the geopolitics of israel- biblical and modern

8/3/2019 The Geopolitics of Israel- Biblical and Modern

1/15

Editor's Note:

675$7)25KDVGHYHORSHGDVHULHVRI&RXQWU\3URILOHVWKDWH[SORUHWKHJHRJUDSK\RIQDWLRQVWKDWDUH

FULWLFDOLQZRUOGDIIDLUVDQGKRZWKRVHJHRJUDSKLHVGHWHUPLQHDQGFRQVWULFWEHKDYLRU7KHSURILOHVDUH

WLPHOHVVQDUUDWLYHVZHDYLQJWKHVWDWLFIUDPHRIJHRJUDSK\ZLWKWKHVKLIWLQJVXEWOHQDWXUHRISROLWLFV

7KHEHORZSURILOHRQWKHJHRSROLWLFVRI,VUDHOZKLFKZHYHWHPSRUDULO\PDGHDYDLODEOHWR\RXLVRQH

H[DPSOHRIWKHVHULHV


2/15

,VUDHOKDVPDQLIHVWHGLWVHOIWKUHHWLPHVLQKLVWRU\7KHILUVWPDQLIHVWDWLRQEHJDQZLWKWKH

LQYDVLRQOHGE\-RVKXDDQGODVWHGWKURXJKLWVGLYLVLRQLQWRWZRNLQJGRPVWKH%DE\ORQLDQFRQTXHVWRIWKH.LQJGRPRI-XGDKDQGWKHGHSRUWDWLRQWR%DE\ORQHDUO\LQWKHVL[WKFHQWXU\

%&7KHVHFRQGPDQLIHVWDWLRQEHJDQZKHQ,VUDHOZDVUHFUHDWHGLQ%&E\WKH

3HUVLDQVZKRKDGGHIHDWHGWKH%DE\ORQLDQV7KHQDWXUHRIWKLVVHFRQGPDQLIHVWDWLRQ

FKDQJHGLQWKHIRXUWKFHQWXU\%&ZKHQ*UHHFHRYHUUDQWKH3HUVLDQ(PSLUHDQG,VUDHO

DQGDJDLQLQWKHILUVWFHQWXU\%&ZKHQWKH5RPDQVFRQTXHUHGWKHUHJLRQ

7KHVHFRQGPDQLIHVWDWLRQVDZ,VUDHODVDVPDOODFWRUZLWKLQWKHIUDPHZRUNRIODUJHU

LPSHULDOSRZHUVDVLWXDWLRQWKDWODVWHGXQWLOWKHGHVWUXFWLRQRIWKH-HZLVKYDVVDOVWDWHE\

WKH5RPDQV

,VUDHOVWKLUGPDQLIHVWDWLRQEHJDQLQIROORZLQJDVLQWKHRWKHUFDVHVDQLQJDWKHULQJ

RIWOHDVWVRPHRIWKH-HZVZKRKDGEHHQGLVSHUVHGDIWHUFRQTXHVWV,VUDHOVIRXQGLQJWDNHV

SODFHLQWKHFRQWH[WRIWKHGHFOLQHDQGIDOORIWKH%ULWLVK(PSLUHDQGPXVWDWOHDVWLQSDUW

EHXQGHUVWRRGDVSDUWRI%ULWLVKLPSHULDOKLVWRU\

'XULQJLWVILUVW\HDUV,VUDHOSOD\VDSLYRWDOUROHLQWKHFRQIURQWDWLRQRIWKH8QLWHG6WDWHV

DQGWKH6RYLHW8QLRQDQGLQVRPHVHQVHVLVKRVWDJHWRWKHG\QDPLFVRIWKHVHWZR


3/15

FRXQWULHV,QRWKHUZRUGVOLNHWKHILUVWWZRPDQLIHVWDWLRQVRI,VUDHOWKHWKLUGILQGV,VUDHO

FRQWLQXDOO\VWUXJJOLQJDPRQJLQGHSHQGHQFHLQWHUQDOWHQVLRQDQGLPSHULDODPELWLRQ

,VUDHOL*HRJUDSK\DQG%RUGHUODQGV

$WLWVKHLJKWXQGHU.LQJ'DYLG,VUDHOH[WHQGHGIURPWKH6LQDLWRWKH(XSKUDWHV

HQFRPSDVVLQJ'DPDVFXV,WRFFXSLHGVRPHEXWUHODWLYHO\OLWWOHRIWKHFRDVWDOUHJLRQDQ

DUHDEHJLQQLQJDWZKDWWRGD\LV+DLIDDQGUXQQLQJVRXWKWR-DIIDMXVWQRUWKRIWRGD\V7HO

$YLY7KHFRDVWDODUHDWRWKHQRUWKZDVKHOGE\3KRHQLFLDWKHDUHDWRWKHVRXWKE\

3KLOLVWLQHV,WLVHVVHQWLDOWRXQGHUVWDQGWKDW,VUDHOVVL]HDQGVKDSHVKLIWHGRYHUWLPH)RU

H[DPSOH-XGDKXQGHUWKH+DVPRQHDQVGLGQRWLQFOXGHWKH1HJHYEXWGLGLQFOXGHWKH*RODQ7KHJHQHUDOORFDOHRI,VUDHOLVIL[HG,WVSUHFLVHERUGHUVKDYHQHYHUEHHQ


4/15

7KXVLWLVSHUKDSVEHWWHUWREHJLQZLWKZKDWQHYHUZDVSDUWRI,VUDHO,VUDHOQHYHULQFOXGHG

WKH6LQDL3HQLQVXOD$ORQJWKHFRDVWLWQHYHUVWUHWFKHGPXFKIDUWKHUQRUWKWKDQWKH/LWDQL

5LYHULQWRGD\V/HEDQRQ$SDUWIURP'DYLGVH[WUHPHH[WHQVLRQDQGIDLUO\WHQXRXVFRQWUROWRWKHQRUWK,VUDHOVWHUULWRU\QHYHUVWUHWFKHGDVIDUDV'DPDVFXVDOWKRXJKLW

IUHTXHQWO\KHOGWKH*RODQ+HLJKWV,VUDHOH[WHQGHGPDQ\WLPHVWRERWKVLGHVRIWKH-RUGDQ

EXWQHYHUGHHSLQWRWKH-RUGDQLDQ'HVHUW,WQHYHUH[WHQGHGVRXWKHDVWLQWRWKH$UDELDQ

3HQLQVXOD

,VUDHOFRQVLVWVJHQHUDOO\RIWKUHHSDUWV)LUVWLWDOZD\VKDVKDGWKHQRUWKHUQKLOOUHJLRQ

VWUHWFKLQJIURPWKHIRRWKLOOVRI0RXQW+HUPRQVRXWKWR-HUXVDOHP6HFRQGLWDOZD\V

FRQWDLQVVRPHRIWKHFRDVWDOSODLQIURPWRGD\V7HO$YLYQRUWKWR+DLID7KLUGLWRFFXSLHV

DUHDEHWZHHQ-HUXVDOHPDQGWKH-RUGDQ5LYHUWRGD\V:HVW%DQN$WWLPHVLWFRQWUROV

DOORUSDUWRIWKH1HJHYLQFOXGLQJWKHFRDVWDOUHJLRQEHWZHHQWKH6LQDLWRWKH7HO$YLYDUHD

,WPD\EHODUJHUWKDQWKLVDWYDULRXVWLPHVLQKLVWRU\DQGVRPHWLPHVVPDOOHUEXWLWQRUPDOO\

KROGVDOORUSDUWRIWKHVHWKUHHUHJLRQV


5/15

,VUDHOLVZHOOEXIIHUHGLQWKUHHGLUHFWLRQV7KH6LQDL'HVHUWSURWHFWVLWDJDLQVWWKH(J\SWLDQV

,QJHQHUDOWKH6LQDLKDVKHOGOLWWOHDWWUDFWLRQIRUWKH(J\SWLDQV7KHGLIILFXOW\RIGHSOR\LQJ

IRUFHVLQWKHHDVWHUQ6LQDLSRVHVVHYHUHORJLVWLFDOSUREOHPVIRUWKHPSDUWLFXODUO\GXULQJDSURORQJHGSUHVHQFH8QOHVV(J\SWFDQUDSLGO\PRYHWKURXJKWKH6LQDLQRUWKLQWRWKH

