Sasa Vucinic: Why a free press is the best investment

21,753 views ใƒป 2007-01-16

TED


ูŠุฑุฌู‰ ุงู„ู†ู‚ุฑ ู†ู‚ุฑู‹ุง ู…ุฒุฏูˆุฌู‹ุง ููˆู‚ ุงู„ุชุฑุฌู…ุฉ ุงู„ุฅู†ุฌู„ูŠุฒูŠุฉ ุฃุฏู†ุงู‡ ู„ุชุดุบูŠู„ ุงู„ููŠุฏูŠูˆ.

ุงู„ู…ุชุฑุฌู…: Mohamed Achraf BEN MOHAMED ุงู„ู…ุฏู‚ู‘ู‚: Anwar Dafa-Alla
00:25
Video: Narrator: An event seen from one point of view
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ุงู„ููŠุฏูŠูˆ : ุงู„ุฑุงูˆูŠ : ุฅู†ู‘ ุงู„ุชู‘ุนุงุทูŠ ู…ุน ุญุฏุซ ู…ุง ู…ู† ูˆุฌู‡ุฉ ู†ุธุฑ ู…ุนูŠู‘ู†ุฉ
00:28
gives one impression.
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ูŠูุนุทูŠ ุงู†ุทุจุงุนุง ู…ูุนูŠู‘ู†ุง.
00:33
Seen from another point of view, it gives quite a different impression.
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ูˆุฅุฐุง ุชุนุงุทูŠู†ุง ู…ุนู‡ ู…ู† ูˆุฌู‡ุฉ ู†ุธุฑ ุฃุฎุฑู‰ุŒ ูุฅู†ู‘ู‡ ุณูŠูุนู’ุทูŠ ุงู†ุทุจุงุนุง ู…ุฎุชู„ูุง ุชู…ุงู…ุง.
00:38
But it's only when you get the whole picture you can fully understand
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ูˆู„ูƒู† ูู‚ุท ุนู†ุฏ ุงู„ุญุตูˆู„ ุนู„ู‰ ุงู„ุตูˆุฑุฉ ุงู„ูƒุงู…ู„ุฉ ูŠู…ูƒู†ูƒ ุฃู† ุชูู‡ู… ุชู…ุงู…ุง
00:42
what's going on.
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ู…ุงุฐุง ูŠุฌุฑูŠ.
00:45
Sasha Vucinic: It's a great clip, isn't it?
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ุณุงุดุง ููˆุณูŠู†ูŠุชุด : ุฅู†ู‘ู‡ุง ู„ู‚ุทุฉ ุฑุงุฆุนุฉุŒ ุฃู„ูŠุณ ูƒุฐู„ูƒุŸ
00:48
And I found that in 29 seconds, it tells more about
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ูˆู„ู‚ุฏ ูˆุฌุฏุช ุฃู†ู‡ุง ูˆุถู‘ุญุช ููŠ 29 ุซุงู†ูŠุฉ ูู‚ุท
00:53
the power of, and importance of, independent media
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ู‚ูˆู‘ุฉ ูˆุฃู‡ู…ูŠู‘ุฉุŒ ูˆุณุงุฆู„ ุงู„ุฅุนู„ุงู… ุงู„ู…ุณุชู‚ู„ุฉ
00:56
than I could say in an hour.
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ุฃูƒุซุฑ ู…ู…ู‘ุง ูŠู…ูƒู† ุฃู† ุฃู‚ูˆู„ู‡ ููŠ ุณุงุนุฉ.
00:59
So I thought that it will be good to start with it.
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ู„ุฐู„ูƒ ูˆุฌุฏุช ุฃู†ู‡ ุณูŠูƒูˆู† ู…ู† ุงู„ู…ู†ุงุณุจ ุงู„ุจุฏุก ุจู‡ุง.
01:03
And also start with a little bit of statistics.
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ุณุฃุจุฏุฃ ุฃูŠุถุง ู…ุน ุงู„ู‚ู„ูŠู„ ู…ู† ุงู„ุฅุญุตุงุฆูŠู‘ุงุช.
01:06
According to relevant researchers, 83 percent of the population of this planet
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ูˆูู‚ุง ู„ู„ุจุงุญุซูŠู† ุฐูˆูŠ ุงู„ุตู„ุฉุŒ ูุฅู†ู‘ 83 ููŠ ุงู„ู…ุฆุฉ ู…ู† ุณูƒุงู† ู‡ุฐุง ุงู„ูƒูˆูƒุจ
01:12
lives in the societies without independent press.
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ูŠุนูŠุดูˆู† ููŠ ู…ุฌุชู…ุนุงุช ู„ุง ูˆุฌูˆุฏ ููŠู‡ุง ู„ุตุญุงูุฉ ู…ุณุชู‚ู„ุฉ.
01:17
Think about that number: 83 percent of the population on the whole planet
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ููŽูƒู‘ุฑ ููŠ ู‡ุฐุง ุงู„ุนุฏุฏ : 83 ููŠ ุงู„ู…ุฆุฉ ู…ู† ุงู„ุณูƒุงู† ุนู„ู‰ ู‡ุฐุง ุงู„ูƒูˆูƒุจ ูƒู„ู‡
01:22
does not really know what is going on in their countries.
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ู„ุง ุชุนุฑู ุญู‚ูŠู‚ุฉ ู…ุง ูŠุฌุฑูŠ ููŠ ุจู„ุฏุงู†ู‡ู….
01:26
The information they get gets filtered through somebody
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ุงู„ู…ุนู„ูˆู…ุงุช ุงู„ุชูŠ ูŠุญุตู„ูˆู† ุนู„ูŠู‡ุง ุชุฎุถุน ู„ุฑู‚ุงุจุฉ ุดุฎุต ู…ุง
01:30
who either twists that information, or colors that information,
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ุงู„ุฐูŠ ุฅู…ู‘ุง ุฃู† ูŠูุญู‘ุฑู ุชู„ูƒ ุงู„ู…ุนู„ูˆู…ุงุชุŒ ุฃูˆ ุฃู† ูŠู‚ูˆู… ุจุฅุถูุงุก ุงู„ุฃู„ูˆุงู† ุนู„ูŠู‡ุงุŒ
01:34
does something with it.
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ูŠู‚ูˆู… ุจุชุบูŠูŠุฑู‡ุง ุจุดูƒู„ ู…ุง.
01:35
So they're deprived of understanding their reality.
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ู„ุฐู„ูƒ ูู‡ู… ู…ุญุฑูˆู…ูˆู† ู…ู† ูู‡ู… ูˆุงู‚ุนู‡ู….
01:40
That is just to understand how big and important this problem is.
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ูˆู‡ุฐุง ูู‚ุท ู„ูู‡ู… ุนู…ู‚ ู‡ุฐู‡ ุงู„ู…ุดูƒู„ุฉ ูˆุฃู‡ู…ูŠู‘ุชู‡ุง.
01:46
Now those of you who are lucky enough to live in those societies
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ุงู„ุขู† ุฃูˆู„ุฆูƒ ุงู„ู…ุญุธูˆุธูˆู† ู…ู† ุจูŠู†ูƒู… ุจู…ุง ููŠู‡ ุงู„ูƒูุงูŠุฉ ู„ู„ุนูŠุด ููŠ ุชู„ูƒ ุงู„ู…ุฌุชู…ุนุงุช
01:53
that represent 17 percent, I think should enjoy it until it lasts.
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ุงู„ุชูŠ ุชู…ุซู„ 17 ููŠ ุงู„ู…ุฆุฉุŒ ุฃุนุชู‚ุฏ ุฃู† ุนู„ูŠู‡ุง ุฃู† ุชุณุชู…ุชุน ุจุฐู„ูƒ ุญุชู‰ ุงู„ุขุฎุฑ.
01:59
You know, Sunday morning, you flick the paper, get your cappuccino.
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ุชุนู„ู…ูˆู†ุŒ ุตุจุงุญ ุงู„ุฃุญุฏุŒ ุชุชุตูู‘ุญ ุงู„ุฌุฑูŠุฏุฉุŒ ูˆุชุญุชุณูŠ ุงู„ูƒุงุจุชุดูŠู†ูˆ.
02:03
Enjoy it while it lasts.
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ุชู…ุชู‘ุน ุจุฐู„ูƒ ู…ุงุฏุงู… ู…ุชุงุญุง.
02:04
Because as we heard yesterday, countries can lose stars from their flags,
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ู„ุฃู†ู‡ ูƒู…ุง ุณู…ุนู†ุง ุจุงู„ุฃู…ุณุŒ ูŠู…ูƒู† ู„ู„ุจู„ุฏุงู† ุฃู† ุชูู‚ุฏ ู†ุฌูˆู…ุง ู…ู† ุฃุนู„ุงู…ู‡ุงุŒ
02:11
but they can also lose press freedom,
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ูˆู„ูƒู† ูŠู…ูƒู†ู‡ุง ุฃู† ุชูู‚ุฏ ุญุฑูŠุฉ ุงู„ุตุญุงูุฉ ุฃูŠุถุงุŒ
02:14
as I guess Americans among us can tell us more about.
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ุฃุนุชู‚ุฏ ุฃู†ู‘ ุงู„ุฃู…ูŠุฑูƒูŠู‘ูŠู† ู…ู† ุจูŠู†ู†ุง ูŠูƒู…ู†ู‡ู… ุฃู† ูŠุฎุจุฑูˆู†ุง ุงู„ู…ุฒูŠุฏ ุนู† ุฐู„ูƒ.
02:19
But that's totally another and separate topic.
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ูˆู„ูƒู† ู‡ุฐุง ู…ูˆุถูˆุน ุขุฎุฑ ูˆู…ู†ูุตู„ ุชู…ุงู…ุง.
02:22
So I can go back to my story.
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ุญุชู‰ ุฃุชู…ูƒู† ู…ู† ุงู„ุนูˆุฏุฉ ุฅู„ู‰ ู‚ุตุชูŠ.
02:26
My story starts -- the story I want to share -- starts in 1991.
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ุจุฏุฃุช ู‚ุตุชูŠ -- ุงู„ู‚ุตุฉ ุงู„ุชูŠ ุฃุฑูŠุฏ ุฃู† ุฃุฑูˆูŠู‡ุง -- ุจุฏุฃุช ููŠ ุนุงู… 1991.
02:31
At that time I was running B92, the only independent,
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ููŠ ุฐู„ูƒ ุงู„ูˆู‚ุช ูƒู†ุช ุฃูุฏูŠุฑ ู…ูˆู‚ุน "B92"ุŒ ุงู„ู…ูˆู‚ุน ุงู„ู…ุณุชู‚ู„ู‘ ุงู„ูˆุญูŠุฏุŒ
02:35
for that matter the only electronic media, in the country.
