeculation

    (QJDJLQJLQ:RUOGO\6SHFXODWLRQ0DQXVFULSW6HSW;,ZDVFRPSOHWHO\SURVWUDWHGZLWKVLFNQHVV7KHWLPHKDGDUULYHGIRURXU

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`,IRXQGDUHWLUHGKRPHLQWKH2DNODQG0LVVLRQ%URDQG6LVWHU0F&OXUHZHUHDWWHQWLYHWRP\

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`

  •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`0HVVDJHVFDPHWRPHIURPWKH/RUG6SHDNDFFRUGLQJWRDOOWKHZRUGVZKLFK,VKDOOJLYH

    WKHHLQZDUQLQJVLQUHSURRILQFRUUHFWLRQQRWRQO\WRWKRVHWKDWDUHWDXJKWEXWWRWKRVHZKRDUHWHDFKHUVRIWKHZRUG7KHILUVWZRUNLVWREHGRQHIRUWKHVKHSKHUGVRIWKHIORFNWKDWWKH\PD\EHZDUQHGQRWWRWHDFKWKHLURZQZRUGVLQVWHDGRI*RGVZRUGVDVGLGWKH6FULEHVDQG3KDULVHHV^`7KHPLQLVWU\PXVWEHHOHYDWHGWKHPHQLQVDFUHGRIILFHPXVWEHGHYRWHGDQG*RGIHDULQJ

    2QHUHFNOHVVPDQLUUHYHUHQWFDUHOHVVLQVSHHFKWKHDWULFDOLQDWWLWXGHXQFRQVHFUDWHGLQVSLULWZLOOWKURXJKKLVLQIOXHQFHPRXOGRWKHUVWRGRDVKHGRHVWRDFWDVKHDFWVDQGPHHWWKHVDPHORZVWDQGDUGZKLFKKHKDVHUHFWHGIRUKLPVHOILQWKHSODFHRIPHHWLQJ*RGVVWDQGDUG6D\V&KULVW,NQRZP\VKHHSDQGP\VKHHSKHDUP\YRLFH$JDLQKHVD\V,DPNQRZQRIPLQH^`:HPXVWKDYHDFRQYHUWHGPLQLVWU\DQGWKHQWKHWUXWKZLOOEHH[DOWHGEHFDXVHLWLVWDXJKWLQ

    WKHOLIHDQGZRYHQLQWRWKHFKDUDFWHU7KHWUXWKLVWREHFRPHDOLYLQJDFWLYHSULQFLSOHLQFRQYHUWLQJWKHVRXO^`,ZDVDODUPHGDWWKHVWDWHRIWKLQJV>ZKLFK@QRZH[LVWHGIRU,NQHZIURPWKHOLJKWZKLFKWKH

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

  •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`3ODLQDQGGHFLGHGWHVWLPRQLHVZHUHJLYHQPHRI*RGWREHDUWRWKH)UHVQRFKXUFKVRPHRI

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`+RZHDV\DQGQDWXUDOIRUWKHKHDUWWKDWLVQRWXQGHUWKHFRQVWDQWFRQWURORIWKH6SLULWRI*RG

    WRVHHWKLQJVLQDSHUYHUWHGOLJKWDVDUHVXOWRIGHSDUWLQJIURPWKHZRUGRI*RGDQGIURPWKHWHVWLPRQLHVRIKLVVSLULWDOWKRXJKWKH\KDYHIROORZHGWKHPIRU\HDUVLQDGPRQLWLRQVDQGZDUQLQJVHQWUHDWLHVDQGUHSURRI$YRLFHKDGEHHQVD\LQJ7KLVLVWKHZD\ZDONLQLWEXWVHOIVDLG1R,ZLOOIROORZP\RZQMXGJPHQW^`,ZDQWPRUHOLEHUW\,PXVWKDYHP\LQGHSHQGHQFH+RZ,ORQJHGWRVHHWKHPFRPHWRWKHLU

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`7KHZD\WKH7UXWKDQGWKH/LIHZDVVHHNLQJWRPDNHKLVYRLFHKHDUGEXWWKH\UHIXVHGWR

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

  •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`7KH/RUGE\KLVVSLULWUROOHGEDFNWKHFORXGZKLFKKDGHQYHORSHGVRPHPLQGVWKHVQDUHRI

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`$EXUGHQZDVXSRQP\VRXO,NQHZWKDWWKH/RUGZRXOGPDQLIHVWKLVSRZHU,ZDVXUJHGE\

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

  • $OWKRXJKWKURXJKWKHYRLFHVDQGSHQVRIPDQ\WKHWUXPSHWKDGJLYHQDFHUWDLQVRXQGRWKHUVRIWKHZDWFKPHQZHUHDVOHHSDQGNQHZQRWWKHWLPHRIWKHLUYLVLWDWLRQ^`7KH/RUGKDGIRRGZKHUHE\KLVVHUYDQWVPLJKWEHFRPHHQODUJHGDQGJURZWRWKHIXOOVWDWXUH

    RIPHQDQGZRPHQLQ&KULVW-HVXV:KDWLVWKHFKDIIWRWKHIXOONHUQHOVRIZKHDW"+RZJUHDWZDVP\EXUGHQLQWKDWWHQWLQP\IHHEOHQHVVWKDWQLJKW,NQRZWKDWWKH/RUGZDVJUDFLRXVO\ZLOOLQJWRIRUJLYHVLQVDQGSDUGRQWKHVLQQHUDQGP\KHDUWZDVVWLUUHGZLWKDQLQWHQVLW\RIGHVLUHWKDWDOOXSRQWKHFDPSJURXQGVKRXOGVHHWKHVDOYDWLRQRIWKH/RUG7RWKLVSHRSOH*RGKDGFRPPLWWHGVDFUHGWUXVWV+HKDGPDGHWKHPUHSRVLWRULHVRIOLJKWLQUHJDUGWRKLVODZDQGVKRXOG&KULVWVD\RIWKHVHKLJKO\IDYRUHG

  • SRZHULQRXUPLGVW^`$WWKHFDPSPHHWLQJ%URDQG6LVWHU'DQLHOVGUHZQHDUWRWKH/RUGDQGWKH/RUGGLGLQGHHG

    GUDZQLJKWRWKHP$VE\SUD\HUDQGKHDUWIHOWFRQIHVVLRQWKH\ZRUNHGRXWWKHLURZQVDOYDWLRQZLWKIHDUDQGWUHPEOLQJWKH/RUGZRUNHGLQWKHPWRZLOODQGWRGRRIKLVJRRGSOHDVXUH7KHSURPLVHVHHPHGWREHLQGHHGIXOILOOHGRQWKLVRFFDVLRQ%XWXQWR\RXWKDWIHDUP\QDPHVKDOOWKH6XQRI5LJKWHRXVQHVVDULVHZLWKKHDOLQJLQKLVZLQJV,NQHZWKDW-HVXVZDVLQRXUPLGVW,NQHZWKDWKHJDYHPHVXVWDLQLQJJUDFHWRODERULQWKHPHHWLQJ)URPWKDWPHHWLQJ%UR'DQLHOVKDVWKURXJKWKHJUDFHRI&KULVWODERUHGIRUWKH)UHVQRFKXUFKZLWKWKHEHVWUHVXOWV^`7KHHQHP\KDGODLGDVQDUHIRUWKH)UHVQRFKXUFK%UHWKUHQKDGOHIWWKHFKXUFKHVZKHUH

