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<p style="font-size: 18pt; letter-spacing: 2pt;">Structure
et Objet de 1 7 7 6</p>
</div>
<p style="margin-left: 40px;"><span style="font-size: 14pt; letter-spacing: 2pt;" lang="FR"><span style="font-variant: small-caps;"><br>
C'est une Société
par Actions au Porteur:</span></span></p>
<p class="MsoNormal" style="text-align: center; line-height: 150%;" align="center">
<span style="font-size: 16pt; font-variant: small-caps; color: rgb(0, 66, 0); letter-spacing: 2pt;"><br>
<span style="line-height: 150%; color: rgb(0, 66, 0);">Tout
Billet de
Banque de €5 Authentique <br>
sur Lequel
Figure Deux Fois
Le Même Numéro de Série <br>
Est le Titre de
Propriété d'une Action au
Porteur de 1 7 7 6</span><span style="color: rgb(0, 66, 0);">.</span><br>
</span></p>
<center> </center>
<div style=""><span style="font-size: 12pt; font-family: Verdana; letter-spacing: 1pt;" lang="FR"> </span>
<div style="margin-left: 40px;"><span style="font-size: 12pt; font-family: Verdana; letter-spacing: 1pt;" lang="FR"><span style="font-variant: small-caps; font-size: 14pt;">Il Est Né
de la
Nécessité de se Protéger des Aléas Économiques. </span></span>
</div>
</div>
<div style="margin-left: 40px; margin-right: 40px;"><br>
<br>
<div style="text-align: justify;"><span style="font-size: 12pt; font-family: Verdana; letter-spacing: 1pt;" lang="FR">Par l'enrichissement mutuel et l'annulation des
risques financiers qui est se matérialise en
établissant un système de coordination de leurs actions. <br>
<br>
Jusqu'a la catastrophe économique systèmique il est mis en place grâce
à l'octroi d'options gratuites aux
propriétaires d'action inscrite au registre.<br>
<br>
C'est le 1 7 7 6 Put, bien plus avantageux que le fameux Greenspan Put.<br>
<br>
Ainsi sa valeur intrinsèque du 1 7 7 6 Put sur Footsie était le 28/8/8
de £1.115,10 à la cloture.<br>
<br>
Gratuit et sans risque, n'est-il pas? Il serait fou de ne pas s'assurer
à ce prix.</span>
<p class="MsoNormal" style="margin-left: 80px; font-size: 12pt; font-family: Verdana; letter-spacing: 1pt; font-style: italic; text-align: center; color: rgb(0, 66, 0);"><br>
<span style="color: rgb(0, 66, 0);">“Mais la
question essentielle ici est celle de l'assurance, avec une prime
relativement modeste,<br>
contre un évènement potentiellement catastrophique, de très faible
probabilité.”</span></p>
<p class="MsoNormal" style="font-size: 12pt; font-family: Verdana; letter-spacing: 1pt; text-align: center;">Alan
Greenspan<br>
<a href="http://www.17-76.net/action.html"><span style="font-variant: small-caps; font-family: verdana; font-size: 18pt; letter-spacing: 1pt; color: rgb(0, 66, 0);">Réunion
du Comité Fédéral des Opérations de Marché</span></a><br>
Le 24 Août, 1999</p>
<br>
<p class="MsoNormal" style="text-align: justify; font-size: 12pt; font-family: Verdana; letter-spacing: 1pt;"><span style="font-size: 12pt; font-family: Verdana; letter-spacing: 1pt;" lang="FR">
Il est probable que ces options ne seront pas exercée avant </span><span style="color: rgb(0, 66, 0);">cet <span style="font-style: italic;">"évènement potentiellement
catastrophique, de très faible
probabilité."</span></span></p>
<p class="MsoNormal" style="text-align: justify; font-size: 12pt; font-family: Verdana; letter-spacing: 1pt;">Son
second objectif de s'isoler des conséquences économiques de celui-ci.</p>
<br>
<div style="text-align: center;"><span style="color: rgb(0, 66, 0);"></span><span style="font-size: 12pt; font-family: Verdana; letter-spacing: 1pt; color: rgb(0, 66, 0);" lang="FR"><span style="font-style: italic;">“Pourtant,
sous une apparence placide, se dégagent des tendances inquiétantes : <br>
d'énormes déséquilibres, des risques – appelez les comme vous voudrez.<br>
<br>
Pris ensembles, ces circonstances me paraissent aussi dangereuses et
compliquées que <br>
toutes celles dont je peux me souvenir et elles sont
nombreuses.Ce qui me concerne vraiment <br>
c’est qu'il semble qu’il y ait si peu de
volonté ou de capacité à faire quoi que ce soit à ce propos...<br>
</span><br style="font-style: italic;">
<span style="font-style: italic;">... Je ne sais pas
si le changement viendra avec fracas ou dans un murmure, si ce sera
plus tôt ou plus tard. <br>
Mais dans les circonstances présentes, il est
plus probable que ce
seront des crises financières <br>
plutôt qu’une vision politique qui
forceront au changement... <br>
<br style="font-style: italic;">
...