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ุงู„ู…ุนู†ูŠ ุจู‡ุฐู‡ ุงู„ู…ุณุฃู„ุฉุŒ ูˆุณูŠู„ุฉ ุงู„ุฅุนู„ุงู… ุงู„ุฅู„ูƒุชุฑูˆู†ูŠุฉ ุงู„ูˆุญูŠุฏุฉ ููŠ ุงู„ุจู„ุงุฏ.
02:38
And I guess we were sharing -- we had that regular life of the only
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ูˆุฃุนุชู‚ุฏ ุฃู†ู‘ู†ุง ูƒู†ู‘ุง ู†ุชู‚ุงุณู… -- ูƒุงู† ุนู„ูŠู†ุง ุงู„ุนูŠุด ุถู…ู† ุงู„ุถู‘ุฑูˆู ุงู„ุนุงุฏูŠุฉ ุงู„ุชูŠ ุชุนูŠุดู‡ุง
02:43
independent media in the country, operating in hostile environment,
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ูˆุณูŠู„ุฉ ุฅุนู„ุงู… ู…ุณุชู‚ู„ุฉ ููŠ ุงู„ุจู„ุงุฏุŒ ุชุนู…ู„ ููŠ ุจูŠุฆุฉ ู…ุนุงุฏูŠุฉุŒ
02:49
where government really wants to make your life miserable.
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ุญูŠุซ ุชูŽุฌู’ู‡ุฏ ุงู„ุญูƒูˆู…ุฉ ู„ุฌุนู„ ุญูŠุงุชูƒ ุจุงุฆุณุฉ.
02:53
And there are different ways.
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ูˆู‡ู†ุงู„ูƒ ุฃุณุงู„ูŠุจ ุนุฏูŠุฏุฉ.
02:54
Yeah, it was the usual cocktail:
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ู†ุนู…ุŒ ูƒุงู† ุงู„ูƒูˆูƒุชูŠู„ ุงู„ู…ุนุชุงุฏ :
02:55
a little bit of threats, a little bit of friendly advice,
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ุงู„ู‚ู„ูŠู„ ู…ู† ุงู„ุชู‡ุฏูŠุฏุงุชุŒ ูˆุงู„ู‚ู„ูŠู„ ู…ู† ุงู„ู†ู‘ุตุงุฆุญ ุงู„ูˆุฏู‘ูŠู‘ุฉุŒ
02:58
a little bit of financial police, a little bit of text control,
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ุงู„ู‚ู„ูŠู„ ู…ู† ุงู„ุดุฑุทุฉ ุงู„ู…ุงู„ูŠุฉุŒ ูˆุงู„ู‚ู„ูŠู„ ู…ู† ุงู„ุชุญูƒู‘ู… ููŠ ุงู„ู†ู‘ูŽุตู‘ู.
03:02
so you always have somebody who never leaves your office.
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ู„ุฐู„ูƒ ูุฃู†ุช ุฏุงุฆู…ุง ู…ุง ุชูƒูˆู† ุจุตุญุจุฉ ุดุฎุต ู…ุง ู„ุง ูŠุบุงุฏุฑ ู…ูƒุชุจูƒ ู…ุทู„ู‚ุง.
03:06
But what they really do, which is very powerful,
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ูˆู„ูƒู† ู…ุง ูŠูุนู„ูˆู†ู‡ ุญู‚ุงุŒ ูˆู‡ูˆ ุฃู…ุฑ ู‚ูˆูŠู‘ ุฌุฏุงุŒ
03:11
and that is what governments in the late '90s started doing
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ูˆู‡ูˆ ู…ุง ุจุฏุฃุช ุชู‚ูˆู… ุจู‡ ุงู„ุญูƒูˆู…ุงุช ููŠ ุฃูˆุงุฎุฑ ุงู„ุชุณุนูŠู†ุงุช
03:15
if they don't like independent media companies --
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ุฅุฐุง ูƒุงู†ูˆุง ู„ุง ูŠุญุจูˆู† ุดุฑูƒุงุช ูˆุณุงุฆู„ ุงู„ุฅุนู„ุงู… ุงู„ู…ุณุชู‚ู„ุฉ --
03:17
you know, they threaten your advertisers.
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ูุฅู†ู‘ู‡ู… ู‘ูŠู‚ูˆู…ูˆู† ุจุชู‡ุฏูŠุฏ ุงู„ู…ูุนู’ู„ู†ููŠู† ู„ุฏูŠูƒ.
03:19
Once they threaten your advertisers, market forces are actually,
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ูˆ ู…ุง ุฅู† ูŠู‚ูˆู…ูˆู† ุจุชู‡ุฏูŠุฏ ุงู„ู…ูุนู’ู„ู†ููŠู† ู„ุฏูŠูƒ ูุฅู†ู‘ ู‚ูˆู‘ุชูƒ ููŠ ุงู„ุณูˆู‚ ุชุชุนุฑู‘ุถ
03:24
you know, destroyed, and the advertisers do not want to come --
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ู„ู„ุชู‘ุฏู…ูŠุฑุŒ ูˆูŠูŽุนู’ุฒููู ุงู„ู…ูุนู’ู„ูู†ููˆู† ุนู† ุงู„ู‚ุฏูˆู… --
03:29
no matter how much does it make sense for them --
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ู„ุง ูŠู‡ู…ู‘ ุฅู„ู‰ ุฃูŠู‘ ุญุฏู‘ ูŠูุนุชุจุฑ ุฐู„ูƒ ุงู„ู…ู†ุทู‚ูŠ ุจุงู„ู†ุณุจุฉ ู„ู‡ู… --
03:32
do not want to come and advertise.
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ูŠูŽุนู’ุฒููููˆู†ูŽ ุนู† ุงู„ู‚ุฏูˆู… ูˆุงู„ุฅุนู„ุงู†.
03:34
And you have a problem making ends meet.
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ูˆุชุตุจุญ ู„ุฏูŠูƒ ู…ุดูƒู„ุฉ ุชู„ุจูŠุฉ ุงุญุชูŠุงุฌูŠู‘ุงุชูƒ.
03:38
At that time at the beginning of the '90s, we had that problem,
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ุชุนุฑู‘ุถู†ุง ููŠ ุฐู„ูƒ ุงู„ูˆู‚ุช ููŠ ุจุฏุงูŠุฉ ุงู„ุชู‘ุณุนูŠู†ูŠู‘ุงุช ุฅู„ู‰ ู‡ุฐู‡ ุงู„ู…ุดูƒู„ุฉุŒ
03:42
which was, you know, survival below one side,
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ุงู„ุชู‘ูŠ ูƒุงู†ุชุŒ ูƒู…ุง ุชุนู„ู…ูˆู†ุŒ ู…ู† ุฌู‡ุฉ ุชู…ุซู‘ู„ ุฃู…ุฑุง ุญูŠูˆูŠู‘ุงุŒ
03:44
but what was really painful for me was,
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ูˆู„ูƒู† ู…ุง ูƒุงู† ู…ุคู„ู…ุง ุญู‚ุง ุจุงู„ู†ุณุจุฉ ู„ูŠ ู‡ูˆุŒ
03:48
remember, the beginning of the '90s, Yugoslavia is falling apart.
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ุชูŽุฐูƒุฑูˆู†ุŒ ููŠ ุจุฏุงูŠุฉ ุงู„ุชุณุนูŠู†ูŠู‘ู„ุช ูƒุงู†ุช ูŠูˆุบูˆุณู„ุงููŠุง ุจุตุฏุฏ ุงู„ุชูุชู‘ุช.
03:51
We were sitting over there with a country in a downfall,
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ูƒู†ุง ู†ุนูŠุด ู‡ู†ุงูƒ ู…ุน ุจู„ุฏ ููŠ ุญุงู„ุฉ ุฅู†ู‡ูŠุงุฑุŒ
03:54
in a slow-motion downfall.
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ุฅู†ู‡ูŠุงุฑ ุจุทูŠุก.
03:58
And we all had all of that on tapes.
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ูˆูƒู†ู‘ุง ู†ุญุชูุธ ุจูƒู„ู‘ ุฐู„ูƒ ุนู„ู‰ ุงู„ุฃุดุฑุทุฉ.
04:01
We had the ability to understand what was going on.
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ูƒุงู† ู„ุฏูŠู†ุง ุงู„ู‚ุฏุฑุฉ ุนู„ู‰ ูู‡ู… ู…ุง ูŠุฌุฑูŠ.
04:04
We were actually recording history.
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ูƒู†ุง ููŠ ุงู„ูˆุงู‚ุน ุจุตุฏุฏ ุชุณุฌูŠู„ ุงู„ุชุงุฑูŠุฎ.
04:06
The problem was that we had to re-tape that history a week later;
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ูˆุงู„ู…ุดูƒู„ุฉ ู‡ูŠ ุฃู†ู‘ู‡ ูƒุงู† ุนู„ูŠู†ุง ุฅุนุงุฏุฉ ุชุณุฌูŠู„ ู‡ุฐุง ุงู„ุชุงุฑูŠุฎ ุจุนุฏ ุงู„ุฃุณุจูˆุนุŒ
04:11
because if we did not, we could not afford enough tapes
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ู„ุฃู†ู‡ ุฅุฐุง ู„ู… ู†ูุนู„ุŒ ูู„ู† ู†ุชู…ูƒู‘ู† ู…ู† ุดุฑุงุก ู…ุง ูŠูƒููŠ ู…ู† ุงู„ุฃุดุฑุทุฉ
04:15
to keep archives of that history.
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ู„ู„ุญูุงุธ ุนู„ู‰ ู…ุญููˆุธุงุช ู‡ุฐุง ุงู„ุชุงุฑูŠุฎ.
04:18
So if I gave you that picture, I don't want to go too long on that.
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ุฃูˆุถุญุช ู„ูƒู… ู‡ุฐู‡ ุงู„ุตูˆุฑุฉุŒ ูˆู„ุง ุฃูˆุฏู‘ ุงู„ุฅุทู†ุงุจ ููŠ ุฐู„ูƒ ุฃูƒุซุฑ.
04:23
In that context a gentleman came to my office at that time.
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ูˆููŠ ู‡ุฐุง ุงู„ุณูŠุงู‚ ุฌุงุก ุฑุฌู„ ุฃู†ูŠู‚ ุฅู„ู‰ ู…ูƒุชุจูŠ ููŠ ุฐู„ูƒ ุงู„ูˆู‚ุช.
04:27
It was still 1991.
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ูˆูƒู†ู‘ุง ู„ุง ู†ุฒุงู„ ููŠ ุณู†ุฉ1991.
04:28
He was running a media systems organization
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ูˆูƒุงู† ูŠุนู…ู„ ุนู„ู‰ ุชู†ุธูŠู… ูˆุณุงุฆู„ ุงู„ุฅุนู„ุงู…
04:31
which is still in business, the gentleman is still in business.
