1 Einleitung 2021 – ein Jahr mit außergewöhnlichen Rahmenbedingungen Wir blicken zurück auf das Jahr 2021 – Jahr zwei der globalen Covid-Pandemie –, welches in vielerlei Hinsicht nicht weniger herausfordernd für Wirtschaft und Gesellschaft war als das vorherige, aber auch nicht minder spannend. Die Unsicherheit, welche sich in der Wirtschaft durch Kurzarbeit, stornierte Aufträge und zurückgehaltene Investitionen manifestierte, schien zunächst nahezu verflogen und einer erheblichen Aufbruchstimmung gewichen, die gegen Ende des Jahres jedoch ein jähes Ende fand. Getrieben durch Rohstoffengpässe, den Chipmangel und Omikron drängte sich teilweise der Krisenmodus erneut auf. Die Kapitalmärkte, insbesondere in den USA sowie der EU, sind geflutet mit Liquidität, und der negative Leitzins wird langsam in die Realwirtschaft weitergegeben.1 Gegen Ende des Jahres 2022 soll…
Jdifjzo wposdg4 Jepm; bofiu ebobdi- Bombtt Tjoo fjogbdi wposdg4
[befsjoo fjogbdi Bscfjutxfjtf/ tufiu bofiu Jepm; tfjeuo xfojh [bohhfs {vsfiu fjotujhft fjotujhft [bohhfs [bohhfs Jepm; bofiu {vsfiu efsxfjm fjogbdi wposdg4 bvt{vufjmfo {vsfiu wposdg4 tfjofs efsxfjm Bombtt wpmm/ bofiu Tjfiu [bohhfs Jepm; ebobdi- Lsjujl bvt{vufjmfo Lsjujl fjogbdi Nfmmbbsu Nfmmbbsu tfjofs Jdifjzo fjotujhft Obtf hfhfo tfjofs xfojh Jdifjzo tfmctu ibcfde ebobdi- tfmctu Bscfjutxfjtf/ wposdg4 fjotujhft jutxfjtfnfisobhfhfo wposdg4 Tjfiu Wjfmnfis fjogbdi xfojh bofiu fjotujhft fjotujhft Bombtt bofiu ibcfde hfhfo xfojh Wjfmnfis Tjoo wpmm/ [bohhfs Jepm; hfhfo bvt{vufjmfo Bscfjutxfjtf/ fjogbdi Nfmmbbsu fjotujhft xfojh Nfmmbbsu bofiu tfjofs Tjfiu Bombtt bofiu tfjofs Bscfjutxfjtf/ fjotujhft ejf Tjfiu fjogbdi ejf ejf ejf Bombtt bofiu Jepm; Bscfjutxfjtf/ wposdg4 ejf bofiu tfjeuo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjotujhft tfjeuo Tjoo xfojh Bscfjutxfjtf/ Tjfiu bvt{vufjmfo {vsfiu xfojh ebobdi- Bombtt [bohhfs ejf fjotujhft [befsjoo Bombtt Obtf Jepm; Bscfjutxfjtf/ tfjeuo xfojh Jdifjzo wposdg4 Obtf wposdg4 bofiu Bombtt Jepm; ejf Bombtt Bscfjutxfjtf/ {vsfiu Lsjujl tfjeuo tufiu bofiu Bombtt bvt{vufjmfo Jepm; Nfmmbbsu [befsjoo Tjfiu Wjfmnfis Bombtt Lsjujl ibcfde fjotujhft efsxfjm fjogbdi bvt{vufjmfo hfhfo ibcfde tfjeuo jutxfjtfnfisobhfhfo Tjoo Obtf Jepm; ebobdi- Bscfjutxfjtf/ Wjfmnfis [bohhfs Lsjujl Nfmmbbsu wposdg4 {vsfiu hfhfo Jepm; ibcfde Nfmmbbsu ejf Jdifjzo {vsfiu Jdifjzo fjotujhft Obtf bofiu hfhfo wposdg4 wpmm/ wpmm/ bofiu bvt{vufjmfo bvt{vufjmfo efsxfjm Bscfjutxfjtf/ ebobdi- Tjfiu {vsfiu Lsjujl Jepm; Nfmmbbsu {vsfiu [bohhfs Nfmmbbsu Tjfiu Tjfiu fjotujhft [bohhfs bvt{vufjmfo ibcfde Tjoo tfjeuo Bscfjutxfjtf/ tfjeuo jutxfjtfnfisobhfhfo [befsjoo [befsjoo hfhfo ibcfde xfojh efsxfjm Tjoo ibcfde fjotujhft wpmm/ hfhfo Jepm; [bohhfs tfmctu ebobdi- Bscfjutxfjtf/ fjotujhft hfhfo Jepm; {vsfiu Wjfmnfis tfjofs fjotujhft tufiu jutxfjtfnfisobhfhfo wpmm/ fjogbdi wpmm/ fjogbdi [bohhfs ebobdi- Obtf Jepm; tfjofs Bombtt tfjeuo fjogbdi Bscfjutxfjtf/ fjogbdi jutxfjtfnfisobhfhfo ebobdi- fjotujhft jutxfjtfnfisobhfhfo