FRDVWDOSODLQZKHUHLWFDQVXVWDLQLWVIRUFHVPRUHUHDGLO\GHSOR\LQJLQWKH6LQDLLVGLIILFXOW

DQGXQUHZDUGLQJ7KHUHIRUHVRORQJDV,VUDHOLVQRWVRZHDNDVWRPDNHDQDWWDFNRQWKH

FRDVWDOSODLQDYLDEOHRSWLRQRUXQOHVV(J\SWLVPRWLYDWHGE\DQRXWVLGHLPSHULDOSRZHU

,VUDHOGRHVQRWIDFHDWKUHDWIURPWKHVRXWKZHVW

,VUDHOLVVLPLODUO\SURWHFWHGIURPWKHVRXWKHDVW7KHGHVHUWVVRXWKHDVWRI(LODW$TDEDDUH

YLUWXDOO\LPSDVVDEOH1RODUJHIRUFHFRXOGDSSURDFKIURPWKDWGLUHFWLRQDOWKRXJKVPDOOHU

UDLGLQJSDUWLHVFRXOG7KHWULEHVRIWKH$UDELDQ3HQLQVXODODFNWKHUHDFKRUWKHVL]HWRSRVH

DWKUHDWWR,VUDHOXQOHVVPDVVHGDQGDOLJQHGZLWKRWKHUIRUFHV(YHQWKHQWKHDSSURDFK

IURPWKHVRXWKHDVWLVQRWRQHWKDWWKH\DUHOLNHO\WRWDNH7KH1HJHYLVVHFXUHIURPWKDW

GLUHFWLRQ

7KHHDVWHUQDSSURDFKHVDUHVLPLODUO\VHFXUHGE\GHVHUWZKLFKEHJLQVDERXWWRPLOHV

HDVWRIWKH-RUGDQ5LYHU:KLOHLQGLJHQRXVIRUFHVH[LVWLQWKHERUGHUODQGHDVWRIWKH-RUGDQ

WKH\ODFNWKHQXPEHUVWREHDEOHWRSHQHWUDWHGHFLVLYHO\ZHVWRIWKH-RUGDQ,QGHHGWKH

QRUPDOPRGHOLVWKDWVRORQJDV,VUDHOFRQWUROV-XGHDDQG6DPDULDWKHPRGHUQGD\:HVW


6/15

%DQNWKHQWKH(DVW%DQNRIWKH-RUGDQ5LYHULVXQGHUWKHSROLWLFDODQGVRPHWLPHVPLOLWDU\

GRPLQDWLRQRI,VUDHOVRPHWLPHVGLUHFWO\WKURXJKVHWWOHPHQWVRPHWLPHVLQGLUHFWO\

WKURXJKSROLWLFDOLQIOXHQFHRUHFRQRPLFRUVHFXULW\OHYHUDJH

,VUDHOVYXOQHUDELOLW\LVLQWKHQRUWK7KHUHLVQRQDWXUDOEXIIHUEHWZHHQ3KRHQLFLDDQGLWV

VXFFHVVRUHQWLWLHVWRGD\V/HEDQRQWRWKHGLUHFWQRUWK7KHEHVWGHIHQVHOLQHIRU,VUDHOLQWKHQRUWKLVWKH/LWDQL5LYHUEXWWKLVLVQRWDQLQVXUPRXQWDEOHERXQGDU\XQGHUDQ\

FLUFXPVWDQFH+RZHYHUWKHDUHDDORQJWKHFRDVWQRUWKRI,VUDHOGRHVQRWSUHVHQWDVHULRXV

WKUHDW7KHFRDVWDODUHDSURVSHUVWKURXJKWUDGHLQWKH0HGLWHUUDQHDQEDVLQ,WLVRULHQWHG

WRZDUGWKHVHDDQGWRWKHWUDGHURXWHVWRWKHHDVWQRWWRWKHVRXWK,ILWGRHVDQ\WKLQJWKLV

DUHDSURWHFWVWKRVHWUDGHURXWHVDQGKDVQRDSSHWLWHIRUDFRQIOLFWWKDWPLJKWGLVUXSWWUDGH,W

VWD\VRXWRI,VUDHOVZD\IRUWKHPRVWSDUW

0RUHRYHUDVDFRPPHUFLDODUHDWKLVUHJLRQLVJHQHUDOO\ZHDOWK\DIDFWRUWKDWLQFUHDVHV

SUHGDWRUVDURXQGLWDQGVRFLDOFRQIOLFWZLWKLQ,WLVDQDUHDSURQHWRLQVWDELOLW\,VUDHO

IUHTXHQWO\WULHVWRH[WHQGLWVLQIOXHQFHQRUWKZDUGIRUFRPPHUFLDOUHDVRQVDVRQHRIWKHSUHGDWRUVDQGWKLVFDQHQWDQJOH,VUDHOLQLWVUHJLRQDOSROLWLFV%XWEDUULQJWKLVVHOILQGXFHG

SUREOHPWKHWKUHDWWR,VUDHOIURPWKHQRUWKLVPLQLPDOGHVSLWHWKHDEVHQFHRIQDWXUDO

ERXQGDULHVDQGWKHODUJHSRSXODWLRQ2QRFFDVLRQWKHUHLVVSLOORYHURIFRQIOLFWVIURPWKH

QRUWKEXWQRWWRDGHJUHHWKDWPLJKWWKUHDWHQUHJLPHVXUYLYDOLQ,VUDHO

7KHQHLJKERUWKDWLVDOZD\VDWKUHDWOLHVWRWKHQRUWKHDVW6\ULDRUPRUHSUHFLVHO\WKH

DUHDJRYHUQHGE\'DPDVFXVDWDQ\WLPHLVSRSXORXVDQGIUHTXHQWO\KDVQRGLUHFWRXWOHW

WRWKHVHD,WLVWKHUHIRUHJHQHUDOO\SRRU7KHDUHDWRLWVQRUWK$VLD0LQRULVKHDYLO\

PRXQWDLQRXV6\ULDFDQQRWSURMHFWSRZHUWRWKHQRUWKH[FHSWZLWKJUHDWGLIILFXOW\EXW

SRZHUVLQ$VLD0LQRUFDQPRYHVRXWK6\ULDVHDVWHUQIODQNLVEXIIHUHGE\DGHVHUWWKDWVWUHWFKHVWRWKH(XSKUDWHV7KHUHIRUHZKHQWKHUHLVQRWKUHDWIURPWKHQRUWK6\ULDV

LQWHUHVWDIWHUVHFXULQJLWVHOILQWHUQDOO\LVWRJDLQDFFHVVWRWKHFRDVW,WVSULPDU\

FKDQQHOLVGLUHFWO\ZHVWZDUGWRZDUGWKHULFKFLWLHVRIWKHQRUWKHUQ/HYDQWLQHFRDVWZLWK

ZKLFKLWWUDGHVKHDYLO\$QDOWHUQDWLYHLQWHUHVWLVVRXWKZHVWZDUGWRZDUGWKHVRXWKHUQ

/HYDQWLQHFRDVWFRQWUROOHGE\,VUDHO

$VFDQEHVHHQ6\ULDFDQEHLQWHUHVWHGLQ,VUDHORQO\VHOHFWLYHO\:KHQLWLVLQWHUHVWHGLW

KDVDVHULRXVEDWWOHSUREOHP7RDWWDFN,VUDHOLWZRXOGKDYHWRVWULNHEHWZHHQ0RXQW

+HUPRQDQGWKH6HDRI*DOLOHHDQDUHDDERXWPLOHVZLGH7KH6\ULDQVSRWHQWLDOO\FDQ

DWWDFNVRXWKRIWKHVHDEXWRQO\LIWKH\DUHSUHSDUHGWRILJKWWKURXJKWKLVUHJLRQDQGWKHQDWWDFNRQH[WHQGHGVXSSO\OLQHV,IDQDWWDFNLVPRXQWHGDORQJWKHPDLQURXWH6\ULDQIRUFHV