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`

    +RZGRHVWKH/RUGRIKHDYHQORRNXSRQWKRVHWRZKRPKHKDVFRPPLWWHGWUXWKWREHSURFODLPHGWRWKHZRUOGZKLFKLVWRSURYHWRWKHPDVDYRURIOLIHXQWROLIHRURIGHDWKXQWRGHDWKZKHQWKH\DUHXQWUXHWRWKHLUWUXVW"7KRVHZKRHQJDJHLQVSHFXODWLRQFDQQRWNHHSWKHFRPPDQGPHQWVRI*RGLQVLQFHULW\DQGLQWUXWK7KHVDFUHGQHVVRIWKHWUXWKLVPDUUHGE\VHOILVKLQWHUHVWVDQGLQWKHMXGJPHQWLWZLOOEHVHHQWKDWWKHZRUGVRIUHSURRIDQGZDUQLQJ

  • VSRNHQE\WKHPLQLVWHUZKRHQJDJHGLQZRUOGO\VFKHPHVSOHDVHGWKHSHRSOHEXWGLGQRWFRQYLFWDQGFRQYHUWWKHPIRUGLGWKH\QRWVHHWKHVDPHZRUOGORYLQJVSLULWLQKLPZKRFODLPHGWREHOLHYHZHDUHKDYLQJWKHODVWPHVVDJHRIZDUQLQJWREHJLYHQWRWKHZRUOGWKDWWKHODVWPHVVDJHRIZDUQLQJZDVJRLQJWRWKHZRUOGDVLQWKHPVHOYHV7KH\VDLG,IKHEHOLHYHVZKDWKHWHDFKHVZRXOGKHGRDVKHLVGRLQJ"^`:HNQHZWKDWZRUNKDGWREHGRQHIRUWKH)UHVQRFKXUFKEHIRUHWKH\FRXOGVHHWKH

    LPSUHVVLRQWKH\ZHUHPDNLQJRQWKHSXEOLFPLQG7KH\ZHUHEXLOGLQJZDOOVWKDWZRXOGPDNHWKHWUXWKRIQRQHHIIHFWWRWKRVHWRZKRPLWVKRXOGEHSUHVHQWHG,ZDVSUD\LQJHDUQHVWO\ZKHQ(OGHU'DQLHOVZDVODERULQJLQ)UHVQRWKDWWKH/RUGZRXOGZRUNWKURXJKKLVVHUYDQWWRKLVRZQQDPHVJORU\,IWKH/RUGKDVODLGRQ(OGHU'DQLHOVDZRUNWRGRIRUWKHFKXUFKOHWWKRVHIRUZKRPKHODERUHGQRWORRNWRWKHLQVWUXPHQWEXWWR*RGZKRZRUNVWKURXJKKLP7KH/RUGVHQW*LGHRQWRGRDVSHFLDOZRUNDQGKHVDLGWR*LGHRQ*RLQWKLVWK\PLJKW+HGLUHFWHG*LGHRQWRWKHVWUHQJWKWKDWZDVEDFNRIKLVRZQVWUHQJWKDVLIKHVDLGWR*LGHRQ,KDYHFKRVHQWKHHWRGRDQHUUDQGIRUPHLQWKLV,KDYHUHJDUGHGWKHHJUDFLRXVO\DQGOHWWKLVEHHQFRXUDJHPHQWEHFDXVHWKRXKDVWIRXQGJUDFHLQWKHH\HVRIWKH/RUG*RLQWK\VWUHQJWKDQGFRQTXHU:HZHUHJODGWKDWWKHIUXLWVRIWKHZRUNLQ)UHVQRERUHHYLGHQFHWKDW*RGZDVGHDOLQJZLWKKXPDQPLQGV7KH/RUGZURXJKWXSRQKHDUWV+XPEOHFRQIHVVLRQVZHUHPDGHDQGWKHZRUNRIUHVWLWXWLRQWKDWZDVGRQHERUHZLWQHVVWRWKHJHQXLQHQHVVRIWKHZRUN,WPD\EHWKDWVRPHGLGQRWEULQJIRUWKWKHIUXLWVRIWKRURXJKUHSHQWDQFH7KHUHZDVVRPHFORVHWHVWLQJZRUNWREHGRQHLIWKHSORXJKVKDUHRIWUXWKZHQWGHHSHQRXJKWREUHDNXSWKHIDOORZJURXQGRIWKHKHDUW7KHWHVWLPRQ\RIPDQ\ZDV,KDYHQHYHUVHHQLWRQWKLVZLVHEHIRUH7KHHYLGHQFHZDVRIDFKDUDFWHUWKDWQRRQHFRXOGGRXEWEXWWKDWWKHZRUNZDVRI*RG&RQIHVVLRQVRIVLQVZHUHPDGHDQGOLNH=DFFKDHXVVRXOVZHUHLPSUHVVHGWRVD\,I,KDYHWDNHQDXJKWIURPDQ\PDQ,ZLOOUHVWRUHKLPIRXUIROG7KLVZRUNRIPDNLQJWKLQJVULJKWDVIDUDVKXPDQSRZHUFRXOGZDVLQWKHRUGHURI*RG^`,WLVQRWDJUHHDEOHWRWKHKXPDQKHDUWWRGRULJKW7KHVSLULWLVLQZDUIDUHDJDLQVWWKHIOHVK