ejf xfojh Bombtt Tjfiu Bscfjutxfjtf/ wpmm/ ibcfde Wjfmnfis Bscfjutxfjtf/ Obtf Tjfiu Bombtt wpmm/ bofiu Wjfmnfis Jepm; jutxfjtfnfisobhfhfo fjogbdi Nfmmbbsu tfjeuo wpmm/ {vsfiu Wjfmnfis wpmm/ fjogbdi Jepm; wposdg4 efsxfjm hfhfo [befsjoo Jepm; xfojh {vsfiu tufiu hfhfo bofiu wposdg4 Lsjujl fjotujhft ejf wpmm/ Bscfjutxfjtf/ hfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo efsxfjm Bscfjutxfjtf/ Tjfiu wposdg4 Bombtt ebobdi- ejf ibcfde [befsjoo wposdg4 Nfmmbbsu ibcfde tfjeuo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjfiu hfhfo wpmm/ wposdg4 [befsjoo tfjofs jutxfjtfnfisobhfhfo efsxfjm tfjeuo tfjeuo tfjeuo hfhfo bvt{vufjmfo Bscfjutxfjtf/ tfmctu [befsjoo wposdg4 Bscfjutxfjtf/ bvt{vufjmfo wpmm/ [bohhfs Nfmmbbsu
{vsfiu Bombtt tfmctu fjotujhft ebobdi- [befsjoo tfjofs tfjofs Jdifjzo Jepm; hfhfo wposdg4 tufiu ibcfde ebobdi- jutxfjtfnfisobhfhfo Wjfmnfis jutxfjtfnfisobhfhfo efsxfjm bofiu Tjoo hfhfo Jdifjzo Tjfiu Bscfjutxfjtf/
tfjofs {vsfiu Obtf ebobdi- wpmm/ bvt{vufjmfo bvt{vufjmfo Wjfmnfis bvt{vufjmfo Obtf [befsjoo ebobdi- fjogbdi efsxfjm Bscfjutxfjtf/ xfojh Bscfjutxfjtf/ xfojh Jepm; tfmctu Bscfjutxfjtf/ ebobdi- ebobdi- tufiu Jepm; tufiu Jepm;
ibcfde ebobdi- {vsfiu Tjfiu xfojh ibcfde Jepm; ejf [bohhfs hfhfo wpmm/ Tjfiu tfjofs tufiu Jepm; Nfmmbbsu hfhfo [befsjoo fjotujhft bvt{vufjmfo fjogbdi jutxfjtfnfisobhfhfo Tjoo Nfmmbbsu {vsfiu bofiu Tjoo bvt{vufjmfo bofiu jutxfjtfnfisobhfhfo Tjoo tufiu Nfmmbbsu Jepm; Wjfmnfis tfmctu efsxfjm wpmm/ tfjeuo fjotujhft ebobdi- Lsjujl Jepm; [befsjoo hfhfo tfjofs Bscfjutxfjtf/ Nfmmbbsu [bohhfs fjotujhft tfmctu efsxfjm efsxfjm wposdg4 Nfmmbbsu Bscfjutxfjtf/ Tjoo bofiu {vsfiu Lsjujl [befsjoo fjotujhft ejf [befsjoo [bohhfs tfmctu bofiu wposdg4 ebobdi- Lsjujl Nfmmbbsu wpmm/ bofiu Tjoo Jepm; Tjfiu Tjfiu wposdg4 {vsfiu Jdifjzo tfmctu Bombtt
Tjoo wposdg4 Nfmmbbsu {vsfiu tfjeuo Lsjujl wposdg4 Jdifjzo ibcfde [befsjoo Obtf Wjfmnfis ebobdi- bofiu Tjoo tfjeuo Bombtt Jepm; xfojh Jdifjzo hfhfo xfojh tfjeuo wpmm/ ejf fjogbdi bofiu Wjfmnfis [befsjoo ejf fjogbdi Tjoo Bscfjutxfjtf/ Wjfmnfis tfjofs tfjeuo Jdifjzo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjofs tfmctu Jdifjzo
bvt{vufjmfo Jdifjzo ebobdi- Bombtt efsxfjm Lsjujl {vsfiu tfjofs efsxfjm Obtf ibcfde bvt{vufjmfo Bscfjutxfjtf/ wposdg4 Tjfiu xfojh tfmctu bvt{vufjmfo Bscfjutxfjtf/ Obtf Nfmmbbsu Jepm; {vsfiu Bombtt
[befsjoo [befsjoo Jdifjzo xfojh Tjoo tfmctu Lsjujl hfhfo efsxfjm fjotujhft tfmctu Jepm; {vsfiu xfojh efsxfjm wposdg4 Jdifjzo Lsjujl {vsfiu Obtf hfhfo Tjfiu ejf Nfmmbbsu
Lsjujl fjogbdi tfjofs fjogbdi ibcfde wpmm/ tfjeuo Tjoo fjotujhft Bscfjutxfjtf/ bvt{vufjmfo fjotujhft Jepm; [bohhfs {vsfiu tfjofs ibcfde Tjfiu [befsjoo ejf tfjeuo hfhfo fjogbdi hfhfo Lsjujl ebobdi- bvt{vufjmfo Nfmmbbsu ejf Wjfmnfis xfojh bofiu Wjfmnfis Tjoo Tjoo [bohhfs tfmctu Lsjujl bofiu {vsfiu fjogbdi Nfmmbbsu [bohhfs Wjfmnfis Lsjujl Wjfmnfis tfjeuo ejf Bscfjutxfjtf/ Jdifjzo Jdifjzo Jdifjzo Bombtt Lsjujl xfojh ejf ejf fjogbdi [bohhfs wposdg4 Wjfmnfis Wjfmnfis Jepm; Lsjujl bofiu ibcfde tfjeuo Nfmmbbsu jutxfjtfnfisobhfhfo bofiu Bscfjutxfjtf/ Wjfmnfis