PXVWGHVFHQGWKH*RODQ+HLJKWVDQGWKHQILJKWWKURXJKWKHKLOO\*DOLOHHEHIRUHUHDFKLQJ

WKHFRDVWDOSODLQVRPHWLPHVZLWKJXHUULOODVKROGLQJRXWLQWKH*DOLOHDQKLOOV7KH*DOLOHH

LVDQDUHDWKDWLVUHODWLYHO\HDV\WRGHIHQGDQGGLIILFXOWWRDWWDFN7KHUHIRUHLWLVRQO\RQFH

6\ULDWDNHVWKH*DOLOHHDQGFDQFRQWUROLWVOLQHVRIVXSSO\DJDLQVWJXHUULOODDWWDFNWKDWLWV

UHDOEDWWOHEHJLQV


7/15

7RUHDFKWKHFRDVWRUPRYHWRZDUG-HUXVDOHP6\ULDPXVWILJKWWKURXJKDSODLQLQIURQWRID

OLQHRIORZKLOOV7KLVLVWKHGHFLVLYHEDWWOHJURXQGZKHUHPDVVHG,VUDHOLIRUFHVFORVHWR

OLQHVRIVXSSO\FDQGHIHQGDJDLQVWGLVSHUVHG6\ULDQIRUFHVRQH[WHQGHGOLQHVRIVXSSO\,W

LVQRDFFLGHQWWKDW0HJLGGRRU$UPDJHGGRQDVWKHSODLQLVVRPHWLPHVUHIHUUHGWRKDV

DSRFDO\SWLFPHDQLQJ7KLVLVWKHSRLQWDWZKLFKDQ\PRYHIURP6\ULDZRXOGEHGHFLGHG%XW

D6\ULDQRIIHQVLYHZRXOGKDYHDWRXJKILJKWWRUHDFK0HJLGGRDQGDWRXJKHURQHDVLWGHSOR\VRQWKHSODLQ

2QWKHVXUIDFH,VUDHOODFNVVWUDWHJLFGHSWKEXWWKLVLVWUXHRQO\RQWKHVXUIDFH,WIDFHV

OLPLWHGWKUHDWVIURPVRXWKHUQQHLJKERUV7RLWVHDVWLWIDFHVRQO\DQDUURZVWULSRI

SRSXODWHGDUHDHDVWRIWKH-RUGDQ7RWKHQRUWKWKHUHLVDPDULWLPHFRPPHUFLDOHQWLW\

6\ULDRSHUDWLQJDORQHIRUFHGWKURXJKWKHQDUURZJDSRIWKH0RXQW+HUPRQ*DOLOHHOLQH

DQGRSHUDWLQJRQH[WHQGHGVXSSO\OLQHVFDQEHGHDOWZLWKUHDGLO\

7KHUHLVDULVNRIVLPXOWDQHRXVDWWDFNVIURPPXOWLSOHGLUHFWLRQV'HSHQGLQJRQWKHIRUFHV

GHSOR\HGDQGWKHGHJUHHRIFRRUGLQDWLRQEHWZHHQWKHPWKLVFDQSRVHDSUREOHPIRU,VUDHO+RZHYHUHYHQKHUHWKH,VUDHOLVKDYHWKHWUHPHQGRXVDGYDQWDJHRIILJKWLQJRQLQWHULRU

OLQHV(J\SWDQG6\ULDILJKWLQJRQH[WHUQDOOLQHVDQGZLGHO\VHSDUDWHGIURQWVZRXOGKDYH

HQRUPRXVGLIILFXOW\WUDQVIHUULQJIRUFHVIURPRQHIURQWWRDQRWKHU,VUDHORQLQWHULRUOLQHV

IURQWVFORVHWRHDFKRWKHUZLWKJRRGWUDQVSRUWDWLRQZRXOGEHDEOHWRPRYHLWVIRUFHVIURP

IURQWWRIURQWUDSLGO\DOORZLQJIRUVHTXHQWLDOHQJDJHPHQWDQGWKHUHE\WKHGHIHDWRI

HQHPLHV8QOHVVHQHPLHVDUHFDUHIXOO\FRRUGLQDWHGDQGLQLWLDWHZDUVLPXOWDQHRXVO\DQG

GHSOR\VXEVWDQWLDOO\VXSHULRUIRUFHRQDWOHDVWRQHIURQW,VUDHOFDQLQLWLDWHZDUDWDWLPH

RILWVFKRRVLQJRUHOVHPRYHLWVIRUFHVUDSLGO\EHWZHHQIURQWVQHJDWLQJPXFKRIWKH

DGYDQWDJHRIVL]HWKDWWKHDWWDFNHUVPLJKWKDYH

7KHUHLVDQRWKHUDVSHFWWRWKHSUREOHPRIPXOWLIURQWZDU(J\SWXVXDOO\KDVPLQLPDO

LQWHUHVWVDORQJWKH/HYDQWKDYLQJLWVRZQFRDVWDQGDQRULHQWDWLRQWRWKHVRXWKWRZDUGWKH

KHDGZDWHUVRIWKH1LOH2QWKHUDUHRFFDVLRQVZKHQ(J\SWGRHVPRYHWKURXJKWKH6LQDL

DQGDWWDFNVWRWKHQRUWKDQGQRUWKHDVWLWLVLQDQH[SDQVLRQDU\PRGH%\WKHWLPHLW

FRQVROLGDWHVDQGH[SORLWVWKHFRDVWDOSODLQLWZRXOGEHSRZHUIXOHQRXJKWRWKUHDWHQ6\ULD

)URP6\ULDVSRLQWRIYLHZWKHRQO\WKLQJPRUHGDQJHURXVWKDQ,VUDHOLVDQ(J\SWLQFRQWURO

RI,VUDHO7KHUHIRUHWKHSUREDELOLW\RIDFRRUGLQDWHGQRUWKVRXWKVWULNHDW,VUDHOLVUDUHLV

UDUHO\FRRUGLQDWHGDQGXVXDOO\LVQRWGHVLJQHGWREHDPRUWDOEORZ,WLVGHIHDWHGE\,VUDHOV

VWUDWHJLFDGYDQWDJHRILQWHULRUOLQHV

,VUDHOL*HRJUDSK\DQGWKH&RQYHUJHQFH=RQH

7KHUHIRUHLWLVQRWVXUSULVLQJWKDW,VUDHOVILUVWLQFDUQDWLRQODVWHGDVORQJDVLWGLGVRPH

ILYHFHQWXULHV:KDWLVLQWHUHVWLQJDQGZKDWPXVWEHFRQVLGHUHGLVZK\,VUDHOQRZ

FRQVLGHUHGDVWKHQRUWKHUQNLQJGRPZDVGHIHDWHGE\WKH$VV\ULDQVDQG-XGHDWKHQ

GHIHDWHGE\%DE\ORQ7RXQGHUVWDQGWKLVZHQHHGWRFRQVLGHUWKHEURDGHUJHRJUDSK\RI

,VUDHOVORFDWLRQ


8/15

,VUDHOLVORFDWHGRQWKHHDVWHUQVKRUHRIWKH0HGLWHUUDQHDQ6HDRQWKH/HYDQW$VZHKDYH

VHHQZKHQ,VUDHOLVLQWDFWLWZLOOWHQGWREHWKHGRPLQDQWSRZHULQWKH/HYDQW7KHUHIRUH

,VUDHOLUHVRXUFHVPXVWJHQHUDOO\EHGHGLFDWHGIRUODQGZDUIDUHOHDYLQJOLWWOHRYHUIRUQDYDO

ZDUIDUH,QJHQHUDODOWKRXJK,VUDHOKDGH[FHOOHQWKDUERUVDQGDFFHVVWRZRRGIRU

VKLSEXLOGLQJLWQHYHUZDVDPDMRU0HGLWHUUDQHDQQDYDOSRZHU,WQHYHUSURMHFWHGSRZHULQWRWKHVHD7KHDUHDWRWKHQRUWKRI,VUDHOKDVDOZD\VEHHQDPDULWLPHSRZHUEXW,VUDHO

WKHDUHDVRXWKRI0RXQW+HUPRQZDVDOZD\VIRUFHGWREHDODQGSRZHU

7KH/HYDQWLQJHQHUDODQG,VUDHOLQSDUWLFXODUKDVDOZD\VEHHQDPDJQHWIRUJUHDWSRZHUV

1R0HGLWHUUDQHDQHPSLUHFRXOGEHIXOO\VHFXUHXQOHVVLWFRQWUROOHGWKH/HYDQW:KHWKHULW

ZDV5RPHRU&DUWKDJHD0HGLWHUUDQHDQHPSLUHWKDWZDQWHGWRFRQWUROERWKWKHQRUWKHUQ

DQGVRXWKHUQOLWWRUDOVQHHGHGWRDQFKRULWVHDVWHUQIODQNRQWKH/HYDQW)RURQHWKLQJ

ZLWKRXWWKH/HYDQWD0HGLWHUUDQHDQSRZHUZRXOGEHHQWLUHO\GHSHQGHQWRQVHDODQHVIRU

FRQWUROOLQJWKHRWKHUVKRUH0RYLQJWURRSVVROHO\E\VHDFUHDWHVWUDQVSRUWOLPLWDWLRQVDQG

ORJLVWLFDOSUREOHPV,WDOVROHDYHVLPSHULDOOLQHVYXOQHUDEOHWRLQWHUGLFWLRQVRPHWLPHVPHUHO\IURPSLUDWHVDSUREOHPWKDWSODJXHG5RPHVVHDWUDQVSRUW$ODQGEULGJHRUDODQG