La leçon
claire que j’en tire est qu'il y a un intérêt supérieur à l’action de
façon à minimiser les risques et à garantir que nous ayons le temps
nécessaire à une adaptation ordonnée. Je ne suggère rien qui ne
soit orthodoxe et compréhensible. Ce qu’il nous faut c’est la volonté
d’agir maintenant <br>
- et l'année
prochaine et l'année suivante, et agir même lorsque, <br>
sous un air
placide, tout semble si calme et si favorable.</span></span><span style="font-size: 12pt; font-family: Verdana; letter-spacing: 1pt; font-style: italic; color: rgb(0, 66, 0);" lang="FR"><span style="color: rgb(0, 0, 0);">”</span><br>
<br>
</span><span style="font-size: 12pt; font-family: Verdana; letter-spacing: 1pt; color: black;" lang="FR">Paul A. Volcker, <br>
Président de la Réserve Fédérale Américaine de 1979 à 1987</span><br style="color: rgb(0, 66, 0);">
<a href="http://www.17-76.net/action.html"><span style="font-size: 12pt; font-family: Verdana; letter-spacing: 1pt; color: rgb(0, 66, 0);" lang="FR"><span style="font-variant: small-caps; font-size: 18pt; letter-spacing: 2pt; color: rgb(0, 66, 0);">Une
Économie sur une Glace Fragile</span></span></a><br style="color: rgb(0, 66, 0);">
<span style="font-size: 12pt; font-family: Verdana; letter-spacing: 1pt;" lang="FR"><span style="color: black;">Stanford
Institute for Economic Policy Research.</span><br style="color: black;">
<span style="color: black;">Dimanche 10 Avril 2005<br>
</span></span>
<p class="MsoNormal" style="text-align: justify; font-size: 12pt; font-family: Verdana; letter-spacing: 1pt;"><br>
Ce par un système de transaction alternatif. Ce système sera initialisé
et commencera à fonctionner quelques jours après l'effondrement
systémique de cette économie.<br>
<br>
</p>
<div style="text-align: center;"><span style="font-size: 16pt; font-family: Verdana; font-variant: small-caps; letter-spacing: 2pt;" lang="FR"> <span style="color: rgb(0, 66, 0);"></span></span><span style="font-size: 18pt; font-family: Verdana; font-variant: small-caps; letter-spacing: 2pt;" lang="FR"><span style="color: rgb(0, 66, 0);">1
7 7 6
Constitue
un
Filet de
Sécurité Économique<br>
<br>
</span></span><span style="font-variant: small-caps; font-size: 18pt; letter-spacing: 4pt;"><span style="font-variant: small-caps; font-size: 14pt; letter-spacing: 2pt;"><span style="color: rgb(0, 66, 0);"><span style="font-variant: small-caps; font-size: 16pt; letter-spacing: 2pt;"><span style="font-variant: small-caps; font-size: 16pt; letter-spacing: 2pt;"><a href="http://www.17-76.net/action.html"><span style="font-variant: small-caps; font-family: verdana; font-size: 18pt; letter-spacing: 1pt; color: rgb(0, 66, 0);">[Passer
à
l'Action]</span></a><br>
<br>
</span></span></span></span></span></div>
</div>
<p class="MsoNormal" style="text-align: center; font-size: 12pt; font-family: Verdana; letter-spacing: 1pt;"><span style="font-style: italic;"><span style="color: rgb(0, 66, 0); letter-spacing: 1pt;"><span style="color: rgb(0, 66, 0);">"L'écriture de
ce livre a été
pour son auteur une longue lutte pour s'échapper <br>
des modes traditionnels de de
pensée et d'expression. Si cet assaut doit être couronné de succès, <br>
il devra en être de même pour la plupart de
ses lecteurs . </span><br style="color: rgb(0, 66, 0);">
<br style="color: rgb(0, 66, 0);">
<span style="color: rgb(0, 66, 0);"> Les
idées qui sont exprimées
ici de façon si laborieuses sont en fait extrêmement simples
et <br>
devraient être évidentes. </span><span style="color: rgb(0, 66, 0);">La difficulté
réside non pas dans les idées nouvelles mais à se dégager
des anciennes, </span><br style="color: rgb(0, 66, 0);">
<span style="color: rgb(0, 66, 0);">qui se
ramifient, pour
ceux qui
ont été élevés comme la plupart d'entre nous, dans tous
les recoins de notre esprit."</span></span></span><br>
<br>
John
Maynard Keynes<br>