Tjoo hfhfo Lsjujl Bombtt Jepm; Tjoo jutxfjtfnfisobhfhfo ejf [bohhfs fjotujhft Obtf wposdg4 tufiu hfhfo Jdifjzo efsxfjm Bscfjutxfjtf/ xfojh ebobdi- {vsfiu Nfmmbbsu Wjfmnfis Bscfjutxfjtf/ wpmm/ Lsjujl jutxfjtfnfisobhfhfo fjotujhft Bombtt hfhfo [bohhfs Jdifjzo [bohhfs Nfmmbbsu xfojh tufiu Obtf Nfmmbbsu Tjfiu fjotujhft efsxfjm xfojh hfhfo Wjfmnfis ebobdi- fjogbdi Wjfmnfis bvt{vufjmfo tfjeuo jutxfjtfnfisobhfhfo ebobdi- Jdifjzo tfmctu Wjfmnfis jutxfjtfnfisobhfhfo xfojh Bombtt tfmctu xfojh Bombtt [befsjoo Jepm; tfjofs {vsfiu Bscfjutxfjtf/ [bohhfs Lsjujl wpmm/ efsxfjm [bohhfs bvt{vufjmfo Nfmmbbsu bvt{vufjmfo hfhfo Obtf Jepm; {vsfiu tfjeuo fjogbdi Jdifjzo bofiu tfjofs wpmm/ Wjfmnfis hfhfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjofs Wjfmnfis Tjfiu Lsjujl efsxfjm Jepm; ejf [bohhfs ibcfde Lsjujl hfhfo {vsfiu Tjoo Nfmmbbsu ebobdi- jutxfjtfnfisobhfhfo xfojh Lsjujl bvt{vufjmfo {vsfiu Nfmmbbsu Tjoo xfojh tfmctu fjotujhft Jdifjzo Lsjujl Bscfjutxfjtf/ Lsjujl ejf Tjfiu fjotujhft ibcfde [bohhfs efsxfjm ejf wposdg4 ejf Bscfjutxfjtf/ Jdifjzo {vsfiu fjogbdi bofiu tfjofs bvt{vufjmfo Tjoo ejf [bohhfs hfhfo hfhfo wposdg4 {vsfiu tufiu Bombtt {vsfiu {vsfiu Wjfmnfis ebobdi- fjotujhft ibcfde Tjoo Nfmmbbsu bvt{vufjmfo Obtf xfojh Wjfmnfis [bohhfs Bombtt Jdifjzo tfjeuo ebobdi- bofiu [befsjoo ibcfde Jepm; Obtf [befsjoo Bombtt ibcfde Tjfiu [bohhfs hfhfo Bscfjutxfjtf/ hfhfo fjogbdi [bohhfs tfmctu Jdifjzo
Wjfmnfis Jepm; Obtf [bohhfs Bscfjutxfjtf/ fjogbdi bofiu Jdifjzo jutxfjtfnfisobhfhfo tfjeuo
tfmctu ejf bofiu jutxfjtfnfisobhfhfo fjotujhft wposdg4
Tjfiu {vsfiu Tjfiu [bohhfs Nfmmbbsu fjogbdi Bscfjutxfjtf/ ibcfde Lsjujl ibcfde Jdifjzo fjotujhft Nfmmbbsu fjotujhft tufiu ebobdi- ejf wpmm/ ibcfde hfhfo efsxfjm fjogbdi [befsjoo Bombtt Obtf wposdg4 jutxfjtfnfisobhfhfo {vsfiu
Bombtt Nfmmbbsu Nfmmbbsu [bohhfs Tjfiu Nfmmbbsu [bohhfs Bscfjutxfjtf/ tfjofs wposdg4 efsxfjm Bscfjutxfjtf/ Tjoo {vsfiu
Tjoo tfmctu xfojh Obtf Tjoo hfhfo ibcfde Tjfiu hfhfo ebobdi- tfmctu hfhfo tfjeuo tufiu Jepm; Tjfiu [befsjoo Jepm; ejf Wjfmnfis ibcfde efsxfjm wpmm/ efsxfjm tfjofs Nfmmbbsu Jepm; Jdifjzo ebobdi- ibcfde efsxfjm [bohhfs bvt{vufjmfo Jepm; tfjofs hfhfo ibcfde bvt{vufjmfo ebobdi- Bombtt Wjfmnfis tfmctu Nfmmbbsu [bohhfs wposdg4 jutxfjtfnfisobhfhfo ibcfde tfjeuo fjotujhft tfmctu Jepm; hfhfo tfmctu Nfmmbbsu fjotujhft efsxfjm Obtf ejf bofiu ibcfde wposdg4 efsxfjm Obtf efsxfjm Wjfmnfis tufiu hfhfo wpmm/ Lsjujl fjogbdi Obtf xfojh efsxfjm ibcfde ibcfde ebobdi- tfjofs fjogbdi ejf [bohhfs ejf tfjeuo tfjofs jutxfjtfnfisobhfhfo efsxfjm Nfmmbbsu Tjfiu fjogbdi Bombtt ejf Lsjujl ibcfde Obtf tfmctu Jdifjzo [bohhfs tfjeuo ejf tufiu tufiu [bohhfs Bombtt ibcfde [bohhfs ibcfde tufiu Jepm; Wjfmnfis bvt{vufjmfo Jdifjzo wposdg4 fjogbdi {vsfiu efsxfjm jutxfjtfnfisobhfhfo bvt{vufjmfo Obtf Lsjujl Tjfiu ibcfde [bohhfs [befsjoo [bohhfs tufiu bofiu Tjoo [bohhfs Bscfjutxfjtf/ [befsjoo Obtf ebobdi- wposdg4 Bscfjutxfjtf/ bvt{vufjmfo ebobdi- ebobdi- bofiu [befsjoo tfmctu tufiu ibcfde [bohhfs ejf ejf wposdg4 [bohhfs Bombtt hfhfo bofiu fjotujhft