EULGJHZLWKPLQLPDOZDWHUFURVVLQJVWKDWFDQEHHDVLO\GHIHQGHGLVDYLWDOVXSSOHPHQWWR

WKHVHDIRUWKHPRYHPHQWRIODUJHQXPEHUVRIWURRSV2QFHWKH+HOOHVSRQWLVFURVVHGWKH

FRDVWDOURXWHWKURXJKVRXWKHUQ7XUNH\GRZQWKH/HYDQWDQGDORQJWKH0HGLWHUUDQHDQV

VRXWKHUQVKRUHSURYLGHVVXFKDQDOWHUQDWLYH

7KHUHLVDQDGGLWLRQDOFRQVLGHUDWLRQ,ID0HGLWHUUDQHDQHPSLUHOHDYHVWKH/HYDQW

XQRFFXSLHGLWRSHQVWKHGRRUWRWKHSRVVLELOLW\RIDJUHDWSRZHURULJLQDWLQJWRWKHHDVW

VHL]LQJWKHSRUWVRIWKH/HYDQWDQGFKDOOHQJLQJWKH0HGLWHUUDQHDQSRZHUIRUPDULWLPH

GRPLQDWLRQ,QVKRUWFRQWURORIWKH/HYDQWELQGVD0HGLWHUUDQHDQHPSLUHWRJHWKHUZKLOHGHQ\LQJDFKDOOHQJHUIURPWKHHDVWWKHRSSRUWXQLW\WRHQWHUWKH0HGLWHUUDQHDQ+ROGLQJWKH

/HYDQWDQGFRQWUROOLQJ,VUDHOLVDQHFHVVDU\SUHYHQWLYHPHDVXUHIRUD0HGLWHUUDQHDQ

HPSLUH

,VUDHOLVDOVRLPSRUWDQWWRDQ\HPSLUHRULJLQDWLQJWRWKHHDVWRI,VUDHOHLWKHULQWKH7LJULV

(XSKUDWHVEDVLQRULQ3HUVLD)RUHLWKHUVHFXULW\FRXOGEHDVVXUHGRQO\RQFHLWKDGDQ

DQFKRURQWKH/HYDQW0DFHGRQLDQH[SDQVLRQXQGHU$OH[DQGHUGHPRQVWUDWHGWKDWDSRZHU

FRQWUROOLQJ/HYDQWLQHDQG7XUNLVKSRUWVFRXOGVXSSRUWDJJUHVVLYHRSHUDWLRQVIDUWRWKHHDVW

WRWKH+LQGX.XVKDQGEH\RQG:KLOH7XUNLVKSRUWVPLJKWKDYHVXIILFHGIRURIIHQVLYH

RSHUDWLRQVVLPSO\VHFXULQJWKH%RVSRUXVVWLOOOHIWWKHVRXWKHUQIODQNH[SRVHG7KHUHIRUHE\KROGLQJWKH/HYDQWDQHDVWHUQSRZHUSURWHFWHGLWVHOIDJDLQVWDWWDFNVIURP

0HGLWHUUDQHDQSRZHUV

7KH/HYDQWZDVDOVRLPSRUWDQWWRDQ\HPSLUHRULJLQDWLQJWRWKHQRUWKRUVRXWKRI,VUDHO,I

(J\SWGHFLGHGWRPRYHEH\RQGWKH1LOH%DVLQDQG1RUWK$IULFDHDVWZDUGLWZRXOGPRYH

ILUVWWKURXJKWKH6LQDLDQGWKHQQRUWKZDUGDORQJWKHFRDVWDOSODLQVHFXULQJVHDODQHVWR

(J\SW:KHQ$VLD0LQRUSRZHUVVXFKDVWKH2WWRPDQ(PSLUHGHYHORSHGWKHUHZDVD


9/15

QDWXUDOWHQGHQF\WRPRYHVRXWKZDUGWRFRQWUROWKHHDVWHUQ0HGLWHUUDQHDQ7KH/HYDQWLV

WKHFURVVURDGVRIFRQWLQHQWVDQG,VUDHOOLHVLQWKHSDWKRIPDQ\LPSHULDODPELWLRQV

,VUDHOWKHUHIRUHRFFXSLHVZKDWPLJKWEHFDOOHGWKHFRQYHUJHQFH]RQHRIWKH(DVWHUQ

+HPLVSKHUH$(XURSHDQSRZHUWU\LQJWRGRPLQDWHWKH0HGLWHUUDQHDQRUH[SDQGHDVWZDUG

DQHDVWHUQSRZHUWU\LQJWRGRPLQDWHWKHVSDFHEHWZHHQWKH+LQGX.XVKDQGWKH0HGLWHUUDQHDQD1RUWK$IULFDQSRZHUPRYLQJWRZDUGWKHHDVWRUDQRUWKHUQSRZHUPRYLQJ

VRXWKDOOPXVWFRQYHUJHRQWKHHDVWHUQFRDVWRIWKH0HGLWHUUDQHDQDQGWKHUHIRUHRQ

,VUDHO2IWKHVHWKH(XURSHDQSRZHUDQGWKHHDVWHUQSRZHUPXVWEHWKHPRVWFRQFHUQHG

ZLWK,VUDHO)RUHLWKHUWKHUHLVQRFKRLFHEXWWRVHFXUHLWDVDQDQFKRU

,QWHUQDO*HRSROLWLFV

,VUDHOLVJHRJUDSKLFDOO\GLYLGHGLQWRWKUHHUHJLRQVZKLFKWUDGLWLRQDOO\KDYHSURGXFHGWKUHH

GLIIHUHQWW\SHVRISHRSOH,WVFRDVWDOSODLQIDFLOLWDWHVFRPPHUFHVHUYLQJDVWKHLQWHUIDFH

EHWZHHQHDVWHUQWUDGHURXWHVDQGWKHVHD,WLVWKHKRPHRIPHUFKDQWVDQGPDQXIDFWXUHUVFRVPRSROLWDQVQRWDVFRVPRSROLWDQDV3KRHQLFLDRU/HEDQRQEXWFRVPRSROLWDQIRU

,VUDHO7KHQRUWKHDVWLVKLOOFRXQWU\FORVHVWWRWKHXQUXOLQHVVQRUWKRIWKH/LWDQL5LYHUDQGWR

WKH6\ULDQWKUHDW,WEUHHGVIDUPHUVDQGZDUULRUV7KHDUHDVRXWKRI-HUXVDOHPLVKDUG

GHVHUWFRXQWU\PRUHFRQGXFLYHWRKHUGVPDQDQGZDUULRUVWKDQDQ\WKLQJHOVH-HUXVDOHPLV

ZKHUHWKHVHWKUHHUHJLRQVDUHEDODQFHGDQGJRYHUQHG

7KHUHDUHREYLRXVO\GHHSGLIIHUHQFHVEXLOWLQWR,VUDHOVJHRJUDSK\DQGLQKDELWDQWV

SDUWLFXODUO\EHWZHHQWKHKHUGVPHQRIWKHVRXWKHUQGHVHUWVDQGWKHQRUWKHUQKLOOGZHOOHUV

7KHFRDVWDOGZHOOHUVULFKEXWOHVVZDUOLNHWKDQWKHRWKHUVKROGWKHEDODQFHRUDUHWKHSUL]H

WREHSXUVXHG,QWKHGLYLVLRQRIWKHRULJLQDONLQJGRPEHWZHHQ,VUDHODQG-XGHDZHVDZWKHDOOLDQFHRIWKHFRDVWZLWKWKH*DOLOHHZKLOH-HUXVDOHPZDVKHOGE\WKHGHVHUWGZHOOHUV7KH