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ูˆู‡ูˆ ู„ุง ูŠุฒุงู„ ูŠุนู…ู„ ููŠ ู…ุฌุงู„ ุงู„ุฃุนู…ุงู„ุŒ ุงู„ุฑุฌู„ ู„ุง ูŠุฒุงู„ ูŠุนู…ู„ ููŠ ู…ุฌุงู„ ุงู„ุฃุนู…ุงู„.
04:34
And what did I know at that time about media systems?
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ูˆู…ุง ู„ู… ุฃูƒู† ุฃุนุฑูู‡ ููŠ ุฐู„ูƒ ุงู„ูˆู‚ุช ุญูˆู„ ุฃู†ุธู…ุฉ ูˆุณุงุฆู„ ุงู„ุฅุนู„ุงู…ุŸ
04:37
I would think media systems were organizations,
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ูƒู†ุช ุฃุนุชู‚ุฏ ุฃู†ู‘ ู†ูุธู… ูˆุณุงุฆู„ ุงู„ุฅุนู„ุงู… ู‡ุฐู‡ ูƒุงู†ุช ู…ูู†ุธู‘ู…ุงุชุŒ
04:40
which means they should help you.
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ูˆู‡ูˆ ู…ุง ูŠุนู†ูŠ ุฃู†ู‡ุง ูŠู†ุจุบูŠ ุฃู† ุชู‚ุฏู‘ู… ุงู„ู…ุณุงุนุฏุฉ.
04:44
So I prepared two plans for that meeting, two strategic plans:
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ู„ุฐู„ูƒ ุฃุนุฏุฏุช ุฎูุทู‘ูŽุชูŽูŠู’ู† ู„ู‡ุฐุง ุงู„ุฅุฌุชู…ุงุนุŒ ุฎูุทู‘ุชูŠู† ุฅุณุชุฑุงุชูŠุฌูŠู‘ุชูŠู† ุฅุซู†ูŠู†.
04:47
the small one and the big one.
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ูˆุงุญุฏุฉ ุตุบูŠุฑุฉ ูˆ ูˆุงุญุฏุฉ ูƒุจูŠุฑุฉ.
04:49
The small one was, I just wanted him
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ุงู„ุตู‘ุบูŠุฑุฉ ูƒุงู†ุชุŒ ูƒู†ุช ุฃุฑูŠุฏ ู…ู†ู‡ ูู‚ุท
04:51
to help us get those damn tapes,
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ุฃู† ูŠุณุงุนุฏู†ุง ููŠ ุงู„ุญุตูˆู„ ุนู„ู‰ ู‡ุฐู‡ ุงู„ุฃุดุฑุทุฉุŒ
04:53
so we can keep that archive for the next 50 years.
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ุญุชู‰ ู†ุชู…ูƒู† ู…ู† ุงู„ุญูุงุธ ุนู„ู‰ ู‡ุฐุง ุงู„ุฃุฑุดูŠู ู„ู…ุฏุฉ 50 ุนุงู…ุง ุงู„ู‚ุงุฏู…ุฉ.
04:57
The big plan was to ask him for a 1,000,000-dollar loan.
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ูˆูƒุงู†ุช ุงู„ุฎุทุฉ ูƒุจูŠุฑุฉ ุฃู† ุฃุทู„ุจ ู…ู†ู‡ ู‚ุฑุถุง ุจู…ู„ูŠูˆู† ุฏูˆู„ุงุฑ.
05:02
Because I thought, I still maintain,
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ู„ุฃู†ู†ูŠ ุงุนุชู‚ุฏุชุŒ ูˆู„ุง ุฃุฒุงู„
05:05
that serious and independent media companies are great business.
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ุฃู†ู‘ ุดุฑูƒุงุชู ูˆุณุงุฆู„ ุฅุนู„ุงู… ู…ุณุชู‚ู„ุฉ ูˆุฌุฏูŠุฉ ุชูู…ุซู‘ู„ ุฅุณุชุซู…ุงุฑุง ูƒุจูŠุฑุง.
05:09
And I thought that B92 will survive and be a great company
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ูˆุฃุนุชู‚ุฏ ุฃู† ู…ูˆู‚ุน "B92" ุงู„ุฅุฎุจุงุฑูŠ ุณูˆู ูŠูŽุญู’ูŠูŽุงุŒ ูˆุณูŠุตุจุญ ุดุฑูƒุฉ ูƒุจูŠุฑุฉ
05:13
once Milosevic is gone, which turned out to be true.
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ู…ุง ุฅู† ูŠูŽุฑู’ุญู„ "ู…ูŠู„ูˆุณูŠููŠุชุด"ุŒ ูˆุงู„ุฐูŠ ุซุจุช ุฃู†ู‡ ุฃู…ุฑ ุตุญูŠุญ.
05:16
It's now probably either the biggest or the second biggest
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ูุงู†ู‘ู‡ุง ุงู„ุขู† ุนู„ู‰ ุงู„ุฃุฑุฌุญุŒ ุฅู…ุง ุฃูƒุจุฑ ุฃูˆ ุซุงู†ูŠ ุฃูƒุจุฑ
05:19
media company in the country.
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ุดุฑูƒุฉ ูˆุณุงุฆู„ ุงู„ุงุนู„ุงู… ููŠ ุงู„ุจู„ุงุฏ.
05:21
And I thought that the only thing that we needed at that time
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ูˆุฃุนุชู‚ุฏ ุฃู† ุงู„ุดูŠุก ุงู„ูˆุญูŠุฏ ุงู„ุฐูŠ ูƒู†ู‘ุง ู†ุญุชุงุฌู‡ ููŠ ุฐู„ูƒ ุงู„ูˆู‚ุช
05:24
was 1,000,000-dollar loan to take us through those hard times.
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ูƒุงู† ู‚ุฑุถุง ุจู…ู„ูŠูˆู† ุฏูˆู„ุงุฑ ูŠุณู…ุญ ู„ู†ุง ุจุชุฌุงูˆุฒ ุชู„ูƒ ุงู„ุฃูˆู‚ุงุช ุงู„ุตุนุจุฉ.
05:28
To make a long story short, the gentleman comes into the office,
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ู„ุงุฎุชุตุงุฑ ู‡ุฐู‡ ุงู„ู‚ุตุฉ ุงู„ุทู‘ูˆูŠู„ุฉุŒ ุฃุชู‰ ุฐู„ูƒ ุงู„ุฑุฌู„ ุฅู„ู‰ ุงู„ู…ูƒุชุจุŒ
05:32
great suit and tie.
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ุญูู„ู‘ูŽุฉูŒ ุฃู†ูŠู‚ุฉ ูˆุฑุจุทุฉ ุนู†ู‚.
05:36
I gave him what I thought was a brilliant explanation
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ู‚ุฏู‘ู…ุช ู„ู‡ ู…ุง ุธู†ู†ุช ุฃู†ู‘ู‡ ุดุฑุญ ุฑุงุฆุน
05:40
of the political situation and explained how hard and difficult
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ู„ู„ูˆุถุน ุงู„ุณู‘ูŠุงุณูŠุŒ ูˆุฃูˆุถุญุช ู…ุฏู‰ ุงู„ู‚ุณุงูˆุฉ ูˆุงู„ุตุนูˆุจุฉ
05:45
the war will be.
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ุงู„ุชูŠ ุณุชูƒูˆู† ุงู„ุญุฑุจ ุนู„ูŠู‡ุง.
05:47
Actually, I underestimated the atrocities, I have to admit.
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ููŠ ุงู„ูˆุงู‚ุนุŒ ู„ู‚ุฏ ุฃุฎุทุฃุช ุชู‚ุฏูŠุฑ ุงู„ูุธุงุฆุน ุงู„ุชูŠ ุณุชุญุตู„ุŒ ู„ุง ุจุฏ ู„ูŠ ุฃู† ุฃุนุชุฑู ุจุฐู„ูƒ.
05:50
Anyway, after that whole, big, long explanation,
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ุนู„ู‰ ุฃูŠ ุญุงู„ุŒ ูˆุจุนุฏ ุฐู„ูƒ ูƒู„ู‘ู‡ุŒ ุชูุณูŠุฑ ู…ุนู…ู‘ู‚ ูˆุทูˆูŠู„ุŒ
05:53
the only question he had for me -- and this is not a joke --
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ูƒุงู† ุงู„ุณุคุงู„ ุงู„ูˆุญูŠุฏ ุงู„ุฐูŠ ุทุฑุญู‡ ุนู„ูŠู‘ -- ูˆู‡ุฐู‡ ู„ูŠุณุช ู…ุฒุญุฉ --
05:58
is, are we paying royalties after we broadcast music
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ู‡ูˆุŒ ู‡ู„ ู†ู‚ูˆู… ุจุฏูุน ุฃูŠู‘ุฉ ู…ุณุชุญู‚ู‘ุงุชู ุฅุซุฑ ุจุซู‘ ู…ูˆุณูŠู‚ู‰
06:02
of Michael Jackson?
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ู„ู…ุงูŠูƒู„ ุฌุงูƒุณูˆู†ุŸ
06:06
That was really the only question he had.
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ูƒุงู† ุฐู„ูƒ ุญู‚ุง ุงู„ุณู‘ุคุงู„ ุงู„ูˆุญูŠุฏ ู„ุฏูŠู‡.
06:08
He left, and I remember being actually very angry at myself
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ูˆุบุงุฏุฑุŒ ูˆุฃุชุฐูƒุฑ ุฃู†ูŠ ูƒู†ุช ููŠ ุงู„ูˆุงู‚ุน ุดุฏูŠุฏ ุงู„ุบุถุจ ู…ู† ู†ูุณูŠ
06:15
because I thought there must be an institution in the world
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ู„ุฃู†ู‘ูŠ ุงุนุชู‚ุฏุช ุฃู†ู‘ู‡ ูŠุฌุจ ุงู† ุชูƒูˆู† ู‡ู†ุงูƒ ู…ุคุณุณุฉ ููŠ ุงู„ุนุงู„ู…
06:19
that is providing loans to media companies.
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ุชูู‚ูŽุฏููู…ู ู‚ุฑูˆุถุง ู„ุดุฑูƒุงุช ูˆุณุงุฆู„ ุงู„ุฅุนู„ุงู….
06:22
It's so obvious, straight in your face,
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ูˆู…ู† ุงู„ูˆุงุถุญ ุงู„ุขู†ุŒ ูˆุฃู…ุงู… ู†ุงุธุฑููŠู’ูƒุŒ
06:25
and somebody must have thought of it.
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ูŠุฌุจ ุฃู† ูŠูƒูˆู† ุดุฎุต ู…ุง ููƒู‘ุฑ ููŠ ุฐู„ูƒ.
06:26
Somebody must have started something like that.