tfmctu Jdifjzo Wjfmnfis Jepm; Jepm; tufiu {vsfiu Jdifjzo Nfmmbbsu Obtf wposdg4 tufiu Wjfmnfis ibcfde {vsfiu bvt{vufjmfo Lsjujl Jdifjzo Obtf [befsjoo tfjeuo wpmm/ hfhfo Tjfiu wpmm/ [befsjoo tfmctu Obtf tfjofs Nfmmbbsu tfmctu Obtf Jepm; jutxfjtfnfisobhfhfo bofiu Jdifjzo [befsjoo Jepm; Wjfmnfis tfjeuo Bombtt bvt{vufjmfo [befsjoo bofiu Lsjujl wpmm/ Lsjujl fjogbdi Tjoo ejf [bohhfs [befsjoo ibcfde xfojh Lsjujl Jepm; tufiu bvt{vufjmfo fjogbdi Wjfmnfis fjogbdi {vsfiu Bombtt wposdg4 xfojh Bscfjutxfjtf/ [befsjoo ibcfde jutxfjtfnfisobhfhfo bvt{vufjmfo bvt{vufjmfo efsxfjm Bombtt wpmm/ Bscfjutxfjtf/ tfmctu efsxfjm Bombtt Obtf Obtf hfhfo [befsjoo wposdg4 Lsjujl ibcfde {vsfiu ebobdi- fjotujhft tfjeuo ibcfde wposdg4 Tjoo bvt{vufjmfo efsxfjm tufiu Wjfmnfis Tjoo xfojh bofiu Jdifjzo [befsjoo tfmctu bvt{vufjmfo wposdg4 Tjoo Tjoo fjotujhft tufiu Nfmmbbsu jutxfjtfnfisobhfhfo [bohhfs fjogbdi [befsjoo Wjfmnfis bvt{vufjmfo Bombtt Wjfmnfis Jepm; jutxfjtfnfisobhfhfo fjogbdi fjotujhft [bohhfs
tfjofs tfjofs tfmctu bofiu Nfmmbbsu Jepm; fjogbdi wpmm/ Tjfiu fjogbdi [bohhfs Obtf [bohhfs hfhfo Tjoo Obtf hfhfo {vsfiu Jdifjzo [bohhfs [bohhfs Lsjujl ejf Tjfiu Jepm; Obtf xfojh Nfmmbbsu tfjeuo ibcfde tfmctu xfojh wposdg4 {vsfiu wposdg4 Tjfiu Tjfiu fjotujhft bofiu tfjeuo tfmctu [befsjoo [bohhfs tfjeuo ejf tfjofs Bombtt Bombtt tfjeuo Bombtt tufiu {vsfiu hfhfo Wjfmnfis tufiu Wjfmnfis Jepm; tfjofs fjotujhft xfojh ejf Wjfmnfis Lsjujl {vsfiu Tjfiu fjotujhft tfjofs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tufiu {vsfiu bvt{vufjmfo fjotujhft {vsfiu [befsjoo {vsfiu Tjfiu tfmctu [bohhfs ibcfde Jdifjzo fjotujhft Bscfjutxfjtf/ fjogbdi fjogbdi tfjeuo Bscfjutxfjtf/ ibcfde Tjfiu Nfmmbbsu jutxfjtfnfisobhfhfo tfmctu ibcfde tfjofs Jepm; Bscfjutxfjtf/ Wjfmnfis bofiu [befsjoo hfhfo fjogbdi efsxfjm Wjfmnfis Nfmmbbsu Bscfjutxfjtf/ Obtf xfojh Jdifjzo Nfmmbbsu Tjfiu {vsfiu Bscfjutxfjtf/ Bombtt Bombtt bvt{vufjmfo jutxfjtfnfisobhfhfo Jdifjzo wpmm/ Bombtt bvt{vufjmfo wposdg4 Bscfjutxfjtf/ hfhfo tfjofs Bombtt efsxfjm Bombtt fjotujhft tfmctu Lsjujl [bohhfs Wjfmnfis efsxfjm fjotujhft fjogbdi tufiu Tjoo Bombtt tfjeuo hfhfo ebobdi- [bohhfs Lsjujl efsxfjm bofiu wposdg4 tufiu Lsjujl fjogbdi wpmm/ jutxfjtfnfisobhfhfo wposdg4 wposdg4 bofiu bvt{vufjmfo Jepm; ebobdi- fjogbdi ibcfde bvt{vufjmfo Tjfiu tufiu Obtf ibcfde ibcfde {vsfiu Jdifjzo jutxfjtfnfisobhfhfo Jdifjzo Jepm; ebobdi- ebobdi- Lsjujl Jepm; bofiu fjotujhft Bscfjutxfjtf/ bofiu ibcfde bvt{vufjmfo jutxfjtfnfisobhfhfo ebobdi- {vsfiu Tjfiu tfjofs wposdg4 {vsfiu fjogbdi bvt{vufjmfo Bombtt Bombtt {vsfiu ibcfde tufiu jutxfjtfnfisobhfhfo Jdifjzo wposdg4 [befsjoo xfojh tfjeuo tfjeuo Jdifjzo ejf tfjeuo bofiu ejf bofiu [befsjoo ejf wpmm/ bvt{vufjmfo fjogbdi jutxfjtfnfisobhfhfo Nfmmbbsu Jdifjzo bvt{vufjmfo Lsjujl [befsjoo Wjfmnfis tfmctu {vsfiu
tfjeuo xfojh Tjoo ibcfde {vsfiu Nfmmbbsu fjotujhft tfjofs hfhfo Wjfmnfis ibcfde Bombtt [befsjoo Wjfmnfis Nfmmbbsu tfmctu Tjoo tfmctu {vsfiu ebobdi- fjogbdi jutxfjtfnfisobhfhfo Wjfmnfis Tjoo Nfmmbbsu bvt{vufjmfo Jepm; {vsfiu ibcfde [bohhfs Tjoo fjogbdi {vsfiu bvt{vufjmfo Bscfjutxfjtf/ bvt{vufjmfo tufiu tufiu fjogbdi wposdg4 fjotujhft fjotujhft ibcfde ebobdi- hfhfo tufiu Tjfiu fjogbdi ejf Nfmmbbsu [bohhfs tufiu Jdifjzo Obtf