<a href="http://www.17-76.net/action.html"><span style="font-variant: small-caps; font-family: verdana; font-size: 16pt; letter-spacing: 1pt; color: rgb(0, 66, 0);">
<span style="font-variant: small-caps; font-family: verdana; font-size: 18pt; letter-spacing: 1pt;">La
Théorie Générale de l'Emploi, l'Intérêt, et la Monnaie, <br>
le 13 Décembre
1935, Préface</span></span></a></p>
</div>
<span style="font-variant: small-caps; font-size: 16pt; letter-spacing: 2pt;"><span style="color: rgb(0, 66, 0); text-align: center;"><br>
</span></span>
<div style="text-align: center;">
<div style="text-align: center;"><span style="font-variant: small-caps; font-size: 16pt; letter-spacing: 2pt;"><span style="color: rgb(0, 66, 0); text-align: center;"><a href="http://www.17-76.net/action.html"><span style="font-variant: small-caps; font-family: verdana; font-size: 16pt; letter-spacing: 1pt; color: rgb(0, 66, 0);">[Titre
de Propriété]</span></a></span></span><br>
</div>
<span style="font-variant: small-caps; font-size: 16pt; letter-spacing: 2pt;"><span style="color: rgb(0, 66, 0); text-align: center;"></span></span></div>
<span style="font-variant: small-caps; font-size: 16pt; letter-spacing: 2pt;"><span style="color: rgb(0, 66, 0); text-align: center;"><br>
</span></span></div>
<div style="text-align: center;"><span style="font-variant: small-caps; font-size: 18pt; letter-spacing: 2pt;"><span style="color: rgb(0, 66, 0); text-align: center; line-height: 150%;"><a href="http://www.17-76.net/action.html">Alea
Jacta
Est</a><br>
</span></span><br>
<span style="font-variant: small-caps; font-size: 16pt; letter-spacing: 2pt;"><span style="color: rgb(0, 66, 0);"> </span></span></div>
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<td><a name="english"></a>
<div style="vertical-align: top; line-height: 150%; text-align: center; font-variant: small-caps; font-family: verdana; font-size: 14pt; letter-spacing: 1pt;" align="center">
<p style="font-size: 18pt; letter-spacing: 2pt;">Structure
and Purpose of 1 7 7 6</p>
</div>
<p style="margin-left: 40px;"><span style="font-size: 14pt; letter-spacing: 2pt;" lang="FR"><span style="font-variant: small-caps;"><br>
It Is a Society Whose
Property Titles are Bearer Shares:</span></span></p>
<p class="MsoNormal" style="text-align: center; line-height: 150%;" align="center">
<span style="font-size: 14pt; font-variant: small-caps; color: rgb(0, 66, 0); letter-spacing: 2pt;"><br>
<span style="color: rgb(0, 66, 0); font-size: 16pt; line-height: 150%;"><span style="color: rgb(0, 66, 0);">Any
Authentic €5
Banknote</span><br style="color: rgb(0, 66, 0);">
<span style="color: rgb(0, 66, 0);">on Which is
Printed Twice the Same Serial Number</span><br style="color: rgb(0, 66, 0);">
<span style="color: rgb(0, 66, 0);">is a Property
Title of a 1 7 7 6 Share.</span><br>
</span></span></p>
<div style=""><span style="font-size: 12pt; font-family: Verdana; letter-spacing: 1pt;" lang="FR"> </span>
<div style="margin-left: 40px;"><span style="font-size: 12pt; font-family: Verdana; letter-spacing: 1pt;" lang="FR"><span style="font-variant: small-caps; font-size: 14pt;"><br>
It Was Born Out of the Necessity to Shield From Economic Hazards. </span></span>
</div>
</div>
<br>
<div style="margin-left: 40px; margin-right: 40px;">
<div style="text-align: justify;"><span style="font-size: 12pt; font-family: Verdana; letter-spacing: 1pt;" lang="FR"><br>
Its first goal is mutual enrichment and
cancellation of financial risks.<br>
<br>
To be sure share holders set up a system of coordination of their
actions.<br>
<br>
This is achieved by granting till the economic meltdown free options to
owners of a registered
shared.<br>
<br>
It is the 1 7 7 6 Put, far more valuable than the famous Greenspan
Put.<br>
<br>
For instance on the 28/8/8 at the close its intrinsic value on Footsie
was £1,115.10. <br>
<br>
Both free and riskless, isn't it? You have to be insane not to take the
insurance at that price.