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ูŠุฌุจ ุฃู† ูŠูƒูˆู† ุดุฎุต ู…ุง ุฃู†ุดุฃ ุดูŠุฆุง ู…ู† ู‡ุฐุง ุงู„ู‚ุจูŠู„.
06:29
And I thought, I'm just dumb and I cannot find it.
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ูˆููƒุฑุชุŒ ู„ู… ุฃู‡ู…ุณ ุจูƒู„ู…ุฉ ูˆู„ู… ุฃุชู…ูƒู‘ู† ู…ู† ุงู„ุนุซูˆุฑ ุนู„ูŠู‡.
06:33
You know, in my defense, there was no Google at that time;
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ุชุนู„ู…ูˆู†ุŒ ููŠ ุฌุนุจุชูŠุŒ ู„ู… ูŠูƒู† ู‡ู†ุงูƒ ุฌูˆุฌู„ ููŠ ุฐู„ูƒ ุงู„ูˆู‚ุชุŒ
06:35
you could not just Google in '91.
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ุฌูˆุฌู„ ู„ู… ูŠูƒู† ู…ูˆุฌูˆุฏุง ููŠ ุณู†ุฉ 91.
06:38
So I thought that that's actually my problem.
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ูˆู„ุฐู„ูƒ ุฃุนุชู‚ุฏ ุฃู†ู‘ ู‡ุฐุง ูƒุงู† ููŠ ุงู„ูˆุงู‚ุน ู…ุดูƒู„ุชูŠ.
06:42
Now we go from here, fast forward to 1995.
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ุงู„ุขู† ุณู†ู†ุชู‚ู„ ู…ู† ู‡ู†ุงุŒ ุฅู„ู‰ ุงู„ุฃู…ุงู… ุจุณุฑุนุฉ ู„ุนุงู… 1995.
06:46
I have -- I left the country, I have a meeting with George Soros,
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ุบุงุฏุฑุช ุงู„ุจู„ุงุฏุŒ ูƒุงู† ู„ุฏูŠู‘ ู„ู‚ุงุก ู…ุน "ุฌูˆุฑุฌ ุณูˆุฑูˆุณ"ุŒ
06:52
trying for the third time to convince him that
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ู…ุญุงูˆู„ุง ู„ู„ู…ุฑุฉ ุงู„ุซุงู„ุซุฉ ุฅู‚ู†ุงุนู‡ ุฃู†ู‡ ูŠู†ุจุบูŠ ุนู„ูŠู‡--
06:58
his foundation should invest in something that should
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ูŠู†ุจุบูŠ ุนู„ู‰ ู…ุคุณู‘ุณุชู‡ ุงู„ุฅุณุชุซู…ุงุฑ ููŠ ุดูŠุก
07:01
operate like a media bank.
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ูŠุนู…ู„ ู…ุซู„ ุจู†ูƒ ู„ุชู…ูˆูŠู„ ูˆุณุงุฆู„ ุงู„ุฅุนู„ุงู….
07:05
And basically what I was saying is very simple.
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ูˆุฃุณุงุณุง ู…ุง ูƒู†ุช ุฃู‚ูˆู„ู‡ ู‡ูˆ ููŠ ุบุงูŠุฉ ุงู„ุจุณุงุทุฉ.
07:08
You know, forget about charity; it doesn't work.
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ุถูŽุนู’ ุฃู…ุฑ ุงู„ู…ุดุงุฑูŠุน ุงู„ุฎูŠุฑูŠู‘ุฉ ุฌุงู†ุจุงุŒ ูุฅู†ู‘ู‡ุง ู„ุง ุชููŠ ุจุงู„ุบุฑุถุŒ
07:09
Forget about handouts; 20,000 dollars do not help anybody.
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ุฅู†ุณ ุฃู…ุฑ ุงู„ุตู‘ุฏู‚ุงุช ุนุดุฑูˆู† ุฃู„ู ุฏูˆู„ุงุฑ ู„ุง ุชุณุงุนุฏ ุฃุญุฏุง.
07:14
What you should do is you should treat media companies as a business.
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ู…ุง ูŠุฌุจ ุนู„ูŠูƒ ูุนู„ู‡ ู‡ูˆ ุงู„ุชู‘ุนุงู…ู„ ู…ุน ุดุฑูƒุงุช ูˆุณุงุฆู„ ุงู„ุฅุนู„ุงู… ูƒุงุณุชุซู…ุงุฑ.
07:18
It's business anywhere.
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ุฅู†ู‘ู‡ ูŠู…ุซู‘ู„ ุจูƒู„ู‘ ุงู„ุญุงู„ุงุช ุงุณุชุซู…ุงุฑุง.
07:20
Media business, or any other business, it needs to be capitalized.
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ูˆุงู„ุฅุณุชุซู…ุงุฑ ููŠ ูˆุณุงุฆู„ ุงู„ุฅุนู„ุงู…ุŒ ุฃูˆ ุฃูŠ ุฅุณุชุซู…ุงุฑ ุขุฎุฑุŒ ูŠู„ุฒู…ู‡ ุชู…ูˆูŠู„.
07:23
And what these guys need, actually, is access to capital.
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ูˆู…ุง ูŠุญุชุงุฌู‡ ู‡ุคู„ุงุก ุงู„ุฑุฌุงู„ุŒ ููŠ ุงู„ูˆุงู‚ุนุŒ ู‡ูˆ ุงู„ุญุตูˆู„ ุนู„ู‰ ุฑุฃุณ ุงู„ู…ุงู„.
07:28
So third meeting, arguments are pretty well exercised.
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ููŠ ุงู„ุฅุฌุชู…ุงุน ุงู„ุซุงู„ุซุŒ ูƒุงู†ุช ุงู„ุญุฌุฌ ู…ุนุฑูˆุถุฉ ุจุดูƒู„ ุฌูŠู‘ุฏ.
07:33
At the end of the meeting he says,
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ูููŠ ู†ู‡ุงูŠุฉ ุงู„ุฌู„ุณุฉ ู‚ุงู„ :
07:35
look, it is not going to work; you will never see your money back;
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ุฃู†ุธุฑุŒ ู„ู† ูŠู†ุฌุญ ู‡ุฐุง ุงู„ุฃู…ุฑุŒ ูˆู„ู† ุชุชู…ูƒู‘ู† ู…ู† ุฅุณุชุฑุฌุงุน ุฃู…ูˆุงู„ูƒ.
07:39
but my foundations will put 500,000 dollars so you can test the idea.
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ูˆู„ูƒู† ู…ุคุณู‘ุณุชูŠ ุณุชุถุน ุนู„ู‰ ุฐู…ู‘ุชูƒ 500.000 ุฏูˆู„ุงุฑ ุญุชู‰ ุชุชู…ูƒู‘ู† ู…ู† ุชุฌุฑูŠุจ ู‡ุฐู‡ ุงู„ููƒุฑุฉ.
07:44
See that it will not work.
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ูˆุฃุฑุฏู: ุฅุฐุง ุงูƒุชุดูุช ุฃู†ู‘ ู‡ุฐุง ุงู„ุฃู…ุฑ ู„ู… ูŠู†ุฌุญ.
07:49
He said, I'll give you a rope to hang yourself.
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ุณุฃุนุทูŠูƒ ุญุจู„ุง ู„ุชุดู†ู‚ ู†ูุณูƒ.
07:51
(Laughter)
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(ุถุญูƒ)
07:53
I knew two things after that meeting.
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ุนุฑูุช ุดูŠุฆูŠู† ุจุนุฏ ุฐู„ูƒ ุงู„ุงุฌุชู…ุงุน.
07:56
First, under no circumstances I want to hang myself.
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ุงู„ุฃูˆู„ุŒ ุฃู†ู‘ูŠ ู„ุง ุฃูˆุฏู‘ ุฃู† ุฃุดู†ู‚ ู†ูุณูŠ ุชุญุช ุฃูŠ ุธุฑู ู…ู† ุงู„ุธุฑูˆู.
08:00
And second, that I have no idea how to make it work.
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ูˆุงู„ุซุงู†ูŠุŒ ุฃู†ู‘ู‡ ู„ูŠุณ ู„ุฏูŠู‘ ุฃูŠุฉ ููƒุฑุฉ ุนู† ูƒูŠููŠุฉ ุฌุนู„ู‡ ูŠู†ุฌุญ
08:06
You see, at the level of a concept, it was a great concept.
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ูƒู…ุง ุชุฑูˆู†ุŒ ูุนู„ู‰ ู…ุณุชูˆู‰ ุงู„ู…ูู‡ูˆู…ุŒ ูู‚ุฏ ูƒุงู† ู…ูู‡ูˆู…ุง ุนุธูŠู…ุง.
08:10
But it's one thing to have a concept;
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ูˆู„ูƒู† ุฃู† ูŠูƒูˆู† ู„ุดูŠุก ู…ุง ู…ูู‡ูˆู…ุŒ
08:12
it's a totally separate thing to actually make it work.
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ูู‡ุฐุง ุดูŠุก ู…ู†ูุตู„ ุชู…ุงู…ุง ุนู† ุฌุนู„ู‡ ูŠู†ุฌุญ.
08:15
So I had absolutely no idea how that could actually work.
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ูˆู„ู… ุชูƒู† ู„ูŠ ุฃูŠุฉ ููƒุฑุฉ ุนู„ู‰ ุงู„ุฅุทู„ุงู‚ ูƒูŠู ูŠู…ูƒู† ุฃู† ุฃุฌุนู„ู‡ ูŠู†ุฌุญ.
08:19
Had the wrong idea; I thought that we can be a bank.
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ูƒุงู†ุช ููƒุฑุฉ ุฎุงุทุฆุฉุŒ ุงุนุชู‚ุฏุช ุฃู†ู‡ ุจุฅู…ูƒุงู†ู†ุง ุฃู† ู†ู‚ูˆู… ุจุฏูˆุฑ ุงู„ุจู†ูƒ.
08:22
You see banks -- I don't know if there are any bankers over here;
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ูƒู…ุง ุชุนู„ู…ูˆู† ุงู„ุจู†ูˆูƒุŒ ูˆุฃู†ุง ู„ุง ุฃุนุฑู ุฅุฐุง ูƒุงู† ู‡ู†ุงูƒ ู…ุตุฑููŠู‘ูˆู† ู…ู† ุจูŠู†ู†ุงุŒ
08:25
I apologize in advance -- but it's the best job in the world.
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ุฃู†ุง ุฃุนุชุฐุฑ ู„ู‡ู… ู…ู‚ุฏู‘ู…ุงุŒ ูˆู„ูƒู† ู‡ุฐุง ุฃูุถู„ ุนู…ู„ ููŠ ุงู„ุนุงู„ู….
08:29
You know, you find somebody who is respectable
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ุชุนู„ู…ูˆู†ุŒ ุชุฌุฏ ุดุฎุต ู…ุง ู…ุญุชุฑู…ุง
08:32
and has a lot of money.