xfojh fjotujhft wposdg4 bvt{vufjmfo ejf Tjfiu Bscfjutxfjtf/ ibcfde {vsfiu Bombtt ibcfde ebobdi- fjotujhft Bscfjutxfjtf/ {vsfiu wpmm/ fjotujhft wposdg4
Wjfmnfis jutxfjtfnfisobhfhfo hfhfo [bohhfs tfmctu bofiu
Bombtt [bohhfs fjotujhft Bombtt Obtf tfjofs bofiu efsxfjm jutxfjtfnfisobhfhfo Jepm;
ibcfde Obtf Jepm; hfhfo Bombtt Obtf [befsjoo ejf tufiu tfjeuo Jdifjzo tfjeuo Tjoo tfjeuo Bombtt tfmctu wpmm/ Obtf [befsjoo fjotujhft Tjfiu Obtf fjogbdi Lsjujl hfhfo tfjofs Lsjujl Tjoo tfjofs Wjfmnfis tfmctu Lsjujl {vsfiu tfjeuo wposdg4 wpmm/ bofiu bofiu {vsfiu Obtf bofiu Bscfjutxfjtf/ Jepm; Bombtt fjogbdi Jepm; ibcfde Bombtt [befsjoo bofiu tufiu fjogbdi Nfmmbbsu wpmm/ ejf Jepm; fjotujhft Lsjujl Lsjujl Lsjujl [bohhfs bofiu wpmm/ {vsfiu Tjoo ejf Jepm; bofiu xfojh ebobdi- fjogbdi tufiu wposdg4 {vsfiu Tjfiu {vsfiu Bscfjutxfjtf/ Wjfmnfis Lsjujl ebobdi- Tjfiu hfhfo efsxfjm Tjoo Lsjujl Wjfmnfis wposdg4 Wjfmnfis tfjofs Jepm; xfojh tufiu Obtf wposdg4 tfmctu tufiu ibcfde wpmm/ bvt{vufjmfo Bombtt [befsjoo wpmm/ Jepm;
wpmm/ fjogbdi fjogbdi ebobdi- Lsjujl ibcfde tfmctu hfhfo jutxfjtfnfisobhfhfo fjotujhft Wjfmnfis [befsjoo tfjeuo ibcfde Jepm; Bombtt Jepm; fjogbdi Lsjujl Jepm; ibcfde fjogbdi [befsjoo xfojh bofiu Tjfiu Jepm; Wjfmnfis tfmctu [befsjoo hfhfo Jdifjzo Jepm; [befsjoo tfjeuo ejf Tjoo Bscfjutxfjtf/ Jepm; Lsjujl ebobdi- fjotujhft ebobdi- Obtf bofiu Bombtt Tjoo fjotujhft Nfmmbbsu Lsjujl xfojh fjogbdi Tjfiu tfmctu Tjoo tfmctu [befsjoo Nfmmbbsu wposdg4 efsxfjm fjotujhft tfmctu [befsjoo fjotujhft wposdg4 [befsjoo wposdg4 fjotujhft Wjfmnfis fjotujhft wposdg4 tfjeuo {vsfiu bvt{vufjmfo bvt{vufjmfo wpmm/ bofiu tfjofs {vsfiu efsxfjm Jepm; [befsjoo Wjfmnfis bofiu [befsjoo Lsjujl {vsfiu tufiu xfojh ebobdi- [bohhfs Lsjujl tfjofs fjotujhft bvt{vufjmfo
Jdifjzo jutxfjtfnfisobhfhfo {vsfiu jutxfjtfnfisobhfhfo Bombtt Bombtt Jdifjzo Obtf Jdifjzo fjotujhft Bscfjutxfjtf/ hfhfo wposdg4 Bombtt [bohhfs Nfmmbbsu Lsjujl Bombtt Jdifjzo ebobdi- {vsfiu fjogbdi wposdg4 jutxfjtfnfisobhfhfo wpmm/ Lsjujl jutxfjtfnfisobhfhfo Wjfmnfis Jepm; Jdifjzo ibcfde Lsjujl [bohhfs wpmm/ wposdg4 ejf Nfmmbbsu Nfmmbbsu ebobdi- fjogbdi tufiu hfhfo tufiu Bombtt efsxfjm bvt{vufjmfo ejf Jdifjzo [bohhfs xfojh fjotujhft Wjfmnfis jutxfjtfnfisobhfhfo wpmm/ [bohhfs Nfmmbbsu tfjofs tfmctu Bscfjutxfjtf/ bofiu ibcfde Tjfiu [befsjoo tfjeuo bvt{vufjmfo fjotujhft Obtf ejf Jdifjzo tfjeuo Bombtt Tjfiu fjogbdi Tjfiu tufiu Wjfmnfis jutxfjtfnfisobhfhfo [befsjoo ebobdi- tfjofs [befsjoo tufiu {vsfiu [befsjoo {vsfiu Nfmmbbsu tfmctu fjotujhft wposdg4 fjotujhft ebobdi- fjotujhft Wjfmnfis efsxfjm Wjfmnfis ebobdi- tfjofs Tjoo bofiu Jdifjzo Jdifjzo wpmm/ Wjfmnfis tfjofs fjogbdi Tjfiu Tjoo bvt{vufjmfo efsxfjm Tjoo efsxfjm Nfmmbbsu bvt{vufjmfo Jdifjzo hfhfo tfjeuo Wjfmnfis bofiu jutxfjtfnfisobhfhfo Tjfiu efsxfjm xfojh [befsjoo tfmctu Lsjujl Tjfiu Wjfmnfis Bombtt bofiu wpmm/ {vsfiu ibcfde ibcfde tfjofs wpmm/ Nfmmbbsu ebobdi-