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

  • HYHU\ZDQWRIWKHVRXO/HWQRW\RXUPLQGVEHHQWDQJOHGLQZRUOGO\VFKHPHVEXWGLJGHHSLQWKHPLQHVRI*RGVZRUGIRUWKHSUHFLRXVJHPVRIWUXWKZKLFKDUHWKHUH&KULVWZLOOTXDOLI\\RXWREHSDUWDNHUVRIKLVJUDFH
  • (OGHU*RRGULFKLVKHUHIURP0DLQH(OG8QGHUZRRGIURP2KLR6DQGV/DQHDQGKLVEURWKHU2WWR*RGVPDUN'HFNHUIURP2UHJRQ&RUOLVV86PLWK9DQ+RUQ6DQERUQ)DUJR5XEHUW'U:DJJRQHUDQGZLIHPDQ\PDQ\,FDQQRWWKLQNRIQRZ:HGRQRWIRUJHW\RXEXWZHSUD\IRU\RX:HORQJWRVHHWKHSRZHUDQGVSLULWRI*RGZRUNLQJXSRQWKHKHDUWVRIRXUPLQLVWHUV:HORQJWRVHHWKDWKXPLOLW\ZKLFKZHPXVWKDYHWRGRWKHZRUNRI*RGDFFHSWDEO\(YHU\WKLQJLVGRQHKHUHWKDWFDQEHGRQHWRIXUQLVKJRRGFOHDQEHGGLQJDQGJRRGZKROHVRPHIRRG^`

    (OGHU6PLWKDQG%XWOHUDUHYHU\ORDWKHWRKDYHDQ\WKLQJVDLGXSRQWKHODZLQ*DODWLDQVEXW,FDQQRWVHHKRZLWFDQEHDYRLGHG:HPXVWWDNHWKH%LEOHDVRXUVWDQGDUGDQGZHPXVWGLOLJHQWO\VHDUFKLWVSDJHVIRUOLJKWDQGHYLGHQFHVRIWUXWK^`:HOOWKHVXQLVVHWWLQJDQG,FDQQRWVHHYHU\JRRG3OHDVHZULWHXVRIWHQDV\RXFDQLILWLV

    RQO\DZRUGRUWZRDQG,ZLOOWU\WRZULWHTXLWHRIWHQWR\RX^`6XQGD\PRUQLQJ2FW

  • Chapter6MorningTalk

    $/LYLQJ&RQQHFWLRQ:LWK*RG0RUQLQJWDONE\(OOHQ*:KLWH

    0LQQHDSROLV0LQQHVRWD2FWREHU0DQXVFULSW,DPWKDQNIXOEUHWKUHQDQGVLVWHUVWKDW*RGKDVVSDUHGPHWRFRPHWRWKLVPHHWLQJ,KDYH

    EHHQVLFNQLJKXQWRGHDWKEXWSUD\HUZDVRIIHUHGE\WKRVHDVVHPEOHGDWWKH2DNODQGFDPSPHHWLQJDQGWKH/RUGKHDUGWKHP,WZDVQRWE\P\IDLWKIRU,KDGQRQHEXWWKH\H[HUFLVHGIDLWKLQP\EHKDOIDQGWKH/RUGJDYHPHVWUHQJWKWREHDUP\WHVWLPRQ\WRWKHSHRSOHLQ2DNODQGDQGWKHQ,VWDUWHGDVLWZHUHDWDYHQWXUHWRFRPHRQWKLVMRXUQH\,KDGEXWRQHVLQNLQJVSHOORQWKHZD\EXWWKH/RUGKHOSHGPHDQGZKHQZHUHDFKHG.DQVDV&LW\,ZHQWRXWWRWKHFDPSJURXQGZKHUHWKH\ZHUHKROGLQJWKHLUPHHWLQJDQGVSRNHWRWKHSHRSOH,QWKLV,UHDOL]HDQGNQRZWKDWWKH/RUGKDVVWUHQJWKHQHGPHDQG+HVKDOOKDYHDOOWKHJORU\^`1RZDVZHKDYHDVVHPEOHGKHUHZHZDQWWRPDNHWKHPRVWRIRXUWLPH,KDYHWKRXJKW

    DJDLQDQGDJDLQWKDWLIZHZRXOGRQO\PDNHWKHPRVWRIWKHSUHFLRXVRSSRUWXQLWLHV*RGKDGJLYHQXVWKH\ZRXOGGRXVVRPXFKPRUHJRRGEXWZHWRRRIWHQOHWWKHPVOLSDZD\DQGZHGRQRWUHDOL]HWKDWEHQHILWIURPWKHPZKLFKZHVKRXOG^`0\PLQGKDVEHHQGLUHFWHGWRWKHZRUGVRIWKHDSRVWOH3DXO+HVD\VLQWKHWZHQWLHWKRI

    $FWVEHJLQQLQJZLWKYHUVH$QGIURP0LOHWXVKHVHQWWR(SKHVXVDQGFDOOHGWKHHOGHUVRIWKHFKXUFK$QGZKHQWKH\ZHUHFRPHWRKLPKHVDLGXQWRWKHP

  • KDYHDEXUGHQIRUWKHSHULVKLQJVRXOVDURXQGXVDV3DXOKDGDQGZHZLOOOHDYHVXFKDQLPSUHVVLRQXSRQWKH\RXQJPHQDQGZRPHQZKRFODLPWREHOLHYHWKHWUXWKWKDWWKH\ZLOOIHHOWKDWWKHUHDUHLPSRUWDQWUHVSRQVLELOLWLHVUHVWLQJXSRQWKHP7KH\ZLOOIHHOWKDWWKHLUIDLWKPXVWEHLQFUHDVHGDQGWKDWWKH\PXVWWDNHXSWKHZRUNO\LQJGLUHFWO\LQWKHLUSDWKZD\DQGEHDEOHVVLQJWRRWKHUVKXPEOHGLOLJHQWREHGLHQWDQGZKHQWKH\PHHWWKHLUDVVRFLDWHVLWZLOOEHWRWDONRI-HVXV7KH\ZLOOFDUU\-HVXVLQWRWKHLUKRPHVDQGWHVWLI\WRDOORI+LVPHUF\^`,I&KULVWLVIRUPHGZLWKLQWKHKRSHRIJORU\\RXZLOOSXWDZD\DOOYDQLW\DQGIRROLVKVSHDNLQJ

  • IRU*RGWKHJUHDW0DVWHU:RUNHUKDVFKDUJHRI+LVRZQZRUNDQGLIPDQZLOOQRWLQWHUIHUHEXWOHDYHWKHZRUNWR*RGVRZQFRQWURO+HZLOOGRWKLVZRUNZHOO1RZ&KULVWZRXOGKDYH\RXZKRPLQLVWHULQVDFUHGWKLQJVWREHKRO\DV+HLVKRO\'RQRWIRUJHWWKDW\RXUSRZHULVLQ*RG%HVXUHWKDWLI*RGKDVFDOOHG\RXWRRSHQ+LV:RUGWRWKHSHRSOH+HKDVFDOOHG\RXWRSXULW\DQGJRRGQHVV^`
  • Chapter7SabbathAfternoonTalk

    6HUPRQE\(OOHQ*:KLWH0LQQHDSROLV0LQQHVRWD2FWREHU0DQXVFULSW7H[W%HKROGZKDWPDQQHURIORYHWKH)DWKHUKDWKEHVWRZHGXSRQXVWKDWZHVKRXOGEH