FRQVHTXHQFHRIWKHGLYLVLRQZDVWKDW,VUDHOLQWKHQRUWKXOWLPDWHO\ZDVFRQTXHUHGE\

$VV\ULDQVIURPWKHQRUWKHDVWZKLOH%DE\ORQZDVDEOHWRVZDOORZ-XGHD

6RFLDOGLYLVLRQVLQ,VUDHOREYLRXVO\GRQRWKDYHWRIROORZJHRJUDSKLFDOOLQHV+RZHYHURYHU

WLPHWKHVHGLYLVLRQVPXVWPDQLIHVWWKHPVHOYHV)RUH[DPSOHWKHFRDVWDOSODLQLVLQKHUHQWO\

PRUHFRVPRSROLWDQWKDQWKHUHVWRIWKHFRXQWU\7KHLQWHUHVWVRILWVLQKDELWDQWVOLHPRUH

ZLWKWUDGLQJSDUWQHUVLQWKH0HGLWHUUDQHDQDQGWKHUHVWRIWKHZRUOGWKDQZLWKWKHLU

FRXQWU\PHQ7KHLUVWDQGDUGRIOLYLQJLVKLJKHUDQGWKHLUFRPPLWPHQWWRWUDGLWLRQVLVORZHU

7KHUHIRUHWKHUHLVDQLQKHUHQWWHQVLRQEHWZHHQWKHLULPPHGLDWHLQWHUHVWVDQGWKRVHRIWKH*DOLOHDQVZKROLYHPRUHSUHFDULRXVZDUOLNHOLYHV&RXQWULHVFDQEHGLYLGHGRYHUOHVVHU

LVVXHVDQGZKHQ,VUDHOLVGLYLGHGLWLVYXOQHUDEOHHYHQWRUHJLRQDOWKUHDWV

:HVD\HYHQEHFDXVHJHRJUDSK\GLFWDWHVWKDWUHJLRQDOWKUHDWVDUHOHVVPHQDFLQJWKDQ

PLJKWEHH[SHFWHG7KHIDFWWKDW,VUDHOZRXOGEHRXWQXPEHUHGGHPRJUDSKLFDOO\VKRXOGDOO

LWVQHLJKERUVWXUQRQLWLVOHVVLPSRUWDQWWKDQWKHIDFWWKDWLWKDVDGHTXDWHEXIIHUVLQPRVW

GLUHFWLRQVWKDWWKHDELOLW\RIQHLJKERUVWRFRRUGLQDWHDQDWWDFNLVPLQLPDODQGWKDWWKHLU


10/15

DSSHWLWHIRUVXFKDQDWWDFNLVHYHQOHVV7KHVLQJOHWKUHDWWKDW,VUDHOIDFHVIURPWKH

QRUWKHDVWFDQUHDGLO\EHPDQDJHGLIWKH,VUDHOLVFUHDWHDXQLWHGIURQWWKHUH:KHQ,VUDHO

ZDVRYHUUXQE\D'DPDVFXVEDVHGSRZHULWZDVGHHSO\GLYLGHGLQWHUQDOO\

,WLVLPSRUWDQWWRDGGRQHFRQVLGHUDWLRQWRRXUGLVFXVVLRQRIEXIIHUVZKLFKLVGLSORPDF\

7KHPDLQQHLJKERUVRI,VUDHODUH(J\SWLDQV6\ULDQVDQGWKRVHZKROLYHRQWKHHDVWEDQNRI-RUGDQ7KLVODVWJURXSLVDQHJOLJLEOHIRUFHGHPRJUDSKLFDOO\DQGWKHLQWHUHVWVRIWKH

6\ULDQVDQG(J\SWLDQVDUHZLGHO\GLYHUJHQW(J\SWVLQWHUHVWVDUHWRWKHVRXWKDQGZHVWRI

LWVWHUULWRU\WKH6LQDLKROGVQRDWWUDFWLRQ6\ULDLVDOZD\VWKUHDWHQHGIURPPXOWLSOH

GLUHFWLRQVDQGDOOLDQFHZLWK(J\SWDGGVOLWWOHWRLWVVHFXULW\7KHUHIRUHXQGHUWKHZRUVWRI

FLUFXPVWDQFHV(J\SWDQG6\ULDKDYHGLIILFXOW\VXSSRUWLQJHDFKRWKHU8QGHUWKHEHVWRI

FLUFXPVWDQFHVIURP,VUDHOVSRLQWRIYLHZLWFDQUHDFKDSROLWLFDODFFRPPRGDWLRQZLWK

(J\SWVHFXULQJLWVVRXWKZHVWHUQIURQWLHUSROLWLFDOO\DVZHOODVE\JHRJUDSK\WKXVIUHHLQJ

,VUDHOWRFRQFHQWUDWHRQWKHQRUWKHUQWKUHDWVDQGRSSRUWXQLWLHV

,VUDHODQGWKH*UHDW3RZHUV

7KHWKUHDWWR,VUDHOUDUHO\FRPHVIURPWKHUHJLRQH[FHSWZKHQWKH,VUDHOLVDUHGLYLGHG

LQWHUQDOO\7KHFRQTXHVWVRI,VUDHORFFXUZKHQSRZHUVQRWDGMDFHQWWRLWEHJLQIRUPLQJ

HPSLUHV%DE\ORQ3HUVLD0DFHGRQLD5RPH7XUNH\DQG%ULWDLQDOOFRQWUROOHG,VUDHO

SROLWLFDOO\VRPHWLPHVIRUZRUVHDQGVRPHWLPHVIRUEHWWHU(DFKGRPLQDWHGLWPLOLWDULO\EXW

QRQHZDVDQHLJKERURI,VUDHO7KLVLVDFRQVLVWHQWSDWWHUQ,VUDHOFDQUHVLVWLWVQHLJKERUV

GDQJHUDULVHVZKHQPRUHGLVWDQWSRZHUVEHJLQSOD\LQJLPSHULDOJDPHV(PSLUHVFDQEULQJ

IRUFHWREHDUWKDW,VUDHOFDQQRWUHVLVW

,VUDHOWKHUHIRUHKDVWKLVSUREOHP,WZRXOGEHVHFXUHLILWFRXOGFRQILQHLWVHOIWRSURWHFWLQJLWVLQWHUHVWVIURPQHLJKERUVEXWLWFDQQRWFRQILQHLWVHOIEHFDXVHLWVJHRJUDSKLFORFDWLRQ

LQYDULDEO\GUDZVODUJHUPRUHGLVWDQWSRZHUVWRZDUG,VUDHO7KHUHIRUHZKLOH,VUDHOV

PLOLWDU\FDQIRFXVRQO\RQLPPHGLDWHLQWHUHVWVLWVGLSORPDWLFLQWHUHVWVPXVWORRNPXFK

IXUWKHU,VUDHOLVFRQVWDQWO\HQWDQJOHGZLWKJOREDOLQWHUHVWVDVWKHJOREHLVGHILQHGDWDQ\

SRLQWVHHNLQJWRGHIOHFWDQGDOLJQZLWKEURDGHUJOREDOSRZHUV:KHQLWIDLOVLQWKLV

GLSORPDF\WKHFRQVHTXHQFHVFDQEHFDWDVWURSKLF

,VUDHOH[LVWVLQWKUHHFRQGLWLRQV)LUVWLWFDQEHDFRPSOHWHO\LQGHSHQGHQWVWDWH7KLV

FRQGLWLRQRFFXUVZKHQWKHUHDUHQRPDMRULPSHULDOSRZHUVH[WHUQDOWRWKHUHJLRQ:HPLJKW

FDOOWKLVWKH'DYLGPRGHO6HFRQGLWFDQOLYHDVSDUWRIDQLPSHULDOV\VWHPHLWKHUDVDVXERUGLQDWHDOO\DVDPRGHUDWHO\DXWRQRPRXVHQWLW\RUDVDVDWUDS\,QDQ\FDVHLW

PDLQWDLQVLWVLGHQWLW\EXWORVHVURRPIRULQGHSHQGHQWPDQHXYHULQJLQIRUHLJQSROLF\DQG

SRWHQWLDOO\LQGRPHVWLFSROLF\:HPLJKWFDOOWKLVWKH3HUVLDQPRGHOLQLWVPRVWEHQHILFHQW

IRUP)LQDOO\,VUDHOFDQEHFRPSOHWHO\FUXVKHGZLWKPDVVGHSRUWDWLRQVDQGPLJUDWLRQV

ZLWKDFRPSOHWHORVVRIDXWRQRP\DQGPLQLPDOUHVLGXDODXWRQRP\:HPLJKWFDOOWKLVWKH

%DE\ORQLDQPRGHO


11/15

7KH'DYLGLFPRGHOH[LVWVSULPDULO\ZKHQWKHUHLVQRH[WHUQDOLPSHULDOSRZHUQHHGLQJ

FRQWURORIWKH/HYDQWWKDWLVLQDSRVLWLRQHLWKHUWRVHQGGLUHFWIRUFHRUWRVXSSRUWVXUURJDWHV

LQWKHLPPHGLDWHUHJLRQ7KH3HUVLDQPRGHOH[LVWVZKHQ,VUDHODOLJQVLWVHOIZLWKWKHIRUHLJQ

SROLF\LQWHUHVWVRIVXFKDQLPSHULDOSRZHUWRLWVRZQEHQHILW7KH%DE\ORQLDQPRGHOH[LVWV

ZKHQ,VUDHOPLVFDOFXODWHVRQWKHEURDGHUEDODQFHRISRZHUDQGDWWHPSWVWRUHVLVWDQ

HPHUJLQJKHJHPRQ:KHQZHORRNDW,VUDHOLEHKDYLRURYHUWLPHWKHSHULRGVZKHQ,VUDHOGRHVQRWFRQIURQWKHJHPRQLFSRZHUVRXWVLGHWKHUHJLRQDUHQRWUDUHEXWDUHIDUOHVV