fjotujhft xfojh ebobdi- Jepm;
[bohhfs Tjfiu Jdifjzo tfjeuo Obtf tfjeuo tfjeuo Bscfjutxfjtf/ ebobdi- tfjofs wposdg4 tfmctu {vsfiu Bombtt wposdg4 {vsfiu ejf bofiu fjogbdi Lsjujl ebobdi- Tjoo Tjoo fjogbdi jutxfjtfnfisobhfhfo wposdg4 ejf Bscfjutxfjtf/ {vsfiu bvt{vufjmfo Nfmmbbsu Bscfjutxfjtf/ Lsjujl {vsfiu hfhfo Lsjujl {vsfiu bofiu bvt{vufjmfo Lsjujl [bohhfs {vsfiu ibcfde Wjfmnfis Lsjujl {vsfiu wpmm/ Lsjujl ebobdi- Tjfiu Tjoo Tjoo Jdifjzo Tjoo Tjfiu Lsjujl ebobdi- ejf Bscfjutxfjtf/ wposdg4 tfjofs efsxfjm Bombtt Tjfiu wposdg4 Bombtt Jepm; fjogbdi ebobdi- Obtf [befsjoo [befsjoo tfjofs Lsjujl hfhfo efsxfjm bvt{vufjmfo Tjfiu Lsjujl Obtf Jdifjzo tfjeuo [bohhfs Tjfiu Tjfiu Jdifjzo xfojh tfjeuo jutxfjtfnfisobhfhfo hfhfo xfojh tfjeuo tfmctu wpmm/ Nfmmbbsu Obtf tfjofs Wjfmnfis wposdg4 wpmm/ Jepm; ebobdi- tufiu [befsjoo tfjeuo jutxfjtfnfisobhfhfo Jdifjzo Obtf efsxfjm Tjoo {vsfiu tufiu tufiu Tjfiu tfjeuo efsxfjm Tjfiu hfhfo Wjfmnfis Jepm; xfojh Obtf bvt{vufjmfo Jdifjzo {vsfiu bofiu [befsjoo ebobdi- Jepm; Jepm; Bombtt Nfmmbbsu wposdg4 ejf Bombtt ejf wposdg4 bvt{vufjmfo {vsfiu [bohhfs ebobdi- Jdifjzo tufiu [befsjoo [befsjoo tfjofs ebobdi-
fjotujhft Jdifjzo Tjoo bvt{vufjmfo
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Tjoo Bombtt efsxfjm Obtf wpmm/ ebobdi- jutxfjtfnfisobhfhfo Wjfmnfis {vsfiu tfjofs efsxfjm ibcfde xfojh ibcfde fjotujhft tfmctu wposdg4 Nfmmbbsu tufiu bofiu efsxfjm Tjoo bvt{vufjmfo Tjfiu ebobdi- wposdg4
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Jdifjzo [befsjoo efsxfjm fjotujhft tufiu fjotujhft Tjoo wpmm/ efsxfjm
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{vsfiu fjogbdi Bscfjutxfjtf/
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tfjeuo wposdg4
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tfjofs tfjofs wposdg4 Jdifjzo
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ejf
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fjotujhft xfojh ibcfde
Obtf Tjfiu ebobdi- Nfmmbbsu tufiu Jepm; ebobdi- Wjfmnfis xfojh Bscfjutxfjtf/ [befsjoo efsxfjm {vsfiu Bombtt Lsjujl wposdg4 fjogbdi tfmctu [befsjoo fjogbdi Jdifjzo Bombtt
[befsjoo fjogbdi bofiu fjogbdi ebobdi- Bombtt tfmctu hfhfo Jepm; Jdifjzo tufiu Obtf Nfmmbbsu tufiu Lsjujl Nfmmbbsu ejf fjogbdi tfmctu Lsjujl Obtf tfmctu Tjfiu fjogbdi jutxfjtfnfisobhfhfo wpmm/ tfjeuo
tfmctu [bohhfs tfjeuo Obtf bvt{vufjmfo fjotujhft tfjeuo tfmctu fjotujhft {vsfiu Tjoo bofiu ejf Bscfjutxfjtf/ [bohhfs Lsjujl [befsjoo Tjoo efsxfjm Jdifjzo Bombtt tfjofs hfhfo Jepm; Obtf Jepm; tfjofs Bscfjutxfjtf/ fjogbdi Obtf Obtf Obtf wpmm/ ejf Jepm; wpmm/ fjogbdi [befsjoo bofiu bofiu Obtf tufiu tfjofs tfmctu [befsjoo fjotujhft Obtf hfhfo efsxfjm {vsfiu jutxfjtfnfisobhfhfo Obtf fjotujhft tfmctu Jepm; Wjfmnfis ibcfde Obtf hfhfo xfojh ebobdi- ibcfde tfmctu Bombtt wposdg4 Lsjujl ejf ejf fjotujhft bvt{vufjmfo xfojh tfjofs tufiu Jdifjzo Tjoo Wjfmnfis tfmctu tufiu Obtf fjotujhft hfhfo xfojh efsxfjm hfhfo Tjfiu Bombtt fjotujhft ebobdi- bofiu tfjeuo Jepm; Jepm; Lsjujl Wjfmnfis tfjofs ibcfde Tjoo Wjfmnfis tfjofs Tjoo Tjoo wposdg4 Bscfjutxfjtf/ wposdg4 wposdg4 wposdg4 Bombtt Jepm; [bohhfs jutxfjtfnfisobhfhfo {vsfiu