    FDOOHGWKHVRQVRI*RGWKHUHIRUHWKHZRUOGNQRZHWKXVQRWEHFDXVHLWNQHZKLPQRW-RKQ^`)LUVWSDJHRIVHUPRQPLVVLQJ+RZFDQZHXQGHUVWDQG*RG"+RZDUHZHWRNQRZRXU)DWKHU":HDUHWRFDOO+LPE\WKH

    HQGHDULQJQDPHRI)DWKHU$QGKRZDUHZHWRNQRZ+LPDQGWKHSRZHURI+LVORYH",WLVWKURXJKGLOLJHQWVHDUFKRIWKH6FULSWXUHV:HFDQQRWDSSUHFLDWH*RGXQOHVVZHWDNHLQWRRXUVRXOVWKHJUHDWSODQRIUHGHPSWLRQ:HZDQWWRNQRZDOODERXWWKHVHJUDQGSUREOHPVRIWKHVRXORIWKHUHGHPSWLRQRIWKHIDOOHQUDFH,WLVDZRQGHUIXOWKLQJWKDWDIWHUPDQKDGYLRODWHGWKHODZRI*RGDQGVHSDUDWHGKLPVHOIIURP*RGZDVGLYRUFHGDVLWZHUHIURP*RGWKDWDIWHUDOOWKLVWKHUHZDVDSODQPDGHZKHUHE\PDQVKRXOGQRWSHULVKEXWWKDWKHVKRXOGKDYHHYHUODVWLQJOLIH^`$IWHUWKHWUDQVJUHVVLRQRI$GDPLQ(GHQLWZDV&KULVWZKRP*RGJDYHWRXVQRWWKDWZH

    PLJKWEHVDYHGLQRXUVLQVEXWWKDWZHPLJKWEHVDYHGIURPRXUVLQVWKDWZHVKRXOGUHWXUQWRRXUOR\DOW\WR*RGDQGEHFRPHREHGLHQWFKLOGUHQ$VZH\LHOGRXUPLQGVRXUVRXOVRXUERGLHVDQGRXUDOOWRWKHFRQWUROOLQJ6SLULWRI*RGLWLVWKHQWKDWWKH6SLULWRIWUXWKLVZLWKXVDQGZHFDQEHFRPHLQWHOOLJHQWLQUHJDUGWRWKLVJUHDWSODQRIUHGHPSWLRQ^`,WLVWUXHWKDW*RGJDYH+LVRQO\EHJRWWHQ6RQWRGLHIRUXVWRVXIIHUWKHSHQDOW\RIWKH

    >EURNHQ@ODZRI*RG:HDUHWRFRQVLGHUWKLVDQGGZHOOXSRQLW$QGZKHQRXUPLQGVDUHFRQVWDQWO\GZHOOLQJXSRQWKHPDWFKOHVVORYHRI*RGWRWKHIDOOHQUDFHZHEHJLQWRNQRZ*RGWREHFRPHDFTXDLQWHGZLWK+LPWRKDYHDNQRZOHGJHRI*RGDQGRIKRZ-HVXV&KULVWZKHQ+HFDPHWRRXUZRUOGODLGDVLGH+LVUR\DOUREHVDQG+LVNLQJO\FURZQDQGFORWKHG+LVGLYLQLW\ZLWKKXPDQLW\)RURXUVDNHV+HEHFDPHSRRUWKDWZHWKURXJK+LVSRYHUW\PLJKWEHPDGHULFK7KH)DWKHUVHQW+LV6RQKHUHDQGULJKWKHUHRQWKLVOLWWOHDWRPRIDZRUOGZHUHHQDFWHGWKHJUDQGHVWVFHQHVWKDWZHUHHYHUNQRZQWRKXPDQLW\^`$OOWKHXQLYHUVHRIKHDYHQZDVORRNLQJRQZLWKLQWHQVHLQWHUHVW:K\"7KHJUHDWEDWWOHZDV

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`+RZZDV*RGWREHULJKWO\UHSUHVHQWHGWRWKHZRUOG"+RZZDVLWWREHNQRZQWKDW+HZDVD

    *RGRIORYHIXOORIPHUF\NLQGQHVVDQGSLW\"+RZZDVWKHZRUOGWRNQRZWKLV"*RGVHQW+LV6RQDQG+HZDVWRUHSUHVHQWWRWKHZRUOGWKHFKDUDFWHURI*RG^`6DWDQKDVFRPHULJKWLQDQGSODFHGKLPVHOIEHWZHHQ*RGDQGPDQ,WLVKLVZRUNWRGLYHUW

    WKHKXPDQPLQGDQGKHWKURZVKLVGDUNVKDGRZULJKWDWKZDUWRXUSDWKZD\VVRWKDWZHFDQQRWGLVFHUQEHWZHHQ*RGDQGWKHPRUDOGDUNQHVVDQGFRUUXSWLRQDQGWKHPDVVRILQLTXLW\WKDWLVLQ

  • RXUZRUOG7KHQZKDWDUHZHJRLQJWRGRDERXWWKHPDWWHU"6KDOOZHOHWWKDWGDUNQHVVUHPDLQ"1R7KHUHLVDSRZHUKHUHIRUXVWKDWZLOOEULQJLQWKHOLJKWRIKHDYHQWRRXUGDUNZRUOG&KULVWKDVEHHQLQKHDYHQDQG+HZLOOEULQJWKHOLJKWRIKHDYHQGULYHEDFNWKHGDUNQHVVDQGOHWWKHVXQOLJKWRI+LVJORU\LQ7KHQZHVKDOOVHHDPLGWKHFRUUXSWLRQDQGSROOXWLRQDQGGHILOHPHQWWKHOLJKWRIKHDYHQ^`:HPXVWQRWJLYHXSDWWKHGHILOHPHQWWKDWLVLQWKHKXPDQUDFHDQGHYHUNHHSWKDWEHIRUH

    WKHPLQGVH\H:HPXVWQRWORRNDWWKDW:KDWWKHQDUHZHWRGR":KDWLVRXUZRUN"7REHKROGZKDWPDQQHURIORYHWKH)DWKHUKDWKEHVWRZHGXSRQXV'RQRWOHWWKHEOLJKWLQJLQIOXHQFHVWKDWDUHIORRGLQJWKHZRUOGEHWKHSLFWXUHWKDWLVEHIRUHWKHPLQGEXWKROGXSWKHSXULW\DQGORYHRI*RG'RQRWKDQJLQPHPRU\VKDOOSLFWXUHVRIDOOWKHFRUUXSWLRQDQGLQLTXLW\WKDW\RXFDQEXQGOHWRJHWKHU1RGRQRWGRLW,WGLVFRXUDJHVWKHPLQG$GLVFRXUDJHGPDQLVJRRGIRUQRWKLQJ-XVWJHWWKHPLQGRIIWKHVHGDUNSLFWXUHVE\WDONLQJRI*RGVORYHDQG\RXPD\KDQJPHPRU\VKDOOVZLWKWKHEULJKWHVWSLFWXUHVWKDW\RXFDQLPDJLQH^`:HZDQWWRNHHSWKHSHUIHFW3DWWHUQEHIRUHXV*RGZDVVRJRRGDVWRVHQGD