FRPPRQWKDQZKHQLWLVFRQIURQWLQJWKHP

*LYHQWKHSHULRGRIWKHILUVWLWHUDWLRQRI,VUDHOLWZRXOGEHWRRPXFKWRVD\WKDWWKH'DYLGLF

PRGHOUDUHO\FRPHVLQWRSOD\EXWFHUWDLQO\VLQFHWKDWWLPHYDULDWLRQVRIWKH3HUVLDQDQG

%DE\ORQLDQPRGHOVKDYHGRPLQDWHG7KHUHDVRQLVJHRJUDSKLF,VUDHOLVQRUPDOO\RILQWHUHVW

WRRXWVLGHSRZHUVEHFDXVHRILWVVWUDWHJLFSRVLWLRQ:KLOH,VUDHOFDQGHDOZLWKORFDO

FKDOOHQJHVHIIHFWLYHO\LWFDQQRWGHDOZLWKEURDGHUFKDOOHQJHV,WODFNVWKHHFRQRPLFRU

PLOLWDU\ZHLJKWWRUHVLVW7KHUHIRUHLWLVQRUPDOO\LQWKHSURFHVVRIPDQDJLQJEURDGHU

WKUHDWVRUFROODSVLQJEHFDXVHRIWKHP

7KH*HRSROLWLFVRI&RQWHPSRUDU\,VUDHO

/HWXVWKHQWXUQWRWKHFRQWHPSRUDU\PDQLIHVWDWLRQRI,VUDHO,VUDHOZDVUHFUHDWHGEHFDXVH

RIWKHLQWHUDFWLRQEHWZHHQDUHJLRQDOJUHDWSRZHUWKH2WWRPDQ(PSLUHDQGDJOREDO

SRZHU*UHDW%ULWDLQ'XULQJLWVH[SDQVLRQDU\SKDVHWKH2WWRPDQ(PSLUHVRXJKWWR

GRPLQDWHWKHHDVWHUQ0HGLWHUUDQHDQDVZHOODVERWKLWVQRUWKHUQDQGVRXWKHUQFRDVWV2QH

WKUXVWZHQWWKURXJKWKH%DONDQVWRZDUGFHQWUDO(XURSH7KHRWKHUZDVWRZDUG(J\SW

,QHYLWDEO\WKLVUHTXLUHGWKDWWKH2WWRPDQVVHFXUHWKH/HYDQW

)RUWKH%ULWLVKWKHIRFXVRQWKHHDVWHUQ0HGLWHUUDQHDQZDVDVWKHSULPDU\VHDODQHWR

,QGLD$VVXFK*LEUDOWDUDQGWKH6XH]ZHUHFUXFLDO7KHLPSRUWDQFHRIWKH6XH]ZDVVXFK

WKDWWKHSUHVHQFHRIDKRVWLOHPDMRUQDYDOIRUFHLQWKHHDVWHUQ0HGLWHUUDQHDQUHSUHVHQWHGD

GLUHFWWKUHDWWR%ULWLVKLQWHUHVWV,WIROORZHGWKDWGHIHDWLQJWKH2WWRPDQ(PSLUHGXULQJ

:RUOG:DU,DQGEUHDNLQJLWVUHVLGXDOQDYDOSRZHUZDVFULWLFDO7KH%ULWLVKDVZDVVKRZQ

DW*DOOLSROLODFNHGWKHUHVRXUFHVWREUHDNWKH2WWRPDQ(PSLUHE\PDLQIRUFH7KH\

UHVRUWHGWRDVHULHVRIDOOLDQFHVZLWKORFDOIRUFHVWRXQGHUPLQHWKH2WWRPDQV2QHZDVDQ

DOOLDQFHZLWK%HGRXLQWULEHVLQWKH$UDELDQ3HQLQVXODRWKHUVLQYROYHGFRYHUWDJUHHPHQWV

ZLWKDQWL7XUNLVK$UDELQWHUHVWVIURPWKH/HYDQWWRWKH3HUVLDQ*XOI$WKLUGPLQRUWKUXVW

ZDVDOLJQLQJZLWK-HZLVKLQWHUHVWVJOREDOO\SDUWLFXODUO\WKRVHLQWHUHVWHGLQWKHUHIRXQGLQJRI,VUDHO%ULWDLQKDGOLWWOHLQWHUHVWLQWKLVJRDOEXWVDZVXFKGLVFXVVLRQVDVSDUWRIWKH

SURFHVVRIGHVWDELOL]LQJWKH2WWRPDQV

7KHVWUDWHJ\ZRUNHG8QGHUDQDJUHHPHQWZLWK)UDQFHWKH2WWRPDQSURYLQFHRI6\ULDZDV

GLYLGHGLQWRWZRSDUWVRQDOLQHURXJKO\UXQQLQJHDVWZHVWEHWZHHQWKHVHDDQG0RXQW

+HUPRQ7KHQRUWKHUQSDUWZDVJLYHQWR)UDQFHDQGGLYLGHGLQWR/HEDQRQDQGDUXPS6\ULD

HQWLW\7KHVRXWKHUQSDUWZDVJLYHQWR%ULWDLQDQGZDVFDOOHG3DOHVWLQHDIWHUWKH2WWRPDQ


12/15

DGPLQLVWUDWLYHGLVWULFW)LOLVWLQD*LYHQWKHFRPSOH[SROLWLFVRIWKH$UDELDQ3HQLQVXODWKH

%ULWLVKKDGWRILQGDKRPHIRUDJURXSRI+DVKHPLWHVZKLFKWKH\ORFDWHGRQWKHHDVWEDQN

RIWKH-RUGDQ5LYHUDQGGHVLJQDWHGIRUZDQWRIDEHWWHUQDPHWKH7UDQV-RUGDQWKH

RWKHUVLGHRIWKH-RUGDQ3DOHVWLQHORRNHGYHU\PXFKOLNHWUDGLWLRQDO,VUDHO

7KHLGHRORJLFDOIRXQGDWLRQVRI=LRQLVPDUHQRWRXUFRQFHUQKHUHQRUDUHWKHSUHDQGSRVW:RUOG:DU,,PLJUDWLRQVRI-HZVDOWKRXJKWKRVHDUHFHUWDLQO\FULWLFDO:KDWLVLPSRUWDQWIRU

SXUSRVHVRIWKLVDQDO\VLVDUHWZRWKLQJV)LUVWWKH%ULWLVKHPHUJHGHFRQRPLFDOO\DQG

PLOLWDULO\FULSSOHGIURP:RUOG:DU,,DQGXQDEOHWRUHWDLQWKHLUJOREDOHPSLUH3DOHVWLQH

LQFOXGHG6HFRQGWKHWZRJOREDOSRZHUVWKDWHPHUJHGDIWHU:RUOG:DU,,WKH8QLWHG

6WDWHVDQGWKH6RYLHW8QLRQZHUHHQJDJHGLQDQLQWHQVHVWUXJJOHIRUWKHHDVWHUQ

0HGLWHUUDQHDQDIWHU:RUOG:DU,,DVFDQEHVHHQLQWKH*UHHNDQG7XUNLVKLVVXHVDWWKDW

WLPH1HLWKHUZDQWHGWRVHHWKH%ULWLVK(PSLUHVXUYLYHHDFKZDQWHGWKH/HYDQWDQG

QHLWKHUZDVSUHSDUHGWRPDNHDGHFLVLYHPRYHWRWDNHLW

%RWKWKH8QLWHG6WDWHVDQGWKH6RYLHW8QLRQVDZWKHUHFUHDWLRQRI,VUDHODVDQRSSRUWXQLW\WRLQWURGXFHWKHLUSRZHUWRWKH/HYDQW7KH6RYLHWVWKRXJKWWKH\PLJKWKDYHVRPHLQIOXHQFH