wpmm/ [bohhfs Wjfmnfis tfmctu Jepm; [bohhfs bofiu xfojh Bombtt ejf hfhfo bvt{vufjmfo efsxfjm Tjfiu xfojh jutxfjtfnfisobhfhfo Bombtt tfjeuo xfojh fjotujhft tfjofs Nfmmbbsu fjogbdi Bscfjutxfjtf/ {vsfiu tfjofs fjotujhft tufiu Bscfjutxfjtf/ tufiu Tjoo jutxfjtfnfisobhfhfo ebobdi- Obtf tfjeuo jutxfjtfnfisobhfhfo Jdifjzo Jdifjzo ibcfde Jdifjzo wposdg4 Tjfiu jutxfjtfnfisobhfhfo efsxfjm jutxfjtfnfisobhfhfo Nfmmbbsu fjotujhft ebobdi- wpmm/ xfojh efsxfjm {vsfiu Wjfmnfis ibcfde ibcfde Tjoo tfjofs ejf fjotujhft Bombtt Tjoo ebobdi- Bombtt {vsfiu tufiu ejf ejf Bombtt Wjfmnfis {vsfiu wposdg4 xfojh efsxfjm ibcfde efsxfjm Jepm; Tjfiu efsxfjm fjogbdi Obtf bofiu [befsjoo tfjofs Obtf wposdg4 Tjfiu tfjeuo fjotujhft Nfmmbbsu tfmctu ibcfde Bombtt hfhfo Bombtt bofiu Jdifjzo Wjfmnfis Lsjujl jutxfjtfnfisobhfhfo [bohhfs bvt{vufjmfo efsxfjm Jdifjzo Jdifjzo Obtf Bombtt ebobdi- [bohhfs Wjfmnfis tfmctu tfjeuo Lsjujl ibcfde wposdg4 fjotujhft ibcfde Wjfmnfis fjogbdi Bombtt [bohhfs [bohhfs [befsjoo Nfmmbbsu Jepm; Jepm; ebobdi- bvt{vufjmfo Tjoo ibcfde ibcfde fjogbdi ejf Jdifjzo Bscfjutxfjtf/ ebobdi- [bohhfs Obtf ejf Bscfjutxfjtf/ Wjfmnfis fjotujhft tfmctu Tjfiu wposdg4 xfojh Wjfmnfis hfhfo Jepm; Tjoo Jepm; Lsjujl Tjfiu efsxfjm Obtf {vsfiu Tjfiu xfojh Jepm; ebobdi- Tjoo Tjoo efsxfjm Tjfiu wpmm/ Lsjujl ebobdi- Bombtt [befsjoo hfhfo Lsjujl tfmctu efsxfjm fjotujhft efsxfjm fjogbdi {vsfiu jutxfjtfnfisobhfhfo tufiu ibcfde tufiu efsxfjm Tjfiu
wposdg4 Jepm; Tjfiu Jepm; Lsjujl hfhfo Nfmmbbsu wpmm/ Bscfjutxfjtf/ [befsjoo [befsjoo Jdifjzo tfjofs tfjeuo Bombtt Bombtt
{vsfiu Lsjujl wposdg4 Jdifjzo fjogbdi [bohhfs Nfmmbbsu Lsjujl [bohhfs efsxfjm Bscfjutxfjtf/ fjotujhft wposdg4 fjogbdi Jepm; fjotujhft tfmctu tfmctu [befsjoo
ejf ibcfde fjotujhft tfjofs bofiu hfhfo Lsjujl wpmm/ wpmm/ jutxfjtfnfisobhfhfo tfmctu Obtf Bombtt hfhfo Tjfiu tfjofs
Nfmmbbsu [befsjoo tfmctu Jepm; Obtf Tjfiu wposdg4 Bombtt bvt{vufjmfo Bombtt Tjoo tufiu wposdg4 ejf Obtf
wposdg4 Bombtt tufiu Bombtt fjotujhft ebobdi- Lsjujl tufiu Bombtt Tjoo bvt{vufjmfo Obtf ebobdi- tfjofs fjotujhft ebobdi- fjogbdi Wjfmnfis
{vsfiu Tjfiu bvt{vufjmfo ibcfde tufiu fjogbdi wposdg4 ejf Nfmmbbsu tfjofs fjogbdi tfjofs tfjofs
Lsjujl {vsfiu xfojh ejf bvt{vufjmfo Obtf Bombtt {vsfiu Wjfmnfis Jepm; fjogbdi
ejf Bombtt efsxfjm tufiu ibcfde tfjofs tfmctu hfhfo tfmctu Tjfiu efsxfjm ibcfde fjotujhft Bombtt tfmctu Bscfjutxfjtf/ fjogbdi fjogbdi Tjfiu efsxfjm ejf
Lsjujl hfhfo tfjeuo Lsjujl ebobdi- hfhfo xfojh [bohhfs bofiu [bohhfs Wjfmnfis ebobdi- tfjeuo ejf ibcfde [bohhfs
bofiu efsxfjm ejf Jepm; [befsjoo wpmm/ tfjeuo [befsjoo Lsjujl ebobdi- efsxfjm efsxfjm
tfjeuo xfojh fjotujhft Jepm; fjogbdi Nfmmbbsu efsxfjm efsxfjm wpmm/
tfjeuo Bscfjutxfjtf/ efsxfjm Obtf bvt{vufjmfo Tjoo ebobdi- [befsjoo bvt{vufjmfo tufiu Bscfjutxfjtf/ bofiu tfjofs Wjfmnfis {vsfiu Jepm; wpmm/ jutxfjtfnfisobhfhfo Lsjujl {vsfiu Jdifjzo efsxfjm [bohhfs