    UHSUHVHQWDWLRQRI+LPVHOILQ+LV6RQ-HVXV&KULVWDQGZHZDQWWRJHWWKHPLQGDQGKHDUWWRXQIROGDQGUHDFKXSZDUG-XVWDVVRRQDV$GDPDQG(YHIHOOWKHLUFRXQWHQDQFHVIHOODWWKHVLJKWRIWKHLUPLVHUDEOHQHVV:HPD\VHHRXUZUHWFKHGQHVVDQGZHVKRXOGSUD\WKDW*RGZLOOUHYHDORXURZQKHDUWVWRXVEXWZHVKRXOGSUD\DOVRWKDW+HZLOOUHYHDO+LPVHOIWRXVDVDVLQSDUGRQLQJ5HGHHPHU/HW\RXUVEHWKHSUD\HU5HYHDO7K\VHOIWRPHWKDWLQ7K\PDWFKOHVVJUDFH,PD\OD\KROGRQWKHJROGHQOLQN&KULVWZKLFKKDVEHHQOHWGRZQIURPKHDYHQWRHDUWKWKDW,PD\JUDVSLWDQGEHGUDZQXSZDUG^`%UHWKUHQ\RXKDYHDOOVHHQRQWKHERVRPRIWKHODNHWKHEHDXWLIXOZKLWHOLO\+RZDQ[LRXV

    ZHKDYHEHHQKRZZHKDYHZLVKHGDQGZRUNHGWKDWZHPLJKWJHWWKDWEORVVRP1RPDWWHUKRZPXFKVFXPDQGGHEULVDQGILOWKWKHUHLVDURXQGLW\HWWKDWGRHVQRWGHVWUR\RXUGHVLUHIRUWKHOLO\:HZRQGHUKRZWKHOLO\FDQEHVREHDXWLIXODQGZKLWHZKHUHWKHUHLVVRPXFKILOWK:HOOWKHUHLVDVWHPWKDWVWULNHVGRZQWRWKHJROGHQVDQGVEHQHDWKDQGJDWKHUVQRWKLQJEXWWKHSXUHVWVXEVWDQFHWKDWIHHGVWKHOLO\XQWLOLWGHYHORSVLQWRWKHSXUHDQGVSRWOHVVIORZHUDVZHVHHLW^`6KRXOGQRWWKLVWHDFKXVDOHVVRQ",WRXJKWWR,WVKRZVWKDWDOWKRXJKWKHUHLVLQLTXLW\DOO

    DURXQGXVZHVKRXOGQRWDSSURDFKLW'RQRWWDONRIWKHLQLTXLW\DQGZLFNHGQHVVWKDWDUHLQWKHZRUOGEXWHOHYDWH\RXUPLQGVDQGWDONRI\RXU6DYLRXU:KHQ\RXVHHLQLTXLW\DOODURXQG\RXLWPDNHV\RXDOOWKHPRUHJODGWKDW+HLV\RXU6DYLRXUDQGZHDUH+LVFKLOGUHQ7KHQVKDOOZHORRNDWWKHLQLTXLW\DURXQGXVDQGGZHOOXSRQWKHGDUNVLGH"

  • 0DUWKDZDVE\P\VLGH$VVRRQDVVKHFDPHLQWRWKHJDUGHQ,VDLG0DUWKDGR\RXQRWVHHWKLVEHDXWLIXOJDUGHQ"6HHKHUHDUHWKHOLOLHVWKHURVHVDQGWKHSLQNVGUHDP@UHSUHVHQWV\RXUFDVHH[DFWO\
  • DQGHYHU\RQHHOVHLVGLVOR\DO,GRQRWNQRZZKDWVKHZLOOGRRUGULYHKLPWR6KHWKLQNVKHLVXQIDLWKIXODQGVKHWDONVRILWDQGGZHOOVXSRQLWWLOOVKHEULQJVDOOKHUPLVHU\RQWKHUHVWRIXVDVWKRXJKVKHZHUHLPSRVHGXSRQZKHQWKHUHLVQRQHHGRILWDWDOO^`,VQRWWKLVWKHFDVHZLWKPDQ\RIXV"'RZHQRWGZHOORQWULIOHVDQGWDONRIWKHPWLOORXU

    WKRXJKWVDUHFKDQJHGWRWKHVDPHVLPLOLWXGH":HFDQGULYHHYHQRXUFKLOGUHQWRGRZURQJWKLQJVE\DFFXVLQJWKHPRIZURQJVRIZKLFKWKH\DUHQRWJXLOW\:KLOHZHDUHWRUHEXNHDQGH[KRUWLQDOOORYHVKRXOGZHQRWDOVRH[DOW-HVXVDQGWDONRI+LVORYH"^`%HKROGZKDWPDQQHURIORYHWKH)DWKHUKDWKEHVWRZHGXSRQXVWKDWZHVKRXOGEHFDOOHG

    WKHVRQVRI*RG,WLVRQHRI6DWDQVGHYLFHVWKDWZHVKRXOGEHSLFNLQJXSDOOWKHVHGLVDJUHHDEOHWKLQJVDQGWKDWRXUPLQGVVKRXOGQRWEHGZHOOLQJRQ*RGDQG+LVORYH7KDWLVZKDW6DWDQZDQWVWKDWZHVKRXOGNHHSRXUPLQGVRFFXSLHGZLWKWKHVHWKLQJVRIDUHYROWLQJFKDUDFWHUWKDWFDQQRWEULQJSHDFHMR\DQGKDUPRQ\LQWRWKHOLIHQRWKLQJEXWGLVFRXUDJHPHQWDQGWKDWZHVKRXOGQRWUHSUHVHQW-HVXV&KULVW^`1RZ&KULVWOHIWXV+LVZRUNZKHQ+HZHQWDZD\DQG+HVDLG/R,DPZLWK\RXDOZD\