<span style="font-size: 12pt; font-family: Verdana; letter-spacing: 1pt;" lang="FR">
<p class="MsoNormal" style="font-size: 12pt; font-family: Verdana; letter-spacing: 1pt; font-style: italic; text-align: center; color: rgb(0, 66, 0);"><br>
<span style="color: rgb(0, 66, 0);">“But
the essential issue here is one of insurance, with a relatively modest
premium, </span><br style="color: rgb(0, 66, 0);">
<span style="color: rgb(0, 66, 0);">against a
potentially catastrophic, very low probability event."</span></p>
<p class="MsoNormal" style="margin-left: 80px; font-size: 12pt; font-family: Verdana; letter-spacing: 1pt; text-align: center;">Alan
Greenspan<br>
<a href="http://www.17-76.net/share.html"><span style="font-variant: small-caps; font-family: verdana; font-size: 18pt; letter-spacing: 1pt; color: rgb(0, 66, 0);">Meeting
of the Federal Open Market Committee</span></a><br>
August 24, 1999<br>
</p>
</span></span><span style="font-size: 12pt; font-family: Verdana; letter-spacing: 1pt;" lang="FR"><br>
It is expected that they wont be exercised before that <span style="font-style: italic;">"potentially catastrophic, very
low probability economic event".</span></span><br>
<span style="font-size: 12pt; font-family: Verdana; letter-spacing: 1pt;" lang="FR"><span style="font-size: 12pt; font-family: Verdana; letter-spacing: 1pt;" lang="FR">
<p class="MsoNormal" style="text-align: justify; font-size: 12pt; font-family: Verdana; letter-spacing: 1pt;">Its
second objective is to insulate against it.</p>
</span></span></div>
<div style="text-align: center;"><span style="color: rgb(0, 66, 0);"><br>
<span style="color: rgb(0, 66, 0);">“</span></span><span style="font-size: 12pt; font-family: Verdana; letter-spacing: 1pt; color: rgb(0, 66, 0);" lang="FR"><span style="font-style: italic;">Yet,
under the placid surface, there are disturbing trends: huge
imbalances, disequilibria, risks -<br>
- call them what you will. Altogether
the circumstances seem to me <br>
as dangerous and intractable as any I can
remember, and I can remember quite a lot. <br>
What really concerns me is
that there seems to be so little willingness or capacity to do much
about it...<br>
</span><br style="font-style: italic;">
<span style="font-style: italic;">...I don't know
whether change will come with a bang or a whimper,whether sooner or
later. But as things stand, <br>
it is more likely than
not that it will be financial crises rather than policy foresight that
will force the change...<br>
</span><br style="font-style: italic;">
<span style="font-style: italic;">... The clear
lesson I draw is that there is a high premium on doing
what we can to minimize the risks and to ensure that there is time for
orderly adjustment. I'm not suggesting anything unorthodox or arcane. <br>
What is required is a willingness to act now - - and next
year, and the
following year,<br>
and to act even when, on the surface, everything seems
so placid and favorable.” </span></span><span style="font-size: 12pt; font-family: Verdana; letter-spacing: 1pt; font-style: italic; color: rgb(0, 66, 0);" lang="FR"><span style="color: rgb(0, 66, 0);"></span><br style="color: rgb(0, 66, 0);">
<br>
</span><span style="font-size: 12pt; font-family: Verdana; letter-spacing: 1pt; color: black;" lang="FR">Paul A. Volcker, <br>
Chairman of the Federal Reserve from 1979 to 1987</span><br style="color: rgb(0, 66, 0);">
<a href="http://www.17-76.net/share.html"><span style="font-size: 12pt; font-family: Verdana; letter-spacing: 1pt; color: rgb(0, 66, 0);" lang="FR"><span style="font-variant: small-caps; font-size: 18pt; letter-spacing: 2pt;">An
Economy On Thin Ice</span></span></a><br style="color: rgb(0, 66, 0);">
<span style="font-size: 12pt; font-family: Verdana; letter-spacing: 1pt;" lang="FR"><span style="color: black;">Stanford
Institute for Economic Policy Research.</span><br style="color: black;">
<span style="color: black;">Sunday, April
10, 2005</span><br>
</span>
<p class="MsoNormal" style="text-align: justify; font-size: 12pt; font-family: Verdana; letter-spacing: 1pt;"><br>
To be sure they establish an alternative