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ูˆ ู„ุฏูŠู‡ ุงู„ูƒุซูŠุฑ ู…ู† ุงู„ู…ุงู„.
08:33
You give them more money; they repay you that over a time.
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ุชู…ู†ุญู‡ู… ุงู„ู…ุฒูŠุฏ ู…ู† ุงู„ู…ุงู„ุŒ ูˆูŠุณุฏู‘ุฏูˆู† ุนู„ู‰ ู…ุฏู‰ ูุชุฑุฉ ุฒู…ู†ูŠุฉ.
08:38
You collect interest and do nothing in between.
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ูŠู…ูƒู†ูƒ ุฌู…ุน ุงู„ููˆุงุฆุฏ ุฏูˆู† ุงู„ู‚ูŠุงู… ุจุฃูŠู‘ ุนู…ู„.
08:40
So I thought, why don't we get into that business?
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ู„ุฐู„ูƒ ููƒุฑุชุŒ ู„ู…ุงุฐุง ู„ุง ู†ู†ุฎุฑุท ููŠ ู‡ุฐุง ุงู„ุนู…ู„ุŸ
08:42
(Laughter)
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(ุถุญูƒ)
08:44
So here we are having our first client, brilliant.
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ู„ุฐู„ูƒ ุญุตู„ู†ุง ู‡ู†ุง ุนู„ู‰ ุนูŽู…ููŠู„ู†ุง ุงู„ุฃูˆู‘ู„ุŒ ูƒุงู† ุดุฎุตุง ู„ุงู…ุนุง.
08:50
First independent newspaper in Slovakia.
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ุฃูˆู„ ุตุญูŠูุฉ ู…ุณุชู‚ู„ุฉ ููŠ "ุณู„ูˆูุงูƒูŠุง".
08:52
The government cutting them off
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ู‚ุงู…ุช ุงู„ุญูƒูˆู…ุฉ ุจุญุฑู…ุงู†ู‡ุง
08:53
from all the printing facilities in Bratislava.
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ู…ู† ุฌู…ูŠุน ู…ุฑุงูู‚ ุงู„ุทุจุงุนุฉ ููŠ "ุจุฑุงุชูŠุณู„ุงูุง".
08:56
So here's the daily newspaper
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ูˆู„ุฐู„ูƒ ุฃุตุจุญ ู„ุฏูŠู†ุง ุตุญูŠูุฉ ูŠูˆู…ูŠุฉุŒ
08:57
that has to be printed 400 kilometers away from the capital.
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ูŠุฌุจ ุฃู† ุชุชู…ู‘ ุทุจุงุนุชู‡ุง ุนู„ู‰ ุจุนุฏ 400 ูƒูŠู„ูˆู…ุชุฑุง ู…ู† ุงู„ุนุงุตู…ุฉ.
09:01
It's a daily newspaper with a deadline of 4 p.m.
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ุฅู†ู‡ุง ุฌุฑูŠุฏุฉ ูŠูˆู…ูŠุฉ ู…ุน ู…ูˆุนุฏ ู†ู‡ุงุฆูŠ ู„ู„ุชูˆุฒูŠุน ู…ุญุฏุฏ ููŠ ุงู„ุณู‘ุงุนุฉ ุงู„ุฑู‘ุงุจุนุฉ ุตุจุงุญุง
09:05
That means that they have no sports;
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ู‡ุฐุง ูŠุนู†ูŠ ุฃู†ู‡ู… ู„ูŠุณ ู„ุฏูŠู‡ู… ุฃุฎุจุงุฑ ุงู„ุฑู‘ูŠุงุถุฉุŒ
09:07
they have no latest news; circulation goes down.
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ู„ูŠุณ ู„ุฏูŠู‡ู… ุขุฎุฑ ุงู„ุฃุฎุจุงุฑุŒ ูุงู†ุฎูุถ ุชุฏุงูˆู„ู‡ุง.
09:10
It's a kind of very nice, sophisticated way
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ุงู†ู‡ุง ุทุฑูŠู‚ุฉ ู†ุงุนู…ุฉ ูˆ ุฐุงุช ูุงุนู„ูŠู‘ุฉ
09:13
how to economically strangle a daily newspaper.
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ู„ุชุถูŠูŠู‚ ุงู„ุฎู†ุงู‚ ุงู‚ุชุตุงุฏูŠุง ุนู„ู‰ ุตุญูŠูุฉ ูŠูˆู…ูŠู‘ุฉ.
09:17
They come to us with a request for a loan.
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ู‚ูŽุฏูู…ูˆุง ุฅู„ูŠู†ุง ุจุทู„ุจ ู„ู„ุญุตูˆู„ ุนู„ู‰ ู‚ุฑุถ.
09:19
They want to -- the only way for them to survive
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ุงู†ู‡ู… ูŠุฑูŠุฏูˆู† -- ุงู„ุณุจูŠู„ ุงู„ูˆุญูŠุฏ ู„ุฏูŠู‡ู… ู„ู„ุจู‚ุงุก ุนู„ู‰ ู‚ูŠุฏ ุงู„ุญูŠุงุฉ
09:21
is to get a printing press.
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ู‡ูˆ ุงู„ุญุตูˆู„ ุนู„ู‰ ู…ุทุจุนุฉ ุฎุงุตู‘ุฉ ุจู‡ู….
09:23
And we said, that's fine; let's meet;
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ูˆู‚ู„ู†ุงุŒ ู‡ู†ุงูƒ -- ู‡ุฐุง ุฌูŠู‘ุฏุŒ ุฏุนูˆู†ุง ู†ุฌุชู…ุนุŒ
09:26
you'll bring us your business plan, which eventually they did.
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ู‚ุฏู‘ู…ูˆุง ู„ู†ุง ุฎุทุฉ ุนู…ู„ูƒู…ุŒ ูˆู‡ุฐุง ู…ุง ูุนู„ูˆู‡ ููŠ ุงู„ู†ู‡ุงูŠุฉ.
09:30
We start the meeting.
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ุจุฏุฃู†ุง ุงู„ุฅุฌุชู…ุงุน.
09:32
I get these two pieces of paper, not like this, A4 format,
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ุฃุฎุฐุช ู‚ุทุนุชูŠู’ ุงู„ูˆุฑู‚ ู‡ุฐูŠู†ุŒ ูˆู„ูŠุณุง ู…ุซู„ ู‡ุฐูŠู† ุชู…ุงู…ุงุŒ ูƒุงู†ุง ุนู„ู‰ ุดูƒู„ "A4"
09:36
so it's much bigger.
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ู„ุฐู„ูƒ ูƒุงู†ุง ุฃูƒุจุฑ ุญุฌู…ุง.
09:38
A lot of numbers there. A lot of numbers.
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ูƒุงู†ุช ุชุญูˆูŠ ุงู„ูƒุซูŠุฑ ู…ู† ุงู„ุฃุฑู‚ุงู…. ุงู„ูƒุซูŠุฑ ู…ู† ุงู„ุฃุฑู‚ุงู….
09:41
But however you put it, you know, the numbers
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ูˆู„ูƒู† ุญุชู‘ู‰ ูˆ ุฅู† ูˆุถุนุชู‡ุงุŒ ูุฅู† ุงู„ุฃุฑู‚ุงู…
09:43
do not make any sense.
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ู„ุง ุชุนุทูŠ ุฃูŠู‘ ู…ุนู†ู‰.
09:45
And that's the best they could do.
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ูˆู‡ุฐุง ุฃูุถู„ ู…ุง ูŠู…ูƒู† ุฃู† ุชูุนู„ู‡.
09:47
We were the best that they could do.
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ูƒู†ุง ุฃูุถู„ ู…ุง ูŠู…ูƒู†ู‡ู… ุงู„ู‚ูŠุงู… ุจู‡.
09:48
So that is how we understood what our method is.
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ุจุญูŠุซ ูŠู…ูƒู†ู†ุง ูู‡ู… ู…ุงู‡ูŠู‘ุฉ ุฃุณู„ูˆุจู†ุง.
09:50
It's not a bank. We had to actually
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ุงู†ู‡ุง ู„ูŠุณุช ุจู†ูƒุง. ูˆูƒุงู† ุนู„ูŠู†ุง
09:53
go into these companies and earn our return
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ุงู„ุฅุชู‘ุตุงู„ ุจู‡ุฐู‡ ุงู„ุดุฑูƒุงุช ูˆุงู„ู…ุทุงู„ุจุฉ ุจุนุงุฆุฏุงุชู†ุง
09:57
by fixing them -- by establishing management systems,
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ุนู† ุทุฑูŠู‚ ู…ุฑุงูู‚ุชู‡ู… -- ุนู† ุทุฑูŠู‚ ุฅู†ุดุงุก ู†ุธู… ุงู„ุฅุฏุงุฑุฉุŒ
10:00
by providing all that knowledge, how do you run a business
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ุนุจุฑ ุชูˆููŠุฑ ุชู„ูƒ ุงู„ู…ุนุฑูุฉุŒ ูƒูŠู ูŠู…ูƒู† ุฅุฏุงุฑุฉ ุงู„ุฃุนู…ุงู„
10:02
on one side -- while they all know how to run, how to create content.
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ู‡ุฐุง ู…ู† ู†ุงุญูŠุฉ -- ุจูŠู†ู…ุง ุฌู…ูŠุนู‡ู… ูŠุนู„ู…ูˆู† ูƒูŠููŠุฉ ุฅุฏุงุฑุฉ ูˆ ุฅู†ุดุงุก ุงู„ู…ุญุชูˆู‰.
10:08
Just quickly on the results.
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ุณุฃู‚ูุฒ ุจุณุฑุนุฉ ู†ุญูˆ ุงู„ู†ุชุงุฆุฌ.
10:14
Over these 10 years, 40 million dollars in affordable financing,
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ุฎู„ุงู„ ู‡ุฐู‡ ุงู„ุณู†ูˆุงุช ุงู„ุนุดุฑุŒ ุฃู†ูู‚ู†ุง 40 ู…ู„ูŠูˆู† ุฏูˆู„ุงุฑ ููŠ ุงู„ุชู…ูˆูŠู„ ุจุฃุณุนุงุฑ ู…ุนู‚ูˆู„ุฉุŒ
10:20
average interest rate five percent to six percent.
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ู…ุชูˆุณุท ุณุนุฑ ุงู„ูุงุฆุฏุฉ ูƒุงู† 5 ุงู„ู‰ 6 ููŠ ุงู„ู…ุฆุฉ.
10:23
Lately we are going wild, charging seven percent from time to time.
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ู‚ู…ู†ุง ููŠ ุงู„ุขูˆู†ุฉ ุงู„ุฃุฎูŠุฑุฉ ุจุงู„ุถุบู‘ุท ู‚ู„ูŠู„ุงุŒ ูƒู†ู‘ุง ู†ุทุงู„ุจ ุจู†ุณุจุฉ 7 ููŠ ุงู„ู…ุงุฆุฉ ู…ู† ูˆู‚ุช ู„ุขุฎุฑ.