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`1RZ,ZDQWWRUHDGWR\RXVRPHWKLQJDERXWWKLVORYHRI*RGDQGZKDWZHRXJKWWRGRLQ

    RUGHUWKDWZHVKDOOEULQJMR\LQWRRXURZQKHDUWV3DXOVD\V)RUWKLVFDXVHZHDOVRVLQFHWKHGD\ZHKHDUGLWGRQRWFHDVHWRSUD\IRU\RXDQGWRGHVLUHWKDW\HPLJKWEHILOOHGZLWKWKHNQRZOHGJHRIKLVZLOOLQDOOZLVGRPDQGVSLULWXDOXQGHUVWDQGLQJ1RWLQRUGHUWKDWZHPLJKWKDYHDWDVWHEXWWKDWZHPLJKWEHILOOHG7KDW\HPLJKWZDONZRUWK\RIWKH/RUGXQWRDOOSOHDVLQJEHLQJIUXLWIXOLQHYHU\JRRGZRUNDQGLQFUHDVLQJLQWKHNQRZOHGJHRI*RG6WUHQJWKHQHGZLWKDOOPLJKWDFFRUGLQJWRKLVJORULRXVSRZHUXQWRDOOSDWLHQFHDQGORQJVXIIHULQJZLWKMR\IXOQHVV^`,IZHKDYHDVHQVHRIWKHJRRGQHVVRI*RGLQVHQGLQJ+LV6RQWRGLHIRUVLQIXOPDQDQGLI

    ZHNHHSWKDWLQWHUZRYHQLQWRRXUH[SHULHQFHDQGULYHWHGLQWKHPLQGZHVKDOOKDYHVXFKORYHIRUWKRVHIRUZKRP&KULVWGLHGWKDWWKHUHZLOOEHQR>GHVLUHIRU@VXSUHPDF\,WLV6DWDQWKDWEULQJVLQWKHVHGLIIHUHQFHV:KLOHZHDUHZRUVKLSLQJ*RGWKHUHZLOOEHQRKDWUHGQRHQY\QRHYLOVXUPLVLQJ%UHWKUHQZHKDYHQRWLPHIRUWKHVH:HFDQQRWWKLQNRIWKHP7KHUHLVVRPHWKLQJHOVHEHIRUHXV,WLVWKHHWHUQDOZHLJKWRIJORU\WKHSODQRIVDOYDWLRQ:HRXJKWWRXQGHUVWDQGLWIURPEHJLQQLQJWRWKHFORVHWKDWZHPD\SUHVHQWLWMXVWO\WRWKHZRUOG^`:KDWLVRXUZRUNKHUH":HDUHWRWDNHKROGRIWKHZRUNMXVWZKHUH&KULVWOHIWLW:KDWZDV

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`

  •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`

    :KHQ,DZDNHLQWKHQLJKW,EHJLQWRSUD\6RPHWKUHHZHHNVDJR,DZRNHDQGVDLG2*RGKDYHPHUF\RQPH,KDGQRPRUHWKDQVSRNHQZKHQDYRLFHE\PHVHHPHGWRVD\,DPULJKWE\\RX,KDYHQRWOHIW\RX7KLVZDVHYHU\WKLQJWRPHDQGLWPD\EHMXVWWKHVDPHWR\RX-HVXVVD\V,DPULJKWE\\RXGZHOOLQJZLWK\RX\RXDUHQRWDORQHDWDOO7KDWZDVMXVWWKHMR\,H[SHULHQFHGDQGLWZDVZRUWKPRUHWKDQPRXQWDLQVRIJROGWRPH,KDYHOHDUQHGWRWUXVWP\6DYLRXUDQG,ZDQWWRWHOO\RXWKDW,KDYHD6DYLRXUDQG+HOLYHVDQGEHFDXVH+HOLYHV,VKDOOOLYHDOVR^`2XUOLYHVDUHKLGZLWK&KULVWLQ*RGDQGZKHQ+HZKRLVRXU/LIHVKDOODSSHDUZHVKDOO

    DSSHDUZLWK+LPLQJORU\

  •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`:HKDYHVHHQRIWKHJUDFHRI*RGVLQFHZHPHW\RXODVW6LQFHODVWVSULQJ,KDYHYLVLWHG

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`+HZDVQRWDOLFHQWLRXVPDQKHKDGDZLIHDQGKHUHVSHFWHGKHU6KHZDVD

    6DEEDWKNHHSHUDQGKHZRXOGQRWDOORZDZRUGWREHVDLGDJDLQVWKHU7KLVZDVWKHSRVLWLRQKHWRRNKHORYHGKHUEXWQRWHQRXJKWRVWRSKLVHYLOFRXUVH+HGLGQRWFDUHIRUWKHVSRLORIKLVUREEHULHVEXWGLGLWIRUWKHHQMR\PHQWKHIRXQGLQLW:HOO(OGHU>(3@'DQLHOVZDVKROGLQJPHHWLQJVDQGKHZDVVSHDNLQJRQFRQIHVVLRQ:KDWZDVVDLGVHHPHGWRWDNHKROGRIWKLVPDQVPLQGDQGKHFRXOGQRWUHVLVW+HVHHPHGWRWXUQZKLWHDQGWKHQOHIWWKHWHQW+HFRXOGQRWVWDQGLW+HZHQWRXWDQGWKHQKHFDPHEDFNDJDLQ7KLVKHGLGWKUHHWLPHVKHORRNHGDVLIKHZHUHJRLQJWRIDLQWDZD\^`$IWHUWKHPHHWLQJKDGFORVHGKHVDLG,PXVWWDONWR\RXVLU+HWROG(OGHU'DQLHOVKLV

    FRQGLWLRQDQGVDLG,VWKHUHDQ\KRSHIRUPH",DPDORVWPDQ,DPXQGRQH,DPDVLQQHU:LOO\RXSUD\IRUPH",GDUHQRWOHDYHWKLVSODFHWRJRKRPHIRUIHDUWKH/RUGZLOOFXWPHGRZQLQP\VLQV+HVDLGKHFRXOGQRWVWD\LQWKHWHQWDQGZHQWRXWDJDLQDQGDJDLQEXWGLGQRWGDUHUHPDLQRXWVLGHIRUIHDUWKHSRZHURIWKHGHYLOVKRXOGIDVWHQRQKLPDQGWKDWZRXOGEHWKHODVWRIKLP^`7KH\SUD\HGIRUKLPDQGWKHPDQZDVFRQYHUWHGULJKWWKHUH7KHGHILDQWORRNZDVJRQH

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`7KH\FRQIHVVHGWRKDYLQJEXUQHGKRXVHVDQGEDUQV$QGWKH\ZHQWWRWKHJUDQGMXU\DQG

    FRQIHVVHGWRKDYLQJVWROHQKHUHDQGWKHUH0LQGWKH\FRQIHVVHGWRWKHDXWKRULWLHV7KH\VDLG:HGHOLYHURXUVHOYHVXS'RZLWKXVDV\RXVHHILW6RWKHFDVHZDVFRQVLGHUHGLQFRXUWDQGWKH\KDGDFRXQFLORYHUWKHPDWWHU2QHVXJJHVWHGWKDWWKH\EHWWHUSXWWKRVHPHQWKURXJK7KHMXGJHORRNHGDWKLPDQGVDLG:KDWSXWKLPWKURXJK"3XWDPDQWKURXJKWKDW*RGLVSXWWLQJ

  • WKURXJK":RXOG\RXWDNHKROGRIDPDQWKDW*RGLVWDNLQJKROGRI":KRP*RGVIRUJLYLQJSRZHUKDVWDNHQKROGRI":RXOG\RXGRWKDW"1R,ZRXOGUDWKHUKDYHP\ULJKWDUPFXWRIIWRWKHVKRXOGHU6RPHWKLQJJRWKROGRIWKRVHPHQVRWKDWWKH\DOOZHSWDVFKLOGUHQ^`7KHUHSRUWRIWKDWH[SHULHQFHZHQWHYHU\ZKHUH3HRSOHWKRXJKWWKDWWKHUHZDVDSRZHULQ

    WKLVWUXWKWKDWZDVLQQRWKLQJHOVHDSRZHUWKDWVKRZVWKDW-HVXVOLYHV:HKDYHVHHQWKHSRZHURI+LVJUDFHPDQLIHVWHGLQPDQ\FDVHVLQDUHPDUNDEOHPDQQHU^`1RZZKHQHYHUZHFDQVHHDQ\WKLQJHQFRXUDJLQJSXWLWLQWKHSDSHUDQGWDONDERXWLW:K\

    WDONRI6DWDQVJUHDWSRZHUDQGKLVZRQGHUIXOZRUNVDQGVD\QRWKLQJRIWKHPDMHVW\DQGJRRGQHVVDQGPHUF\RIRXU*RGZKLFKIDOOVWRWKHJURXQGXQQRWLFHG"3LFNWKHVHXSEUHWKUHQZLWKFRQVHFUDWHGKDQGVSLFNWKHPXS+ROGWKHPKLJKEHIRUHWKHZRUOG7DONRIWKHORYHRI*RGDQGGZHOOXSRQLWWKDQN+LPIRULW2SHQWKHGRRUVRI\RXUKHDUWVDQGVKRZIRUWK\RXUJUDWLWXGHDQGORYH&OHDUDZD\WKLVUXEELVKZKLFK6DWDQKDVSLOHGEHIRUHWKHGRRURI\RXUKHDUWDQGOHW-HVXVFRPHLQDQGRFFXS\7DONRI+LVJRRGQHVVDQGSRZHU^`

  •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`,ORRNRYHUWKLVFRQJUHJDWLRQDQG\RXORRNOLNHGLVFRXUDJHGPHQOLNHPHQZKRKDYHEHHQ

    ILJKWLQJZLWKWKHSRZHUVRIGDUNQHVVEXWFRXUDJHEUHWKUHQ7KHUHLVKRSH,WGRWKQRW\HWDSSHDUZKDWZHVKDOOEHEXWZHNQRZWKDWZKHQKHVKDOODSSHDUZHVKDOOEHOLNHKLPIRUZHVKDOOVHHKLPDVKHLV$QGHYHU\PDQWKDWKDWKWKLVKRSHLQKLPSXULILHWKKLPVHOIHYHQDVKHLVSXUH^`2K,ORYH+LP,ORYH+LPIRU+HLVP\ORYH,VHHLQ+LPPDWFKOHVVFKDUPVDQGRKKRZ,

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`

    Chapter8ToG.I.Butler

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`7KH/RUGKDVSURYHGDQGWHVWHGDQGWULHGKLPDV+HGLG-REDQGDV+HGLG0RVHV,VHHLQ

    (OGHU%XWOHURQHZKRKDVKXPEOHGKLVVRXOEHIRUH*RG+HKDVDQRWKHUVSLULWWKDQWKH(OGHU%XWOHURI\RXQJHU\HDUV+HKDVEHHQOHDUQLQJKLVOHVVRQDWWKHIHHWRI-HVXV/HWWHU^`(OGHU8ULDK6PLWKDOVRFDPHRXWRIGDUNQHVVLQWRWKHOLJKW)RUIXUWKHUGHWDLOV>VHH$9

    2OVRQ7KLUWHHQ&ULVLV

  • ,KDYHUHDG\RXUOHWWHUZLWKVXUSULVHDQG\HW,DPQRWDOWRJHWKHULQWKHGDUNLQUHJDUGWR\RXUIHHOLQJV,IDLOWRGLVFRYHULQ\RXUOHWWHUWKHULJKWULQJ,GRQRWVHHLQ\RXUH[SUHVVLRQVLQUHJDUGWRRWKHUVWKHORYHDQGUHVSHFWWKDWVKRXOGH[LVWEHWZHHQEUHWKUHQ,I\RXWKLQN\RXFDQLQGXOJHLQIHHOLQJVRIFRQWHPSWIRUPHQZKRP*RGKDVEHHQUDLVLQJXSWRILOOLPSRUWDQWSODFHVLQ+LVZRUNIRUWKLVWLPHEHFDXVH\RXDUHWKHSUHVLGHQWRIWKH*HQHUDO&RQIHUHQFH\RXGRQRWXQGHUVWDQG\RXUWUXHSRVLWLRQ:HDOOQHHGUDWKHUWRHQFRXUDJHWKHVHPHQZKRDUHHYLGHQFLQJWKDWWKH\DUHEHDULQJEXUGHQVLQWKHZRUNHYHQLIWKH\DUH\RXQJHUPHQLQ\HDUVDQGLQH[SHULHQFHHYHQLIWKH\ZHUHPHUHFKLOGUHQZKHQZHZHUHDFWLYHLQWKHZRUNDQGVWDQGLQJLQWKHIRUHIURQWRIWKHEDWWOH^`,WUHPEOHIRU\RXDQG(OGHU6PLWKIRU,NQRZIURPWKHOLJKW*RGKDVEHHQJLYLQJPHIURP

    WLPHWRWLPHIRUWKHODVW\HDUVWKDW\RXDUHZRUNLQJXSRQSULQFLSOHVWKDWDUHQRWDOWRJHWKHUDIWHU*RGVRUGHU

  • WKHJUHDWFHQWHUZLOOHLWKHUEHDGYDQFLQJWRJUHDWHUOLJKWRULWZLOOEHUHWURJUDGLQJ^`+RZPHQFODLPLQJWREHOHGRI*RGFDQIHHODWHDVHZKHQWKHFKXUFKLVVRGHVWLWXWHRIWKH