transaction system. This system will be jump started a few days after
the systemic collapse of this economy.<span style="font-size: 12pt; font-family: Verdana; letter-spacing: 1pt;" lang="FR"><span style="font-size: 12pt; font-family: Verdana; letter-spacing: 1pt;" lang="FR"><span style="font-style: italic;"></span></span></span></p>
<div style="text-align: center;"><span style="font-size: 16pt; font-family: Verdana; font-variant: small-caps; letter-spacing: 2pt;" lang="FR"><br>
<span style="color: rgb(0, 66, 0);"></span></span><span style="font-size: 18pt; font-family: Verdana; font-variant: small-caps; letter-spacing: 2pt;" lang="FR"><span style="color: rgb(0, 66, 0);">1
7 7 6 Constitutes an Economic Safety Net<br>
<br>
</span></span><span style="font-variant: small-caps; font-size: 18pt; letter-spacing: 4pt;"><span style="color: rgb(0, 66, 0);"></span></span><a href="http://www.17-76.net/share.html"><span style="font-variant: small-caps; font-size: 16pt; letter-spacing: 2pt;"><span style="text-align: center; color: rgb(0, 66, 0);">[Taking
Stock]<br>
</span></span></a><span style="font-size: 16pt; font-family: Verdana; font-variant: small-caps; letter-spacing: 2pt;" lang="FR"><span style="color: rgb(0, 66, 0);"></span><br>
</span><br>
</div>
</div>
<div style="text-align: center;"><span style="font-size: 12pt; font-family: Verdana; letter-spacing: 1pt; color: rgb(0, 66, 0);" lang="FR"><span style="font-style: italic;"><span style="color: rgb(0, 66, 0);">“The
composition of this book has been for the author a long struggle of
escape, and so must the reading of it be </span><br style="color: rgb(0, 66, 0);">
<span style="color: rgb(0, 66, 0);">for most
readers if the author's assault upon them is to be
successful,— </span><br style="color: rgb(0, 66, 0);">
<span style="color: rgb(0, 66, 0);">a struggle of
escape from habitual modes of thought and expression. </span><br style="color: rgb(0, 66, 0);">
<br style="color: rgb(0, 66, 0);">
<span style="color: rgb(0, 66, 0);">The ideas which
are here expressed so laboriously are extremely simple
and should be obvious. </span><br style="color: rgb(0, 66, 0);">
<span style="color: rgb(0, 66, 0);">The difficulty
lies, not in the new ideas, but in escaping from the old
ones, </span><br style="color: rgb(0, 66, 0);">
<span style="color: rgb(0, 66, 0);">which ramify,
for those brought up as most of us have been, into every
corner of our minds.</span><br>
<br>
<span style="letter-spacing: 1pt; font-style: normal;">John
Maynard Keynes<br>
</span></span></span></div>
<div style="text-align: center; color: rgb(0, 66, 0);">
<div style="text-align: center; color: rgb(0, 66, 0);"><a href="http://www.17-76.net/share.html"><span style="text-align: center; color: rgb(0, 66, 0);"><span style="font-variant: small-caps; font-family: verdana; font-size: 18pt; letter-spacing: 1pt;">The
General Theory of Employment, Interest, and Money, <br>
Preface 13 December
1935</span></span></a> <span style="font-variant: small-caps; font-size: 18pt; letter-spacing: 4pt;"><span style="font-variant: small-caps; font-size: 16pt; letter-spacing: 2pt;"><span style="color: rgb(0, 66, 0);"><br>
<br>
</span> <a href="http://www.17-76.net/share.html"><span style="font-variant: small-caps; font-family: verdana; font-size: 18pt; letter-spacing: 1pt; color: rgb(0, 66, 0);">[Property
Title]</span></a></span></span><big><span style="font-size: 12pt;"><span style="font-variant: small-caps; font-size: 16pt; letter-spacing: 1pt;"></span>
</span></big></div>
<big><span style="font-size: 12pt;"><span style="font-variant: small-caps; font-size: 16pt; letter-spacing: 1pt;"></span>
</span></big></div>
<p class="MsoNormal" style="text-align: justify; font-size: 12pt; font-family: Verdana; letter-spacing: 1pt; margin-left: 440px;"></p>
<span style="font-variant: small-caps; font-size: 18pt; letter-spacing: 4pt;">
</span>
<div style="text-align: center;"><a href="http://www.17-76.net/share.html"><span style="font-variant: small-caps; font-size: 18pt; letter-spacing: 4pt; color: rgb(0, 66, 0); line-height: 150%;">Alea
Jacta Est<br></span></a> </div>
</div>
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