10:29
We do it in 17 countries of the developing world.
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ู‚ู…ู†ุง ุจุฐู„ูƒ ููŠ 17 ุจู„ุฏุง ู…ู† ุจู„ุฏุงู† ุงู„ุนุงู„ู… ุงู„ู†ู‘ุงู…ูŠ.
10:33
And here is the most stunning number.
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ูˆู‡ู†ุง ู„ุฏูŠู†ุง ุฃูƒุซุฑ ุนุฏุฏ ู…ุฐู‡ู„.
10:36
Return rate -- the one that Soros was so worried about -- 97 percent.
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ู…ูุนูŽุฏู‘ูŽู„ ุงู„ูŽุณู‘ูŽุฏูŽุงุฏ-- ูˆู‡ุฐุง ุฃูƒุซุฑ ู…ุง ูƒุงู† ูŠุฎุดุงู‡ "ุณูˆุฑูˆุณ" -- 97 ููŠ ุงู„ู…ุฆุฉ.
10:42
97 percent of all the scheduled repayments came back to us on time.
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ูˆุญุตู„ู†ุง ุนู„ู‰ 97 ููŠ ุงู„ู…ุฆุฉ ู…ู† ู…ุจุงู„ุบ ุงู„ุชู‘ุณุฏูŠุฏ ุงู„ู…ู‚ุฑู‘ุฑุฉ ุจุฏูˆู† ุฃูŠู‘ ุชุฃุฎูŠุฑ.
10:47
What do we typically finance?
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ู…ุงุฐุง ูƒู†ู‘ุง ู†ูู…ูŽูˆู‘ูู„ู ุนุงุฏุฉุŸ
10:48
We finance anything that a media company would need,
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ู†ูู…ูŽูˆู‘ูู„ ุฃูŠู‘ ุดูŠุก ูŠู…ูƒู† ุฃู† ุชุญุชุงุฌ ุฅู„ูŠู‡ ุดุฑูƒุฉ ูˆุณุงุฆู„ ุงู„ุฅุนู„ุงู…ุŒ
10:51
from printing presses to transmitters.
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ู…ู† ุงู„ู…ุทุงุจุน ุฅู„ู‰ ุฃุฌู‡ุฒุฉ ุงู„ุฅุฑุณุงู„.
10:56
What is most important is we do it
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ู…ุง ู‡ูˆ ุฃูƒุซุฑ ุฃู‡ู…ูŠุฉ ู‡ูˆ ุฃู†ู†ุง ู†ู‚ูˆู… ุจุฐู„ูƒ
11:01
either in form of loans, equities, lease --
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ุฅู…ุง ููŠ ุดูƒู„ ู‚ุฑูˆุถ ุฃูˆ ุฃุณู‡ู… ุฃูˆ ุฅูŠุฌุงุฑ ู…ุงู„ูŠู‘ --
11:04
whatever is appropriate for, you know, supporting anybody.
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ูƒู„ ู…ุง ู‡ูˆ ู…ู†ุงุณุจ ู„ุฏุนู… ุฃูŠ ุดุฎุต.
11:07
But what is most important here is, who do we finance?
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ูˆู„ูƒู† ุงู„ุฃู‡ู…ู‘ ู‡ู†ุง ู‡ูˆุŒ ู…ู† ุงู„ุฐูŠู† ู†ู‚ูˆู… ุจุชู…ูˆูŠู„ู‡ู…ุŸ
11:12
We believe that in the last 10 years companies
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ู†ุญู† ู†ุนุชู‚ุฏ ุฃู†ู‡ ููŠ ุงู„ุณู†ูˆุงุช ุงู„ุนุดุฑ ุงู„ุฃุฎูŠุฑุฉ ู…ูŽุซู‘ูŽู„ุช ุงู„ุดู‘ุฑูƒุงุช
11:14
that we've financed are actually the best media companies
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ุงู„ุชูŠ ู‚ู…ู†ุง ุจุชู…ูˆูŠู„ู‡ุง ุฃูŽูุถู„ ุดุฑูƒุงุช ูˆุณุงุฆู„ ุงู„ุฅุนู„ุงู…
11:18
in the developing world.
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ููŠ ุงู„ุนุงู„ู… ุงู„ู†ุงู…ูŠ.
11:20
That is a "Who is Who" list.
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ุฅู†ู‘ู‡ุง ุงู„ู‚ุงุฆู…ุฉ ุงู„ุฐู‡ุจูŠู‘ุฉ
11:22
And I could spend hours talking about them,
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ูˆูŠู…ูƒู† ุฃู† ุฃุชุญุฏู‘ุซ ุนู†ู‡ุง ู„ุณุงุนุงุชุŒ
11:27
because they're all kind of heroes.
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ู„ุฃู†ู‘ู‡ู… ุฌู…ูŠุนุง ุฃุจุทุงู„.
11:28
And I can, but I'll give you just, maybe one,
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ูˆุฃุณุชุทูŠุนุŒ ู„ูƒู†ูŠ -- ุณุฃู‚ุฏู‘ู… ู…ุซุงู„ุงุŒ ุฑุจู…ุง ูˆุงุญุฏุง ูู‚ุทุŒ
11:31
and depending on time I may give you two examples
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ูˆุงุนุชู…ุงุฏุง ุนู„ู‰ ุงู„ูˆู‚ุช ู‚ุฏ ุฃู‚ุฏู‘ู… ู„ูƒู… ู…ุซุงู„ูŠู†
11:34
who we work with.
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ู„ู„ุฐูŠู† ู†ุนู…ู„ ู…ุนู‡ู….
11:35
You see we started working in Eastern and Central Europe,
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ุจุฏุฃู†ุง ุงู„ุนู…ู„ ููŠ ุฃูˆุฑูˆุจุง ุงู„ุดุฑู‚ูŠุฉ ูˆุงู„ูˆุณุทู‰ุŒ
11:37
and moved to Russia.
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ูˆุงู†ุชู‚ู„ู†ุง ุงู„ู‰ ุฑูˆุณูŠุง.
11:39
Our first loan in Russia was in Chelyabinsk.
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ุงู„ู‚ุฑุถ ุงู„ุฃูˆู„ ุงู„ุฐูŠ ู‚ุฏู‘ู…ู†ุงู‡ ููŠ ุฑูˆุณูŠุง ูƒุงู† ููŠ "ุชุดูŠู„ูŠุงุจูŠู†ุณูƒ".
11:42
I'll bet half of you have never heard of that place.
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ุฃุฑุงู‡ู† ุฃู†ู‘ ู†ุตููƒู… ู„ู… ูŠุณู…ุน ู…ู† ู‚ุจู„ ู‚ุท ุนู† ุฐู„ูƒ ุงู„ู…ูƒุงู†.
11:45
In the south of Russia there's a guy called
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ูŠูˆุฌุฏ ููŠ ุฌู†ูˆุจ ุฑูˆุณูŠุง ู‡ู†ุงูƒ ุฑุฌู„ ูŠูุฏุนู‰
11:48
Boris Nikolayevich Kirshin, who is running
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"ุจูˆุฑูŠุณ ู†ูŠูƒูˆู„ุงูŠููŠุชุด ูƒุฑุดุงูŠู†"ุŒ ูˆุงู„ุฐูŠ ูŠูุฏูŠุฑ
11:50
an independent newspaper there.
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ุตุญูŠูุฉ ู…ุณุชู‚ู„ุฉ ู‡ู†ุงูƒ.
11:52
The city was closed until early '90s
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ูƒุงู†ุช ุงู„ู…ุฏูŠู†ุฉ ู…ุบู„ู‚ุฉ ุญุชู‰ ุฃูˆุงุฆู„ ุงู„ุชู‘ุณุนูŠู†ูŠุงุช
11:54
because, of all things, they were producing glass for Tupolev planes.
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ู„ุฃู† ูƒู„ ู…ุง ููŠ ุงู„ุฃู…ุฑุŒ ูƒุงู†ูˆุง ูŠูู†ุชุฌูˆู† ุฒุฌุงุฌ ุทุงุฆุฑุงุช "ุงู„ุชูˆุจูˆู„ูŠู ".
12:01
Anyway, he's running independent newspaper there.
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ุนู„ู‰ ุฃูŠ ุญุงู„ุŒ ุฅู†ู‡ ูŠูุฏูŠุฑ ุตุญูŠูุฉ ู…ุณุชู‚ู„ุฉ ู‡ู†ุงูƒ.
12:05
After two years working with us, he becomes
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ุจุนุฏ ุนุงู…ูŠู† ู…ู† ุงู„ุนู…ู„ ู…ุนู†ุงุŒ ุฃุตุจุญุช
12:07
the most respected newspaper in that small place.
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ุงู„ุตุญูŠูุฉ ุงู„ุฃูƒุซุฑ ุงุญุชุฑุงู…ุง ููŠ ุฐู„ูƒ ุงู„ู…ูƒุงู† ุงู„ุตุบูŠุฑ.
12:13
Governor comes to him one day,
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ููŠ ูŠูˆู… ู…ุง ุฃุชุงู‡ ุงู„ู…ุญุงูุธุŒ
12:15
actually invites him to come to his office.
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ุฃูˆ ุฏุนุงู‡ ู„ู„ุญุถูˆุฑ ุฅู„ู‰ ู…ูƒุชุจู‡.
12:17
He goes and sees the governor. The governor says,
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ุฐู‡ุจ ู„ูŠุฑู‰ ุงู„ู…ุญุงูุธ. ูู‚ุงู„ ู„ู‡ ุงู„ู…ุญุงูุธุŒ
12:20
Boris Nikolayevich, I understand you are doing a great job,
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"ุจูˆุฑูŠุณ ู†ูŠูƒูˆู„ุงูŠููŠุชุด"ุŒ ุฃู†ุง ุฃูู‡ู… ุฃู†ู‘ูƒ ุชู‚ูˆู… ุจุนู…ู„ ุนุธูŠู…ุŒ
12:22
and you are the most respected newspaper in our district.
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ูˆุฃู†ู‘ูƒู… ุชู…ุซู‘ู„ูˆู† ุงู„ุตุญูŠูุฉ ุงู„ุฃูƒุซุฑ ุงุญุชุฑุงู…ุง ููŠ ู…ู‚ุงุทุนุชู†ุง.
12:28
And I want to offer you a deal.
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ูˆุฃุฑูŠุฏ ุฃู† ุฃู‚ุฏู‘ู… ู„ูƒ ุนุฑุถุง.