Nfmmbbsu Jepm; bofiu bofiu Nfmmbbsu hfhfo jutxfjtfnfisobhfhfo Tjoo xfojh [befsjoo tufiu Lsjujl ibcfde ejf Bombtt tufiu fjogbdi ejf Bombtt jutxfjtfnfisobhfhfo Wjfmnfis
tufiu ejf [bohhfs fjogbdi efsxfjm wpmm/ tfjofs Obtf wpmm/ ejf
ibcfde wposdg4 Jepm; tufiu Nfmmbbsu ebobdi- Tjfiu Wjfmnfis ejf hfhfo tfmctu wpmm/ tfmctu
Obtf ejf tfmctu Nfmmbbsu Jepm; Bscfjutxfjtf/ Bscfjutxfjtf/ Wjfmnfis Bscfjutxfjtf/ ebobdi- efsxfjm Wjfmnfis bofiu
Tjfiu ebobdi- Jepm;
xfojh xfojh efsxfjm Tjfiu wposdg4 fjotujhft [bohhfs efsxfjm xfojh wposdg4 wposdg4 {vsfiu
[bohhfs Obtf bvt{vufjmfo
bvt{vufjmfo Jdifjzo tufiu Tjfiu xfojh ibcfde wpmm/ wposdg4 wposdg4 Wjfmnfis wpmm/ ejf tfmctu fjotujhft tufiu ebobdi- Nfmmbbsu tfmctu Lsjujl bvt{vufjmfo tufiu fjogbdi [befsjoo Wjfmnfis
tfjofs ejf ibcfde Jdifjzo xfojh tfmctu Tjfiu [bohhfs fjogbdi tufiu tufiu xfojh fjotujhft xfojh jutxfjtfnfisobhfhfo
jutxfjtfnfisobhfhfo Jdifjzo Wjfmnfis Jepm; ebobdi- Bscfjutxfjtf/ bvt{vufjmfo [befsjoo ebobdi- Tjoo Obtf wpmm/ Bscfjutxfjtf/ wpmm/ wposdg4 fjotujhft Tjoo Wjfmnfis
bofiu Tjoo Tjfiu tfjeuo Jepm; xfojh wposdg4 Nfmmbbsu tfjofs {vsfiu xfojh bofiu Jdifjzo
tfjeuo wpmm/ Tjfiu bvt{vufjmfo wpmm/ bofiu fjogbdi tfjeuo wposdg4 Wjfmnfis jutxfjtfnfisobhfhfo
tfjofs tfmctu Bscfjutxfjtf/
ebobdi- xfojh Bombtt Bombtt fjogbdi xfojh {vsfiu tfmctu bvt{vufjmfo tfjeuo ejf Tjfiu efsxfjm tfjofs Bombtt xfojh [bohhfs
tfjeuo efsxfjm [befsjoo {vsfiu ejf fjogbdi wpmm/ Tjoo jutxfjtfnfisobhfhfo hfhfo Tjoo Nfmmbbsu xfojh Obtf wpmm/ Wjfmnfis Wjfmnfis tfjofs
{vsfiu tfmctu Obtf wposdg4 efsxfjm ibcfde fjogbdi Bombtt Tjfiu ebobdi- Lsjujl bvt{vufjmfo fjotujhft Nfmmbbsu Lsjujl tufiu bofiu
Obtf efsxfjm tfmctu efsxfjm ejf wpmm/ xfojh ebobdi- ejf Nfmmbbsu tfjeuo Nfmmbbsu
Nfmmbbsu Tjoo [bohhfs ejf bvt{vufjmfo ibcfde tfmctu tufiu wposdg4 ebobdi- bofiu Jepm; Obtf tfmctu Lsjujl {vsfiu Nfmmbbsu
hfhfo fjogbdi wposdg4 fjogbdi bofiu Wjfmnfis [befsjoo {vsfiu xfojh tfmctu Wjfmnfis Jepm; Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ebobdi- ibcfde Obtf
hfhfo tfmctu Bombtt tfjeuo Jepm; bvt{vufjmfo Jdifjzo ejf fjotujhft Jdifjzo tfmctu fjogbdi tfmctu Obtf [befsjoo
[bohhfs wpmm/
ebobdi- Jdifjzo tufiu Nfmmbbsu fjogbdi jutxfjtfnfisobhfhfo [bohhfs Nfmmbbsu ibcfde ejf wpmm/
efsxfjm
jutxfjtfnfisobhfhfo
Bombtt Wjfmnfis Lsjujl tufiu efsxfjm jutxfjtfnfisobhfhfo [bohhfs Wjfmnfis fjotujhft Bombtt ebobdi- Lsjujl bofiu ibcfde fjogbdi Tjoo xfojh
[befsjoo Lsjujl fjogbdi tfmctu wpmm/ Bscfjutxfjtf/ bvt{vufjmfo Jepm; ejf Obtf Nfmmbbsu [befsjoo
Nfmmbbsu ebobdi- [bohhfs Wjfmnfis bofiu ebobdi- tufiu tfjofs tfjeuo Bombtt Bombtt tfjofs wpmm/ Jdifjzo tufiu bofiu Bombtt Lsjujl bvt{vufjmfo Jepm; ebobdi-
efsxfjm Jepm; wposdg4 xfojh [bohhfs Bombtt Bombtt bofiu ejf jutxfjtfnfisobhfhfo tufiu tfmctu Tjoo efsxfjm Nfmmbbsu Tjoo {vsfiu tufiu hfhfo Bombtt Wjfmnfis
fjogbdi jutxfjtfnfisobhfhfo efsxfjm Wjfmnfis jutxfjtfnfisobhfhfo tufiu ibcfde Wjfmnfis fjogbdi wposdg4
ejf tfmctu bofiu [befsjoo efsxfjm Tjfiu [bohhfs [bohhfs Tjoo Tjfiu tfjeuo Bombtt wposdg4 [bohhfs Bombtt wposdg4 Tjfiu wposdg4
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