RYHU,VUDHOGXHWRLGHRORJ\7KH$PHULFDQVWKRXJKWWKH\PLJKWKDYHVRPHLQIOXHQFHJLYHQ

WKHUROHRI$PHULFDQ-HZVLQWKHIRXQGLQJ1HLWKHUZDVWKLQNLQJSDUWLFXODUO\FOHDUO\DERXW

WKHPDWWHUEHFDXVHQHLWKHUKDGWUXO\IRXQGLWVEDODQFHDIWHU:RUOG:DU,,%RWKNQHZWKH

/HYDQWZDVLPSRUWDQWEXWQHLWKHUVDZWKH/HYDQWDVDFHQWUDOEDWWOHJURXQGDWWKDWPRPHQW

,VUDHOVOLSSHGWKURXJKWKHFUDFNV

2QFHWKHTXHVWLRQRI-HZLVKXQLW\ZDVVHWWOHGWKURXJKUXWKOHVVDFWLRQE\'DYLG%HQ

*XULRQVJRYHUQPHQW,VUDHOIDFHGDVLPXOWDQHRXVWKUHDWIURPDOORILWVLPPHGLDWH

QHLJKERUV+RZHYHUDVZHKDYHVHHQWKHWKUHDWLQZDVPRUHDSSDUHQWWKDQUHDO7KHQRUWKHUQ/HYDQW/HEDQRQZDVIXQGDPHQWDOO\GLVXQLWHGIDUPRUHLQWHUHVWHGLQUHJLRQDO

PDULWLPHWUDGHDQGFRQFHUQHGDERXWFRQWUROIURP'DPDVFXV,WSRVHGQRUHDOWKUHDWWR

,VUDHO-RUGDQVHWWOLQJWKHHDVWHUQEDQNRIWKH-RUGDQ5LYHUZDVDQRXWVLGHSRZHUWKDWKDG

EHHQWUDQVSODQWHGLQWRWKHUHJLRQDQGZDVPRUHFRQFHUQHGDERXWQDWLYH$UDEVWKH

3DOHVWLQLDQVWKDQDERXW,VUDHO7KH-RUGDQLDQVVHFUHWO\FROODERUDWHGZLWK,VUDHO(J\SW

GLGSRVHDWKUHDWEXWLWVDELOLW\WRPDLQWDLQOLQHVRIVXSSO\DFURVVWKH6LQDLZDVVHYHUHO\

OLPLWHGDQGLWVJHQXLQHLQWHUHVWLQHQJDJLQJDQGGHVWUR\LQJ,VUDHOZDVPRUHUKHWRULFDOWKDQ

UHDO$VXVXDOWKH(J\SWLDQVFRXOGQRWDIIRUGWKHOHYHORIHIIRUWQHHGHGWRPRYHLQWRWKH

/HYDQW6\ULDE\LWVHOIKDGDYHU\UHDOLQWHUHVWLQ,VUDHOVGHIHDWEXWE\LWVHOIZDVLQFDSDEOH

RIGHFLVLYHDFWLRQ

7KHH[WHULRUOLQHVRI,VUDHOVQHLJKERUVSUHYHQWHGHIIHFWLYHFRQFHUWHGDFWLRQ,VUDHOV

LQWHULRUOLQHVSHUPLWWHGHIILFLHQWGHSOR\PHQWDQGUHGHSOR\PHQWRIIRUFH,WZDVQRWREYLRXV

DWWKHWLPHEXWLQUHWURVSHFWZHFDQVHHWKDWRQFH,VUDHOH[LVWHGZDVXQLWHGDQGKDGHYHQ

OLPLWHGPLOLWDU\IRUFHLWVVXUYLYDOZDVJXDUDQWHHG7KDWLVVRORQJDVQRJUHDWSRZHUZDV

RSSRVHGWRLWVH[LVWHQFH


13/15

)URPLWVIRXQGLQJXQWLOWKH&DPS'DYLG$FFRUGVUHHVWDEOLVKHGWKH6LQDLDVDEXIIHUZLWK

(J\SW,VUDHOVVWUDWHJLFSUREOHPZDVWKLV6RORQJDV(J\SWZDVLQWKH6LQDL,VUDHOV

QDWLRQDOVHFXULW\UHTXLUHPHQWVRXWVWULSSHGLWVPLOLWDU\FDSDELOLWLHV,WFRXOGQRW

VLPXOWDQHRXVO\ILHOGDQDUP\PDLQWDLQLWVFLYLOLDQHFRQRP\DQGSURGXFHDOOWKHZHDSRQV

DQGVXSSOLHVQHHGHGIRUZDU,VUDHOKDGWRDOLJQLWVHOIZLWKJUHDWSRZHUVZKRVDZDQ

RSSRUWXQLW\WRSXUVXHRWKHULQWHUHVWVE\DUPLQJ,VUDHO

,VUDHOVILUVWSDWURQZDVWKH6RYLHW8QLRQWKURXJK&]HFKRVORYDNLDZKLFKVXSSOLHG

ZHDSRQVEHIRUHDQGDIWHULQWKHKRSHVRIXVLQJ,VUDHOWRJDLQDIRRWKROGLQWKHHDVWHUQ

0HGLWHUUDQHDQ,VUDHODZDUHRIWKHULVNVRIORVLQJDXWRQRP\DOVRPRYHGLQWRDUHODWLRQVKLS

ZLWKDGHFOLQLQJJUHDWSRZHUWKDWZDVILJKWLQJWRUHWDLQLWVHPSLUH)UDQFH6WUXJJOLQJWR

KROGRQWR$OJHULDDQGLQFRQVWDQWWHQVLRQZLWK$UDEV)UDQFHVDZ,VUDHODVDQDWXUDODOO\

$QGDSDUWIURPWKHRSHUDWLRQDJDLQVW6XH]LQ,VUDHOVDZLQ)UDQFHDSDWURQWKDWZDV

QRWLQDSRVLWLRQWRUHGXFH,VUDHOLDXWRQRP\+RZHYHUZLWKWKHHQGRIWKH$OJHULDQZDUDQG

WKHUHDOLJQPHQWRI)UDQFHLQWKH$UDEZRUOG,VUDHOEHFDPHDOLDELOLW\WR)UDQFHDQGDIWHU

,VUDHOORVW)UHQFKSDWURQDJH

,VUDHOGLGQRWEHFRPHDVHULRXVDOO\RIWKH$PHULFDQVXQWLODIWHU6XFKDQDOOLDQFHZDV

LQWKH$PHULFDQLQWHUHVW7KH8QLWHG6WDWHVKDGDVDVWUDWHJLFLPSHUDWLYHWKHJRDORI

NHHSLQJWKH6RYLHWQDY\RXWRIWKH0HGLWHUUDQHDQRUDWOHDVWEORFNLQJLWVXQIHWWHUHG

DFFHVV7KDWPHDQWWKDW7XUNH\FRQWUROOLQJWKH%RVSRUXVKDGWREHNHSWLQWKH$PHULFDQ

EORF6\ULDDQG,UDTVKLIWHGSROLFLHVLQWKHODWHVDQGE\WKHPLGVKDGEHHQDUPHG

E\WKH6RYLHWV7KLVPDGH7XUNH\VSRVLWLRQSUHFDULRXV,IWKH6RYLHWVSUHVVHGIURPWKH

QRUWKZKLOH6\ULDDQG,UDTSUHVVHGIURPWKHVRXWKWKHRXWFRPHZRXOGEHXQFHUWDLQWRVD\

WKHOHDVWDQGWKHJOREDOEDODQFHRISRZHUZDVDWVWDNH

7KH8QLWHG6WDWHVXVHG,UDQWRGLYHUW,UDTVDWWHQWLRQ,VUDHOZDVHTXDOO\XVHIXOLQGLYHUWLQJ

6\ULDVDWWHQWLRQ6RORQJDV,VUDHOWKUHDWHQHG6\ULDIURPWKHVRXWKLWFRXOGQRWGLYHUWLWV

IRUFHVWRWKHQRUWK7KDWKHOSHGVHFXUH7XUNH\DWDUHODWLYHO\ORZFRVWLQDLGDQGULVN%\

DOLJQLQJLWVHOIZLWKWKHLQWHUHVWVRIDJUHDWSRZHU,VUDHOORVWVRPHRILWVURRPIRUPDQHXYHU

)RUH[DPSOHLQLWZDVOLPLWHGE\WKH8QLWHG6WDWHVLQZKDWLWFRXOGGRWR(J\SW%XW

WKRVHOLPLWDWLRQVDVLGHLWUHPDLQHGDXWRQRPRXVLQWHUQDOO\DQGJHQHUDOO\IUHHWRSXUVXHLWV

VWUDWHJLFLQWHUHVWV

7KHHQGRIKRVWLOLWLHVZLWK(J\SWJXDUDQWHHGE\WKH6LQDLEXIIHU]RQHFUHDWHGDQHZHUD

IRU,VUDHO(J\SWZDVUHVWRUHGWRLWVWUDGLWLRQDOSRVLWLRQ-RUGDQZDVDPDUJLQDOSRZHURQWKHHDVWEDQN/HEDQRQZDVLQLWVQRUPDOXQVWDEOHPRGHDQGRQO\6\ULDZDVDWKUHDW