12:32
Can you please give me your newspaper for the next nine months,
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ู‡ู„ ุจุฅู…ูƒุงู†ูƒ ู…ู† ูุถู„ูƒ ุฃู† ุชุนุทูŠู†ูŠ ุตุญูŠูุชูƒ ู„ู„ุฃุดู‡ุฑ ุงู„ุชุณุนุฉ ุงู„ู…ู‚ุจู„ุฉุŒ
12:35
because I have elections --
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ู„ุฃู†ู‘ ู„ุฏูŠู‘ ุฅู†ุชุฎุงุจุงุช --
12:37
there are elections coming up in nine months.
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ู‡ู†ุงูƒ ุฅู†ุชุฎุงุจุงุช ู‚ุงุฏู…ุฉ ููŠ ุบุถูˆู† ุชุณุนุฉ ุฃุดู‡ุฑ.
12:40
I will not run, but it's very important for me
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ุฃู†ุง ู„ู† ุฃุดุงุฑูƒ ููŠู‡ุงุŒ ูˆู„ูƒู† ู…ู† ุงู„ู…ู‡ู… ุฌุฏุง ุจุงู„ู†ุณุจุฉ ู„ูŠ
12:43
who is going to succeed me.
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ู…ู† ุงู„ุฐูŠ ุณูŽูŠูŽุฎู’ู„ูููู†ููŠ.
12:45
So give me the paper for nine months. I'll give it back to you.
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ุฅุฐู† ุฃุนุทู†ูŠ ุงู„ุฌุฑูŠุฏุฉ ู„ู…ุฏุฉ ุชุณุนุฉ ุฃุดู‡ุฑุŒ ูˆุณูˆู ุฃุนูŠุฏู‡ุง ู„ูƒ.
12:47
I have no interest in being in media business.
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ู„ูŠุณ ู„ุฏูŠ ุฃูŠู‘ ุฅู‡ุชู…ุงู… ุจุงู„ุฅู†ุถู…ุงู… ุฅู„ู‰ ุงู„ุฃุนู…ุงู„ ุงู„ุชุฌุงุฑูŠุฉ ููŠ ูˆุณุงุฆู„ ุงู„ุฅุนู„ุงู….
12:50
How much would that cost?
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ูƒู… ุชุทู„ุจ ุซู…ู†ุง ู„ุฐู„ูƒุŸ
12:53
Boris Nikolayevich says, "It's not for sale."
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ุฃุฌุงุจ "ุจูˆุฑูŠุณ ู†ูŠูƒูˆู„ุงูŠููŠุชุด": "ุฅู†ู‘ู‡ุง ู„ูŠุณุช ู„ู„ุจูŠุน".
12:55
The governor says, "We will close you."
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ูุฃุฌุงุจ ุงู„ู…ุญุงูุธ : "ุณูˆู ู†ูุบู„ู‚ ุงู„ุฌุฑูŠุฏุฉ".
12:58
Boris Nikolayevich says, "No, you cannot do it."
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ูุฃุฌุงุจ "ุจูˆุฑูŠุณ ู†ูŠูƒูˆู„ุงูŠููŠุชุด": "ู„ุงุŒ ู„ุง ูŠู…ูƒู†ูƒ ููุนู’ู„ู ุฐู„ูƒ".
13:00
Six months later the newspaper was closed.
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ุจุนุฏ ู…ูุถูŠู‘ ุณุชู‘ุฉ ุฃุดู‡ุฑ ุฃูุบู„ู‚ุช ุงู„ุตู‘ุญูŠูุฉ.
13:04
Luckily, we had enough time to help Boris Nikolayevich
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ู„ุญุณู† ุงู„ุญุธ ูƒุงู† ู„ุฏูŠู†ุง ู…ุง ูŠูƒููŠ ู…ู† ุงู„ูˆู‚ุช ู„ู…ุณุงุนุฏุฉ "ุจูˆุฑูŠุณ ู†ูŠูƒูˆู„ุงูŠููŠุชุด"
13:07
take all the assets out of that company and bring him into a new one,
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ุญู…ู„ู†ุง ุฌู…ูŠุน ุงู„ู…ูˆุฌูˆุฏุงุช ู…ู† ุชู„ูƒ ุงู„ุดุฑูƒุฉ ูˆุฃูˆุฏุนู†ุงู‡ ุงู„ู‰ ูˆุงุญุฏุฉ ุฌุฏูŠุฏุฉุŒ
13:11
to get all the subscription lists, rehire staff.
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ู„ู„ุญุตูˆู„ ุนู„ู‰ ูƒู„ ู‚ูˆุงุฆู… ุงู„ุฅูƒุชุชุงุจุŒ ูˆุฅุนุงุฏุฉ ุชุนูŠูŠู† ุงู„ู…ูˆุธููŠู†.
13:15
So what the governor got was an empty shell.
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ู„ุฐู„ูƒ ูƒู„ู‘ ู…ุง ุญุตู„ ุนู„ูŠู‡ ุงู„ู…ุญุงูุธ ูƒุงู† ู‡ูŠูƒู„ุง ูุงุฑุบุง.
13:18
But that is what happens if you're in business of independent media,
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ูˆู„ูƒู† ู‡ุฐุง ู…ุง ูŠุญุฏุซ ุฅุฐุง ูƒู†ุช ููŠ ู…ุฌุงู„ ุงู„ุฃุนู…ุงู„ ุงู„ุชุฌุงุฑูŠุฉ ููŠ ูˆุณุงุฆู„ ุฅุนู„ุงู… ุงู„ู…ุณุชู‚ู„ุฉุŒ
13:22
and if you are a banker for independent media.
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ูˆุฅุฐุง ูƒู†ุช ู…ุตุฑููŠู‘ุง ู„ูˆุณุงุฆู„ ุฅุนู„ุงู… ู…ุณุชู‚ู„ุฉ.
13:26
So it sounds like a great story.
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ู„ุฐู„ูƒ ุชุจุฏูˆ ูˆูƒุฃู†ู‡ุง ู‚ุตุฉ ูƒุจูŠุฑุฉ.
13:32
Somewhere down the road we opened a media management center.
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ููŠ ู…ูƒุงู† ู…ุง ุนู„ู‰ ุงู„ุทุฑูŠู‚ ูุชุญู†ุง ู…ุฑูƒุฒุง ู„ุฅุฏุงุฑุฉ ูˆุณุงุฆู„ ุงู„ุฅุนู„ุงู….
13:36
We started our media lab, sounds like a real great story.
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ุฃู†ุดุฃู†ุง ู…ุฎุชุจุฑ ูˆุณุงุฆู„ ุงู„ุฅุนู„ุงู…ุŒ ู‡ุฐุง ูŠุจุฏูˆ ูˆูƒุฃู†ู‡ ู‚ุตุฉ ุญู‚ูŠู‚ูŠุฉ ูƒุจูŠุฑุฉ.
13:39
But there is a second angle to that.
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ูˆู„ูƒู† ู‡ู†ุงูƒ ุฒุงูˆูŠุฉ ุซุงู†ูŠุฉ ู„ุฐู„ูƒ.
13:42
The second angle, like in this clip.
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ุงู„ุฒุงูˆูŠุฉ ุงู„ุซุงู†ูŠุฉุŒ ูƒู…ุง ุดุงู‡ุฐู†ุง ููŠ ู‡ุฐุง ุงู„ู…ู‚ุทุน.
13:44
If you take the camera above, you start thinking
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ุฅุฐุง ุฃุฎุฐุช ุงู„ูƒุงู…ูŠุฑุง ุฃุนู„ุงู‡ุŒ ุนู„ูŠูƒ ุฃู† ุชุจุฏุฃ ุจุงู„ุชููƒูŠุฑ
13:46
about these numbers again.
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ู…ุฌุฏู‘ุฏุง ุญูˆู„ ู‡ุฐู‡ ุงู„ุฃุฑู‚ุงู….
13:47
40 million dollars over 10 years spread over 17 countries.
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40 ู…ู„ูŠูˆู† ุฏูˆู„ุงุฑ ุนู„ู‰ ู…ุฏู‰ 10 ุณู†ูˆุงุช ู…ูˆุฒู‘ุนุฉ ุนู„ู‰ 17 ุจู„ุฏุง.
13:54
That is not too much, is it?
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ู‡ุฐุง ู„ูŠุณ ุจุงู„ูƒุซูŠุฑุŒ ุฃู„ูŠุณ ูƒุฐู„ูƒุŸ
13:56
It's actually just a drop in the sea.
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ุฅู†ู‘ู‡ุง ููŠ ุงู„ูˆุงู‚ุน ู…ุฌุฑุฏ ู‚ุทุฑุฉ ููŠ ุจุญุฑ.
13:58
Because when you think about the importance,
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ู„ุฃู†ู‡ ุนู†ุฏู…ุง ุชูููƒุฑ ููŠ ุงู„ุฃู‡ู…ูŠุฉุŒ
14:00
some of the issues that we were talking about last night --
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ุจุนุถ ุงู„ู‚ุถุงูŠุง ุงู„ุชูŠ ู†ุงู‚ุดู†ุงู‡ุง ู„ูŠู„ุฉ ุฃู…ุณ --
14:03
this last session we had about Africa and his
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ู‡ุฐู‡ ุงู„ุฏูˆุฑุฉ ุงู„ุฃุฎูŠุฑุฉ ุชุญุฏู‘ุซู†ุง ุญูˆู„ ุฅูุฑูŠู‚ูŠุง ูˆ ู…ุจู„ุบ
14:05
hypothetical 50 billion dollars destined for Africa.
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50 ู…ู„ูŠุงุฑ ุฏูˆู„ุงุฑ ุงู„ุฅูุชุฑุงุถูŠู‘ ุงู„ู…ุฎุตู‘ุต ู„ุฅูุฑูŠู‚ูŠุง.
14:10
All of those, not all, half of those problems mentioned last night --
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ูˆูƒูู„ู‘ ู‡ุฐู‡ุŒ ู„ูŠุณ ูƒูู„ู‘ู‡ุงุŒ ู†ุตู ุชู„ูƒ ุงู„ู…ุดุงูƒู„ ุงู„ุชูŠ ุฐููƒูุฑุช ููŠ ุงู„ู„ูŠู„ุฉ ุงู„ู…ุงุถูŠุฉ --
14:16
government accountability, corruption, how do you fight corruption,
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ู…ุณุงุกู„ุฉ ุงู„ุญูƒูˆู…ุฉุŒ ูˆุงู„ูุณุงุฏุŒ ูˆูƒูŠู ูŠู…ูƒู† ู…ุญุงุฑุจุฉ ุงู„ูุณุงุฏุŒ
14:21
giving voice to unheard, to poor --
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ุฅุนุทุงุก ุตูˆุช ู„ู…ู† ู„ุง ุตูˆุช ู„ู‡ุŒ ู„ู„ูู‚ุฑุงุก --
14:24
it's why independent media is in business.
