已阅读5页,还剩11页未读, 继续免费阅读
版权说明:本文档由用户提供并上传,收益归属内容提供方,若内容存在侵权,请进行举报或认领
文档简介
羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂芈蒈蚈袄膁莄蚇羆莇芀蚆聿腿薈蚆螈羂蒄蚅袁膈莀螄羃羁芆螃蚂膆膂螂螅罿薁螁羇芄蒇螀聿肇莃螀蝿芃艿蝿袁肅薇螈羄芁蒃袇肆肄荿袆螆艿芅蒃袈肂芁蒂肀莈薀蒁螀膀蒆蒀袂莆莂葿羅腿芈蒈肇羁薆薈螇膇蒂薇衿羀莈薆羁膅莄薅螁羈芀薄袃芃蕿薃羅肆蒅薂肈节莁薂螇肅芇蚁袀芀膃蚀羂肃蒂虿蚂DIGESTOFTHEECONOMIST200623MOVINGMARKETSSHIFTSINTRADINGPATTERNSAREMAKINGTECHNOLOGYEVERMOREIMPORTANTANINVESTORPRESSESABUTTON,SENDING1,000SMALL“BUY”ORDERSTOASTOCKEXCHANGETHEEXCHANGESCOMPUTERSYSTEMINSTANTLYKICKSIN,BUTASPLITSECONDLATER,99OFTHEORDERSARECANCELLEDHAVINGFOUNDTHEBESTPRICE,THEINVESTORMAKESHISTRADEDISCREETLY,LEAVINGNOVISIBLETRACEONTHEMARKETALLINLESSTIMETHANITTAKESTOBLINKHISSTEALTHSTRATEGYREMAINSINTACTEVENTSLIKETHISHAPPENMANYTIMESADAY,ASFLOODSOFORDERSFROMACTIVEHEDGEFUNDSAND“ALGORITHMIC”TRADERSWHOUSEAUTOMATEDPROGRAMSTOBUYANDSELLRUSHTHROUGHTHEINFORMATIONTECHNOLOGYSYSTEMSOFTHEWORLDSEXCHANGESTHEAVERAGETRANSACTIONSIZEONLEADINGSTOCKEXCHANGESHASFALLENFROMABOUT2,000SHARESINTHEMID1990STOFEWERTHAN400TODAY,ALTHOUGHTOTALTRADINGVOLUMEHASSOAREDBUTEXCHANGESSYSTEMSHAVETOCOPEWITHMORETHANJUSTAGROWINGONSLAUGHTOF“BUY”AND“SELL”MESSAGESCUSTOMERSWANTTOTRADEINMORECOMPLICATEDWAYS,COMBININGDIFFERENTTYPESOFASSETSONDIFFERENTEXCHANGESATONCETHEN,ASALWAYS,THEREISREGULATIONALLTHISISPUSHINGTECHNOLOGYFURTHERTOTHEFORERECENTEMBARRASSMENTSATTHETOKYOSTOCKEXCHANGEHAVEILLUSTRATEDWHATCANHAPPENWHENSYSTEMSFAILTOKEEPUPWITHTHETIMESINJUSTTHEPASTFEWMONTHS,THEIMPORTANCEOFTECHNOLOGYHASBEENPLAININMERGERSTHOSEOFTHENEWYORKSTOCKEXCHANGEANDARCHIPELAGO,ANDNASDAQANDINETCOLLABORATIONSTHEDECISIONBYTHENEWYORKBOARDOFTRADETOUSETHECHICAGOBOARDOFTRADESTRADINGPLATFORMANDTHECREATIONOFOFFEXCHANGETRADINGNETWORKSINCLUDINGONEUNVEILEDRECENTLYBYCITIGROUPTECHNOLOGYISHARDLYANEWELEMENTINFINANCIALMARKETSTHEADVENTOFELECTRONICTRADINGINTHE1980SFIRSTINEUROPE,LATERINAMERICAHELPEDTOGLOBALISEFINANCIALMARKETSANDDROVEUPTRADINGVOLUMESBUTHAVINGSLOWEDAFTERTHEDOTCOMBUBBLEITISNOWDEMANDINGEVERMOREOFEXCHANGESANDINTERMEDIARIESATTENTIONINVESTORSCANNOWDEALMOREEASILYWITHEXCHANGESOREACHOTHER,BYPASSINGTRADITIONALROUTESASCUSTOMERSDEMANDSANDBARGAININGPOWERHAVEINCREASED,SOTHEEXCHANGESHAVEHADTORAMPUPTHEIROWNSYSTEMS“TECHNOLOGYCREATEDTHEMONSTERTHATHASTOBEADDRESSEDBYMORETECHNOLOGY,”SAYSLESLIESUTPHENOFCALYONFINANCIAL,ABIGFUTURESBROKERAITEGROUP,ARESEARCHFIRM,RECKONSTHATINAMERICAALONETHESECURITIESANDINVESTMENTINDUSTRYSPENT264BILLIONLASTYEARONITSEECHART,ANDMAYSPEND30BILLIONIN2008SELLSIDEFIRMSSPENDMOSTJPMORGANCHASEANDMORGANSTANLEYEACHSPLASHEDOUTMORETHAN2BILLIONIN2004,WHILEASSETMANAGEMENTFIRMSSUCHASSTATESTREETGLOBALADVISORS,BARCLAYSGLOBALINVESTORSANDFIDELITYINVESTMENTSSPENTBETWEEN250MAND350MAPIECEWITHBROKERAGEFEESFORTRADESWHITTLEDDOWN,MANYHAVECONCLUDEDTHATBETTERTECHNOLOGYISONEWAYTOCUTTRADINGCOSTSANDKEEPCUSTOMERSTESTINGALLENGINESGLOBALGROWTHISLOOKINGLESSLOPSIDEDTHANFORMANYYEARSLARRYSUMMERS,ATREASURYSECRETARYUNDERBILLCLINTON,ONCESAIDTHAT“THEWORLDECONOMYISFLYINGONONEENGINE”TODESCRIBEITSEXCESSIVERELIANCEONAMERICANDEMANDNOWGROWTHSEEMSTOBEBECOMINGMOREEVENATLASTEUROPEANDJAPANAREREVVINGUP,ASAREMOSTEMERGINGECONOMIESASARESULT,IFORWHENTHEAMERICANENGINESTALLS,THEGLOBALAEROPLANEWILLNOTNECESSARILYCRASHFORTHETIMEBEING,AMERICASMONETARYPOLICYMAKERSTHINKTHATTHEIRECONOMYISSTILLRUNNINGPRETTYWELLTHISWEEK,ASALANGREENSPANHANDEDOVERTHECHAIRMANSHIPOFTHEFEDERALRESERVETOBENBERNANKE,THEFEDMARKEDTHEENDOFMRGREENSPANS18YEARREIGNBYRAISINGINTERESTRATESFORTHE14THCONSECUTIVEMEETING,TO45THECENTRALBANKERSALSOGAVEMRBERNANKEMOREFLEXIBILITYBYSOFTENINGTHEIRPOLICYSTATEMENTTHEYSAIDTHATFURTHERTIGHTENING“MAYBENEEDED”RATHERTHAN“ISLIKELYTOBENEEDED”,ASBEFOREMOSTANALYSTSEXPECTTHEFEDTORAISERATESONCEORTWICEMORE,ALTHOUGHTHEECONOMYSLOWEDSHARPLYINLATE2005REALGDPGROWTHFELLTOANANNUALRATEOFONLY11INTHEFOURTHQUARTER,THELOWESTFORTHREEYEARSECONOMISTSWEREQUICKTOASCRIBETHISDISAPPOINTINGNUMBERTOSPECIALFACTORS,SUCHASHURRICANEKATRINAANDASTEEPFALLINCARSALESTHECONSEQUENCEOFGENEROUSINCENTIVESTHATHADENCOURAGEDBUYERSTOBRINGPURCHASESFORWARDTOTHETHIRDQUARTERTHECONSENSUSHASITTHATGROWTHWILLBOUNCEBACKTOANANNUALRATEOFOVER4INTHEFIRSTQUARTERANDSTAYSTRONGTHEREAFTERTHISSOUNDSTOOOPTIMISTICAREBOUNDISINDEEDLIKELYINTHISQUARTER,BUTTHERESTOFTHEYEARCOULDPROVEDISAPPOINTING,ASAWEAKENINGHOUSINGMARKETSTARTSTOWEIGHONCONSUMERSPENDINGINDECEMBERSALESOFEXISTINGHOMESFELLMARKEDLYANDTHESTOCKOFUNSOLDHOMESSURGEDECONOMISTSATGOLDMANSACHSCALCULATETHAT,AFTERADJUSTINGFORSEASONALPATTERNS,THEMEDIANHOMEPRICEHASFALLENBYALMOST4SINCEOCTOBEREXPERIENCEFROMBRITAINANDAUSTRALIASHOWSTHATEVENASOFTLANDINGFORHOUSEPRICESCANCAUSEANACUTESLOWDOWNINCONSUMERSPENDINGAMERICANCONSUMERSHAVEBEENTHEMAINENGINENOTJUSTOFTHEIROWNECONOMYBUTOFTHEWHOLEWORLDSIFTHATENGINEFAILS,WILLTHEGLOBALECONOMYNOSEDIVEAFEWYEARSAGO,THEANSWERWOULDPROBABLYHAVEBEENYESBUTTHEGLOBALECONOMYMAYNOWBELESSVULNERABLEATTHEWORLDECONOMICFORUMINDAVOSLASTWEEK,JIMONEILL,THECHIEFECONOMISTATGOLDMANSACHS,ARGUEDCONVINCINGLYTHATASLOWDOWNINAMERICANEEDNOTLEADTOASIGNIFICANTGLOBALLOSSOFPOWERSTARTWITHJAPAN,WHEREINDUSTRIALOUTPUTJUMPEDBYANANNUALRATEOF11INTHEFOURTHQUARTERGOLDMANSACHSHASRAISEDITSGDPGROWTHFORECASTFORTHATQUARTERTHEOFFICIALNUMBERISDUEONFEBRUARY17THTOANANNUALIZED42THATWOULDPUSHYEARONYEARGROWTHTO39,WELLAHEADOFAMERICAS31THEBANKPREDICTSAVERAGEGDPGROWTHINJAPANTHISYEAROF27ITTHINKSSTRONGDEMANDWITHINASIAWILLPARTLYOFFSETANAMERICANSLOWDOWNJAPANSLABOURMARKETISALSOSTRENGTHENINGINDECEMBERTHERATIOOFVACANCIESTOJOBAPPLICANTSROSETOITSHIGHESTSINCE1992SEECHART1ITISEASIERTOFINDAJOBNOWTHANATANYTIMESINCETHEBUBBLEBURSTINTHEEARLY1990SSTRONGERHIRINGBYFIRMSISALSOPUSHINGUPWAGESAFTERYEARSOFDECLINEWORKERSAREENJOYINGTHEBIGGESTRISEINBONUSESFOROVERADECADEPASSTHEPARCELONLINESHOPPERSGIVEPARCELSFIRMSANEWLEASEOFLIFETHINGSMUSTBEGOINGWELLINTHEPARCELSBUSINESSAT25MFORA30SECONDTVCOMMERCIALDURINGLASTWEEKENDSSUPERBOWL,ANADFROMFEDEXWASTHEONEMANYAMERICANSFOUNDTHEMOSTENTERTAININGITSHOWEDACAVEMANTRYINGTOUSEAPTERODACTYLFORANEXPRESSDELIVERY,ONLYTOWATCHITBEGOBBLEDUPONTAKEOFFBYATYRANNOSAURWHATDIDTHEWORLDDOBEFOREFEDEX,THEADINQUIREDITMIGHTHAVEASKEDWHATONEARTHFEDEXDIDBEFORETHEARRIVALOFONLINERETAILERS,WHICHWOULDTHEMSELVESBESUNKWITHOUTTODAYSFASTANDEFFICIENTDELIVERYFIRMSCONSUMERSANDCOMPANIESCONTINUETOFLOCKINDROVESTOTHEINTERNETTOBUYANDSELLTHINGSFEDEXREPORTEDITSBUSIESTPERIODEVERLASTDECEMBER,WHENITHANDLEDALMOST9MPACKAGESINASINGLEDAYONLINERETAILERSALSOSETNEWRECORDSINAMERICAEXCLUDINGTRAVEL,SOME82BILLIONWASSPENTLASTYEARBUYINGTHINGSOVERTHEINTERNET,24MORETHANIN2004,ACCORDINGTOCOMSCORENETWORKS,WHICHTRACKSCONSUMERBEHAVIOURONLINESALESOFCLOTHING,COMPUTERSOFTWARE,TOYS,ANDHOMEANDGARDENPRODUCTSWEREALLUPBYMORETHAN30ANDMOSTOFTHISSTUFFWASEITHERPOSTEDORDELIVEREDBYPARCELCOMPANIESTHEBOOMISGLOBAL,ESPECIALLYNOWTHATMORECOMPANIESAREOUTSOURCINGPRODUCTIONITISBECOMINGINCREASINGLYCOMMONFORPRODUCTSTOBEDELIVEREDDIRECTFROMFACTORYTOCONSUMERINONEEVENINGJUSTBEFORECHRISTMAS,ARECORD225,000INTERNATIONALEXPRESSPACKAGESWEREHANDLEDBYUPSATAGIANTNEWAIRCARGOHUB,OPENEDBYTHEAMERICANLOGISTICSFIRMATCOLOGNEAIRPORTINGERMANY“THEINTERNETHASHADAPROFOUNDEFFECTONOURBUSINESS,”SAYSDAVIDABNEY,UPSSINTERNATIONALPRESIDENTUPSNOWHANDLESMORETHAN14MPACKAGESWORLDWIDEEVERYDAYITISSTRIKINGTHATPOSTALFIRMSONCESEENASOBSOLETEBECAUSEOFTHEEMERGENCEOFTHEINTERNETARENOWFINDINGSALVATIONFROMITPEOPLEAREPAYINGMOREBILLSONLINEANDSENDINGMOREEMAILSINSTEADOFLETTERS,BUTMOSTPOSTOFFICESAREMAKINGUPFORTHATTHANKSTOECOMMERCEAFTERFOURYEARSOFPROFITS,THEUNITEDSTATESPOSTALSERVICEHASCLEAREDITS11BILLIONOFDEBTFIRMSSUCHASAMAZONANDEBAYHAVEEVENHELPEDMAKEBRITAINSROYALMAILPROFITABLEITNEEDSTOBEONJANUARY1ST,THEROYALMAILLOSTITS350YEAROLDMONOPOLYONCARRYINGLETTERSITWILLFACEGROWINGCOMPETITIONFROMRIVALS,SUCHASGERMANYSDEUTSCHEPOST,WHICHHASEXPANDEDVIGOROUSLYAFTERPARTIALPRIVATISATIONANDNOWOWNSDHL,ANOTHERBIGINTERNATIONALDELIVERYCOMPANYBOTHPOSTOFFICESANDEXPRESSDELIVERYFIRMSHAVEDEVELOPEDARANGEOFSERVICESTOHELPECOMMERCEANDEBAYSTRADERSWHOLISTEDACOLOSSAL19BILLIONITEMSFORSALELASTYEARAMONGTHEMOSTPOPULARSERVICESARETRACKINGNUMBERS,WHICHALLOWPEOPLETOFOLLOWTHEPROGRESSOFTHEIRDELIVERIESONTHEINTERNETAQUESTIONOFSTANDARDSMORESUGGESTIONSOFBADBEHAVIOURBYTOBACCOCOMPANIESMAYBEANOTHERROUNDHASJUSTBEENFOUGHTINTHEBATTLEBETWEENTOBACCOCOMPANIESANDTHOSEWHOREGARDTHEMASSPAWNOFTHEDEVILINAPAPERJUSTPUBLISHEDINTHELANCET,WITHTHEPROVOCATIVETITLE“SECRETSCIENCETOBACCOINDUSTRYRESEARCHONSMOKINGBEHAVIOURANDCIGARETTETOXICITY”,DAVIDHAMMOND,OFWATERLOOUNIVERSITYINCANADAANDNEILCOLLISHAWANDCYNTHIACALLARD,TWOMEMBERSOFPHYSICIANSFORASMOKEFREECANADA,ALOBBYGROUP,CRITICISETHEBEHAVIOUROFBRITISHAMERICANTOBACCOBATTHEYSAYTHEFIRMCONSIDEREDMANIPULATINGSOMEOFITSPRODUCTSINORDERTOMAKETHEMLOWTARINTHEEYESOFOFFICIALDOMWHILETHEYACTUALLYDELIVEREDHIGHTARANDNICOTINELEVELSTOSMOKERSITWASANDISNOSECRET,ASBATPOINTSOUT,THATPEOPLESMOKELOWTARCIGARETTESDIFFERENTLYFROMHIGHTARONESTHEREASONISTHATTHEYWANTADECENTDOSEOFTHENICOTINEWHICHTOBACCOSMOKECONTAINSTHEYTHEREFOREPULLALARGERVOLUMEOFAIRTHROUGHTHECIGARETTEWHENTHEYDRAWONALOWTARRATHERTHANAHIGHTARVARIETYTHEEXTRAVOLUMEMAKESUPFORTHELOWERCONCENTRATIONOFTHEDRUGBUTABURNINGCIGARETTEISACOMPLEXTHING,ANDTHATEXTRAVOLUMEHASSOMEUNEXPECTEDCONSEQUENCESINPARTICULAR,ABIGGERDRAWISGENERALLYAFASTERDRAWTHATPULLSAHIGHERPROPORTIONOFTHEAIRINHALEDTHROUGHTHEBURNINGTOBACCO,RATHERTHANTHROUGHTHEPAPERSIDESOFTHECIGARETTETHIS,INTURN,MEANSMORESMOKEPERUNITVOLUME,ANDTHUSMORETARANDNICOTINETHENATUREOFTHENICOTINEMAYCHANGE,TOO,WITHMOREOFITBEINGINAFORMTHATISEASYFORTHEBODYTOABSORBACCORDINGTODRHAMMONDANDHISCOLLEAGUES,ASERIESOFSTUDIESCONDUCTEDBYBATSRESEARCHERSBETWEEN1972AND1994QUANTIFIEDMUCHOFTHISTHESTANDARDISEDWAYOFANALYSINGCIGARETTESMOKE,ASLAIDDOWNBYTHEINTERNATIONALORGANISATIONFORSTANDARDISATIONISO,WHICHREGULATESEVERYTHINGFROMCOMPUTERCODETOGREENHOUSEGASES,USESAMACHINETOMAKE35MILLILITREPUFFS,DRAWNFORTWOSECONDSONCEAMINUTETHEFIRMSRESEARCHERS,BYCONTRAST,FOUNDTHATREALSMOKERSDRAW5070MLPERPUFF,ANDDOSOTWICEAMINUTEDRHAMMONDSSCONCLUSIONISDRAWNFROMTHEHUGEBODYOFDOCUMENTSDISGORGEDBYTHETOBACCOINDUSTRYASPARTOFVARIOUSLEGALSETTLEMENTSTHATHAVETAKENPLACEINTHEPASTFEWYEARS,MAINLYASARESULTOFDISPUTESWITHTHEAUTHORITIESINTHEUNITEDSTATESDRHAMMONDSUGGESTS,HOWEVER,THEFIRMWENTBEYONDMERELYINVESTIGATINGHOWPEOPLESMOKEDASERIESOFINTERNALDOCUMENTSFROMTHELATE1970SANDEARLY1980SSHOWSTHATBATATLEASTTHOUGHTABOUTAPPLYINGTHISKNOWLEDGETOCIGARETTEDESIGNARESEARCHREPORTFROM1979PUTSITTHUS“THEREARETHREEMAJORDESIGNFEATURESWHICHCANBEUSEDEITHERINDIVIDUALLYORINCOMBINATIONTOMANIPULATEDELIVERYLEVELSFILTRATION,PAPERPERMEABILITY,ANDFILTERTIPVENTILATION”ACONFERENCEPAPERFROM1983SAYS,“THECHALLENGEWOULDBETOREDUCETHEMAINSTREAMNICOTINEDETERMINEDBYSTANDARDSMOKINGMACHINEMEASUREMENTWHILEINCREASINGTHEAMOUNTTHATWOULDACTUALLYBEABSOR
温馨提示
- 1. 本站所有资源如无特殊说明,都需要本地电脑安装OFFICE2007和PDF阅读器。图纸软件为CAD,CAXA,PROE,UG,SolidWorks等.压缩文件请下载最新的WinRAR软件解压。
- 2. 本站的文档不包含任何第三方提供的附件图纸等,如果需要附件,请联系上传者。文件的所有权益归上传用户所有。
- 3. 本站RAR压缩包中若带图纸,网页内容里面会有图纸预览,若没有图纸预览就没有图纸。
- 4. 未经权益所有人同意不得将文件中的内容挪作商业或盈利用途。
- 5. 人人文库网仅提供信息存储空间,仅对用户上传内容的表现方式做保护处理,对用户上传分享的文档内容本身不做任何修改或编辑,并不能对任何下载内容负责。
- 6. 下载文件中如有侵权或不适当内容,请与我们联系,我们立即纠正。
- 7. 本站不保证下载资源的准确性、安全性和完整性, 同时也不承担用户因使用这些下载资源对自己和他人造成任何形式的伤害或损失。
最新文档
- 2026年设计工作室新人培养体系与晋升机制设计
- 2026年商会财务风险排查与内部控制评价
- 2026年设备维护保养合同执行与资金支付流程
- 2026年触电事故风险辨识与应急处理措施
- 服务公司独立董事合同范本
- 2027高考高三语文修辞题强化训练检测板(试题及解析)
- 手冲咖啡门店管理协议
- 2026年机场安检引导与旅客沟通艺术
- 智能交通设施检测与评估协议2026
- 马术俱乐部赛事奖金分配协议2026
- 口腔科种植牙术后口腔护理指南
- 2025年电气类考试真题及答案
- 2025年pcr上岗证培训试题及答案
- 3-6岁儿童学习及发展指南社会领域测试题有答案
- 储能行业入门知识培训课件
- DB34∕T 4265-2022 综合能源供应服务站建设规范
- 大健康连锁店商业计划书
- 职业角色的转换课件
- 禁止纹身主题班会课件
- 井下煤矿爆破方案(3篇)
- 2025年湖北省中考生物、地理合卷试卷真题(含答案解析)
评论
0/150
提交评论