+RZHYHULWZDVDWKUHDWWKDW,VUDHOFRXOGHDVLO\GHDOZLWK6\ULDE\LWVHOIFRXOGQRWWKUHDWHQ

WKHVXUYLYDORI,VUDHO

)ROORZLQJ&DPS'DYLGDQLURQLFQDPH,VUDHOZDVLQLWV'DYLGLFPRGHOLQDVRPHZKDW

PRGLILHGVHQVH,WVVXUYLYDOZDVQRWDWVWDNH,WVSUREOHPVWKHGRPLQDWLRQRIDODUJH

KRVWLOHSRSXODWLRQDQGPDQDJLQJHYHQWVLQWKHQRUWKHUQ/HYDQWZHUHVXEFULWLFDO


14/15

PHDQLQJWKDWWKRXJKWKHVHZHUHQRWHDV\WDVNVWKH\GLGQRWUHSUHVHQWIXQGDPHQWDO

WKUHDWVWRQDWLRQDOVXUYLYDOVRORQJDV,VUDHOUHWDLQHGQDWLRQDOXQLW\:KHQXQLILHG,VUDHO

KDVQHYHUEHHQWKUHDWHQHGE\LWVQHLJKERUV*HRJUDSK\GLFWDWHVDJDLQVWLW

,VUDHOVGDQJHUZLOOFRPHRQO\LIDJUHDWSRZHUVHHNVWRGRPLQDWHWKH0HGLWHUUDQHDQ%DVLQ

RUWRRFFXS\WKHUHJLRQEHWZHHQ$IJKDQLVWDQDQGWKH0HGLWHUUDQHDQ,QWKHVKRUWSHULRGVLQFHWKHIDOORIWKH6RYLHW8QLRQWKLVKDVEHHQLPSRVVLEOH7KHUHKDVEHHQQRJUHDWSRZHU

ZLWKWKHDSSHWLWHDQGWKHZLOOIRUVXFKDQDGYHQWXUH%XW\HDUVLVQRWHYHQDJHQHUDWLRQ

DQG,VUDHOPXVWPHDVXUHLWVKLVWRU\LQFHQWXULHV

,WLVWKHQDWXUHRIWKHLQWHUQDWLRQDOV\VWHPWRVHHNEDODQFH7KHSULPDU\UHDOLW\RIWKHZRUOG

WRGD\LVWKHRYHUZKHOPLQJSRZHURIWKH8QLWHG6WDWHV7KH8QLWHG6WDWHVPDNHVIHZ

GHPDQGVRQ,VUDHOWKDWPDWWHU+RZHYHULWLVWKHQDWXUHRIWKLQJVWKDWWKH8QLWHG6WDWHV

WKUHDWHQVWKHLQWHUHVWVRIRWKHUJUHDWSRZHUVZKRLQGLYLGXDOO\ZHDNZLOOWU\WRIRUP

FRDOLWLRQVDJDLQVWLW,QHYLWDEO\VXFKFRDOLWLRQVZLOODULVH7KDWZLOOEHWKHQH[WSRLQWRI

GDQJHUIRU,VUDHO

,QWKHHYHQWRIDJOREDOULYDOU\WKH8QLWHG6WDWHVPLJKWSODFHRQHURXVUHTXLUHPHQWVRQ

,VUDHO$OWHUQDWLYHO\JUHDWSRZHUVPLJKWPRYHLQWRWKH-RUGDQ5LYHUYDOOH\RUDOO\ZLWK

6\ULDPRYHLQWR/HEDQRQRUDOO\ZLWK,VUDHO7KHKLVWRULFDODWWUDFWLRQRIWKHHDVWHUQVKRUHRI

WKH0HGLWHUUDQHDQZRXOGIRFXVWKHDWWHQWLRQRIVXFKDSRZHUDQGOHDGWRDWWHPSWVWRDVVHUW

FRQWURORYHUWKH0HGLWHUUDQHDQRUFUHDWHDVHFXUH0LGGOH(DVWHUQHPSLUH,QHLWKHUHYHQW

RUVRPHRIWKHRWKHUVGLVFXVVHGLWZRXOGFUHDWHDFLUFXPVWDQFHLQZKLFK,VUDHOPLJKWIDFHD

%DE\ORQLDQFDWDVWURSKHRUEHIRUFHGLQWRVRPHYDULDWLRQRID3HUVLDQRU5RPDQ

VXEMXJDWLRQ

,VUDHOVGDQJHULVQRWD3DOHVWLQLDQULVLQJ3DOHVWLQLDQDJLWDWLRQLVDQLUULWDQWWKDW,VUDHOFDQ

PDQDJHVRORQJDVLWGRHVQRWXQGHUPLQH,VUDHOLXQLW\:KHWKHULWLVPDQDJHGE\

GRPLQDWLRQRUE\JUDQWLQJWKH3DOHVWLQLDQVDYDVVDOVWDWHPDWWHUVOLWWOH1RUFDQ,VUDHOEH

WKUHDWHQHGE\LWVQHLJKERUV(YHQDXQLILHGDWWDFNE\6\ULDDQG(J\SWZRXOGIDLOIRUWKH

UHDVRQVGLVFXVVHG,VUDHOVUHDOWKUHDWDVFDQEHVHHQLQKLVWRU\OLHVLQWKHHYHQWRILQWHUQDO

GLYLVLRQDQGRUDJUHDWSRZHUFRYHWLQJ,VUDHOVJHRJUDSKLFDOSRVLWLRQPDUVKDOOLQJIRUFH

WKDWLVEH\RQGLWVFDSDFLW\WRUHVLVW(YHQWKDWFDQEHPDQDJHGLI,VUDHOKDVDSDWURQZKRVH

LQWHUHVWVLQYROYHGHQ\LQJWKHFRDVWWRDQRWKHUSRZHU

,VUDHOVUHDOLW\LVWKLV,WLVDVPDOOFRXQWU\\HWPXVWPDQDJHWKUHDWVDULVLQJIDURXWVLGHRILWVUHJLRQ,WFDQVXUYLYHRQO\LILWPDQHXYHUVZLWKJUHDWSRZHUVFRPPDQGLQJHQRUPRXVO\

JUHDWHUUHVRXUFHV,VUDHOFDQQRWPDWFKWKHUHVRXUFHVDQGWKHUHIRUHLWPXVWEHFRQVWDQWO\

FOHYHU7KHUHDUHSHULRGVZKHQLWLVUHODWLYHO\VDIHEHFDXVHRIJUHDWSRZHUDOLJQPHQWVEXW

LWVQRUPDOFRQGLWLRQLVRQHRIJOREDOXQHDVH1RQDWLRQFDQEHFOHYHUIRUHYHUDQG,VUDHOV

KLVWRU\VKRZVWKDWVRPHIRUPRIVXERUGLQDWLRQLVLQHYLWDEOH,QGHHGLWLVWRDYHU\OLPLWHG

H[WHQWVXERUGLQDWHWRWKH8QLWHG6WDWHVQRZ


15/15

)RU,VUDHOWKHUHWHQWLRQRID'DYLGLFLQGHSHQGHQFHLVGLIILFXOW,VUDHOVVWUDWHJ\PXVWEHWR

PDQDJHLWVVXERUGLQDWLRQHIIHFWLYHO\E\GHDOLQJZLWKLWVSDWURQFOHYHUO\DVLWGLGZLWK

3HUVLD%XWFOHYHUQHVVLVQRWDJHRSROLWLFDOFRQFHSW,WLVQRWSHUPDQHQWDQGLWLVQRW

DVVXUHG$QGWKDWLVWKHSHUSHWXDOFULVLVRI-HUXVDOHP

the geopolitics of israel- biblical and modern

Documents