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`,FDQQRWEHSOHDVHGZLWK\RXUVSLULW%URWKHU%XWOHULWLVQRW&KULVWOLNH,DPVRUU\IRU\RXWKDW

    \RXKDYHQRWNHSWSDFHZLWKWKHRSHQLQJSURYLGHQFHRI*RG

  • 3VDOP@7KHUHDUHKXQGUHGVWKDWNQRZQRWZK\WKH\EHOLHYHWKHGRFWULQHVWKH\GR^`/HWDOOVHDUFKWKH6FULSWXUHVGLOLJHQWO\IRUWKHPVHOYHVDQGQRWEHVDWLVILHGWRKDYHWKH

  • OHDGHUVGRLWIRUWKHPHOVHZHVKDOOEHDVDSHRSOHLQDSRVLWLRQVLPLODUWRWKDWRIWKH-HZVLQ&KULVWVWLPHKDYLQJSOHQW\RIPDFKLQHU\IRUPVDQGFXVWRPVEXWEHDULQJOLWWOHIUXLWWR*RGVJORU\,WLVWLPHIRUWKHFKXUFKWRUHDOL]HKHUVROHPQSULYLOHJHVDQGVDFUHGWUXVWDQGWROHDUQIURPWKHJUHDW7HDFKHU^`7KHVSLULWZKLFKKDVSUHYDLOHGDWWKLVPHHWLQJLVQRWRI&KULVW7KHUHLVQRWORYHWKHUHLVQRW

    V\PSDWK\RUWHQGHUFRPSDVVLRQRQHWRZDUGDQRWKHU'DUNVXVSLFLRQVKDYHEHHQVXJJHVWHGE\6DWDQWRFDXVHGLVVHQVLRQ5RRWVRIELWWHUQHVVKDYHVSUXQJXSZKHUHE\PDQ\ZLOOEHGHILOHG&KULVWLDQVVKRXOGKDUERUQRMHDORXVLHVRUHYLOVXUPLVLQJVIRUWKLVVSLULWLVRI6DWDQ7KHUHPXVWEHQRVWULIHEHWZHHQEUHWKUHQ*RGKDVPDGHWKLVSHRSOHWKHUHSRVLWRU\RIVDFUHGWUXWKV

  • PD\EHWKRVHZKRP*RGZLOOFKRRVHWRGRDVSHFLDOZRUNIRU+LPQRWZLWKVWDQGLQJ\RXUMXGJPHQWWRWKHFRQWUDU\^`7KHFKXUFKHVKDYHEHHQFKHULVKLQJDVSLULWZKLFK*RGFDQQRWDSSURYHDQGXQOHVVWKH\

    KXPEOHWKHLUVRXOVEHIRUH*RGDQGSRVVHVVDGLIIHUHQWVSLULWWKH\ZLOOUHMHFW*RGVOLJKWDQGIROORZVSXULRXVOLJKWWRWKHUXLQRIWKHLURZQDQGPDQ\RWKHUVRXOV7KH\PXVWKDYHWKHFRQYHUWLQJSRZHURI*RGWRWUDQVIRUPWKHP7KLVSRZHUQHHGVWRFRPHLQWR\RXUKHDUWP\EURWKHUDQGPROG\RXRYHUDQHZ6HVVLRQ@WZR\HDUVVLQFH7KH/RUGZDVQRWSOHDVHGZLWKWKDWPHHWLQJ

  • NQRZWKHHYLGHQFHKHKDVIRUKLVIDLWKDQG\RXFDQQRWFOHDUO\GHILQH\RXURZQSRVLWLRQ7DNH\RXU%LEOHDQGLQDNLQGO\VSLULWZHLJKHYHU\DUJXPHQWWKDWKHSUHVHQWVDQGVKRZKLPE\WKH6FULSWXUHVLIKHLVLQHUURU:KHQ\RXGRWKLVZLWKRXWXQNLQGIHHOLQJV\RXZLOOGRRQO\WKDWZKLFKLV\RXUGXW\DQGWKHGXW\RIHYHU\PLQLVWHURI-HVXV&KULVW^`7KHUHZHUHWKUXVWVLQ\RXUSDPSKOHWZKLFKWKH/RUGGLGQRWSURPSW\RXWRPDNH
  •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`'U.HOORJJLVDILQLWHPDQDQGKDVKLVHUURUVDVZHOODVRWKHUPHQEXW*RGKDVGRQHD

    ZRUNWKURXJKKLPDQGKDVEHHQJLYLQJKLPVWUHQJWK+HGRHVQRWQRZIHHOH[DVSHUDWHGDVKHRQFHGLGZKHQKHLVPLVMXGJHG+HQHHGVZLVHPHQIRUFRXQVHORUVIRUWKHLUZLVGRPZLOOEHUHTXLUHGWRVHWWKLQJVULJKWDQGNHHSWKHPULJKW0HQDUHQHHGHGLQWKHVDQLWDULXPDQGRXWRIWKHVDQLWDULXPZKRFDQDSSUHFLDWHWKHVLWXDWLRQRQDOOVLGHVZKRZLOOWDNHLQDOOLQWKHLUKHDULQJDQGQRWVD\

  •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`,GLGQRWKDYHRQHWKRXJKWDWWKH*HQHUDO&RQIHUHQFHDW2DNODQGRIPDNLQJWKUXVWVDW\RX

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`,DPYHU\VRUU\WKDW\RXVKRXOGKDYHDOORZHG\RXUVHOIWRWKLQNWKDWEHFDXVHKHKDVWUHDWHG

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`$QGZK\VKRXOGQRWWKRVHZKRUHSUHVHQWWKH6DQLWDULXPVKRZPHVRPHUHVSHFW"0\

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

  • `

    3KLOLSSLDQV@/HWWHU:ULWWHQWR(OGHU*HRUJH,%XWOHU2FWREHUIURP0LQQHDSROLV0LQQHVRWD^`:KLWH(VWDWH:DVK'&(QWLUH/HWWHU5HOHDVHG

    Chapter9ToG.I.Butler

    *HQHUDO,QWHUHVWRIWKH&DXVH%D'HDU%URWKHU$WKDOISDVWWZRLQWKHPRUQLQJZKLOHWKHKRXVHLVORFNHGLQVOXPEHU,FRPPHQFHSHQQLQJ

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`

    $VWKHZRUNJURZVLIWKHZRUNHUVZLOOUHO\ILUPO\XSRQWKHZLVGRPDQGSRZHURI*RGWKHLUPLQGVZLOOH[SDQGWRNHHSSDFHZLWKKLVRSHQLQJSURYLGHQFH7KRVHZKRSRVVHVVSLHW\DQGDELOLW\VKRXOGEHHQFR

Recommended