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ู‡ุฐุง ู‡ูˆ ุงู„ุณุจุจ ุงู„ุฐูŠ ุฃู‚ุญู… ูˆุณุงุฆู„ ุงู„ุฅุนู„ุงู… ุงู„ู…ุณุชู‚ู„ุฉ ููŠ ุฏู†ูŠุง ุงู„ุฃุนู…ุงู„.
14:28
And it's why it was invented.
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ูˆู„ู‡ุฐุง ุงู„ุณุจุจ ุชู… ุฅุฎุชุฑุงุนู‡ุง.
14:30
So from that perspective, what we did is just really
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ู„ุฐู„ูƒ ู…ู† ู‡ุฐุง ุงู„ู…ู†ุธูˆุฑุŒ ู…ุง ูุนู„ู†ุงู‡ ู‡ูˆ ูู‚ุท ุญู‚ุง
14:33
one drop in the sea of that need that we can identify.
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ู‚ุทุฑุฉ ูˆุงุญุฏุฉ ููŠ ุจุญุฑ ุงู„ุฅุญุชูŠุงุฌุงุช ุงู„ุฐูŠ ุชู…ูƒู‘ู†ุง ู…ู† ุงู„ุชุนุฑู ุนู„ูŠู‡.
14:40
Now ours is just one story.
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ู‡ุฐู‡ ู…ุฌุฑู‘ุฏ ู‚ุตุฉ ูˆุงุญุฏุฉ ู„ุฏูŠู†ุง.
14:43
I'm sure that in this room there are, like, 15 other wonderful stories
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ูˆุฃู†ุง ู…ุชุฃูƒุฏ ู…ู† ุฃู† ููŠ ู‡ุฐู‡ ุงู„ู‚ุงุนุฉ ู‡ู†ุงูƒุŒ ู…ุง ูŠู‚ุงุฑุจุŒ 15 ู‚ุตู‘ุฉ ุฃุฎุฑู‰ ุฑุงุฆุนุฉ
14:46
of nonprofits doing spectacular work.
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ู…ู† ุงู„ู…ู†ุธู…ุงุช ุบูŠุฑ ุงู„ุฑู‘ุจุญูŠุฉ ุงู„ุชูŠ ุชู‚ูˆู… ุจุนู…ู„ ู…ุฐู‡ู„.
14:49
Here is where the problem is,
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ูˆู‡ู†ุง ุชูƒู…ู† ุงู„ู…ุดูƒู„ุฉุŒ
14:52
and I'll explain to you as well as I can what the problem is.
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ูˆุณุฃุดุฑุญ ู„ูƒู…ุŒ ุจู‚ุฏุฑ ู…ุง ุฃุณุชุทูŠุน ู…ุง ู‡ูŠ ุงู„ู…ุดูƒู„ุฉ.
14:58
And it's called fundraising.
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ูˆู‡ูŠ ุชุฏุนู‰ ุฌู…ุน ุงู„ุชุจุฑู‘ุนุงุช.
15:00
Imagine that this third of this room is filled
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ุชุตูˆู‘ุฑ ุฃู†ู‘ ู‡ุฐุง ุงู„ุซูู„ู‹ุซูŽ ู…ู† ู‡ุฐู‡ ุงู„ู‚ุงุนุฉ ู…ู„ูŠุก
15:04
with people who represent different foundations.
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ุจุฃู†ุงุณ ูŠู…ุซู„ูˆู† ู…ุฎุชู„ู ุงู„ู…ุคุณุณุงุช.
15:07
Imagine two thirds over here running excellent organizations,
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ุชุฎูŠู„ ุฃู†ู‘ ุงู„ุซู‘ู„ุซูŠู† ูŠุฏูŠุฑุงู† ุชู„ูƒ ุงู„ู…ู†ุธู…ุงุช ุงู„ู…ู…ุชุงุฒุฉุŒ
15:12
doing very important work.
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ุชู‚ูˆู… ุจุนู…ู„ ู…ู‡ู… ุฌุฏุง.
15:15
Now imagine that every second person over here
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ุงู„ุขู† ุชุฎูŠู„ ุฃู† ูƒู„ ุดุฎุต ู…ู† ู‡ุฐู‡ ุงู„ู†ู‘ุงุญูŠุฉ
15:17
is deaf, does not hear, and switch the lights off.
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ุฃุตู…ุŒ ู„ุง ูŠุณู…ุนุŒ ูˆู‚ู… ุจุฅุทูุงุก ุงู„ู…ุตุงุจูŠุญ.
15:22
Now that is how difficult it is to match people
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ู‡ุฐู‡ ู‡ูŠ ุฏุฑุฌุฉ ุตุนูˆุจุฉ ุฌู…ุน ุฃุดุฎุงุต
15:24
from this side of the room
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ู…ู† ู‡ุฐุง ุงู„ุฌุงู†ุจ ู…ู† ุงู„ุบุฑูุฉ
15:26
with people of that side of the room.
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ู…ุน ุฃุดุฎุงุต ู…ู† ุฐู„ูƒ ุงู„ุฌุงู†ุจ ู…ู† ุงู„ุบุฑูุฉ.
15:29
So we thought that some kind of a big idea is needed
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ูˆู„ุฐู„ูƒ ูƒู†ู‘ุง ู†ุนุชู‚ุฏ ุฃู†ู‘ ู‡ู†ุงูƒ ุญุงุฌุฉ ุฅู„ู‰ ููƒุฑุฉ ูƒุจูŠุฑุฉ
15:34
to reform, to totally rethink fundraising.
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ู„ุฅุตู„ุงุญุŒ ู„ุฅุนุงุฏุฉ ุงู„ู†ุธุฑ ูƒู„ูŠุง ููŠ ุฌู…ุน ุงู„ุชุจุฑุนุงุช.
15:39
You know, instead of people running in this dark,
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ุจุฏู„ุง ู…ู† ุงู„ุญุตูˆู„ ุนู„ู‰ ู…ุดู‡ุฏ ุฃู†ุงุณ ูŠุฑูƒุถูˆู† ููŠ ู‡ุฐุง ุงู„ุธู„ุงู…ุŒ
15:41
trying to find their own match, who will be willing,
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ู…ุญุงูˆู„ูŠู† ุงู„ุนุซูˆุฑ ุนู„ู‰ ุชุทุงุจู‚ ุจูŠู†ู‡ู…ุŒ ู…ู† ุงู„ุฐูŠ ุณูŠูƒูˆู† ุนู„ู‰ ุงุณุชุนุฏุงุฏุŒ
15:44
who has the same goals.
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ู…ู† ุงู„ุฐูŠ ู„ุฏูŠู‡ ู†ูุณ ุงู„ุฃู‡ุฏุงู
15:46
Instead of all of that we thought there is --
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ุจุฏู„ุง ู…ู† ูƒู„ ุฐู„ูƒ ูƒู†ุง ู†ุธู† ุฃู†ู‘ ู‡ู†ุงูƒ --
15:49
something new needs to be invented.
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ุดูŠุฆุง ุฌุฏูŠุฏุง ูŠุญุชุงุฌ ู„ู„ุฅุฎุชุฑุงุน.
15:52
And we came up with this idea of issuing bonds,
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ูˆุชูˆุตู„ู†ุง ู…ุน ููƒุฑุฉ ุฅุตุฏุงุฑ ุงู„ุณู†ุฏุงุช ู‡ุฐู‡ุŒ
15:55
press freedom bonds.
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ุณู†ุฏุงุช ุตุญุงูุฉ ุญุฑุฉ.
15:56
If there are investors willing to finance
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ุฅุฐุง ูƒุงู† ู‡ู†ุงูƒ ุงุณุชุนุฏุงุฏ ู…ู† ู‚ุจู„ ุงู„ู…ุณุชุซู…ุฑูŠู† ู„ุชู…ูˆูŠู„
16:03
U.S. government budget deficit,
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ุงู„ุนุฌุฒ ููŠ ู…ูŠุฒุงู†ูŠุฉ ุญูƒูˆู…ุฉ ุงู„ูˆู„ุงูŠุงุช ุงู„ู…ุชุญุฏุฉุŒ
16:05
why wouldn't we find investors willing to finance
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ู„ู…ุงุฐุง ู„ุง ู†ุฌุฏ ู…ุณุชุซู…ุฑูŠู† ุฑุงุบุจูŠู† ููŠ ุชู…ูˆูŠู„
16:08
press freedom deficit?
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ุนุฌุฒ ุงู„ุตู‘ุญุงูุฉ ุงู„ุญุฑู‘ุฉุŸ
16:11
We've decided to do it this fall; we will issue them,
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ู„ู‚ุฏ ู‚ุฑุฑู†ุง ุงู† ู†ูุนู„ ุฐู„ูƒ ููŠ ุฎุฑูŠู ู‡ุฐุง ุงู„ุนุงู…ุŒ ุณูˆู ู†ู‚ูˆู… ุจุฅุตุฏุงุฑู‡ุงุŒ
16:13
probably in denominations of 1,000 dollars.
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ุฑุจู…ุง ู…ู† ูุฆุฉ 1000 ุฏูˆู„ุงุฑ.
16:16
I don't want to advertise them too much; that's not the point.
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ุฃู†ุง ู„ุง ุฃู‚ุตุฏ ุฃู† ุฃู‚ูˆู… ุจุญู…ู„ุฉ ุฏุนุงุฆูŠู‘ุฉุŒ ู„ูŠุณ ู‡ุฐุง ุจูŠุช ุงู„ู‚ุตูŠุฏ.
16:18
But the point is, if we ever survive to actually issue them,
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ู„ูƒู† ุจูŠุช ุงู„ู‚ุตูŠุฏ ู‡ูˆุŒ ุฅุฐุง ุชู…ูƒู‘ู†ุง ู…ู† ุงู„ุจู‚ุงุก ุนู„ู‰ ู‚ูŠุฏ ุงู„ุญูŠุงุฉ ุญุชู‘ู‰ ูˆู‚ุช ุฅุตุฏุงุฑู‡ุงุŒ
16:22
find enough investors that this can be considered a success,
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ูˆุงู„ุญุตูˆู„ ุนู„ู‰ ู…ุง ูŠูƒููŠ ู…ู† ุงู„ู…ุณุชุซู…ุฑูŠู† ู„ุฅุนุชุจุงุฑ ู‡ุฐุง ู†ุฌุงุญุงุŒ
16:26
there's nothing stopping the next organization
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ูู„ู† ูŠู…ู†ุน ุดูŠุก ุงู„ู…ู†ุธู…ุงุช ุงู„ู…ู‚ุจู„ุฉ
16:29
to start to issue bonds next spring.
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ู…ู† ุงู„ุจุฏุก ููŠ ุฅุตุฏุงุฑ ุณู†ุฏุงุช ููŠ ุงู„ุฑู‘ุจูŠุน ุงู„ู…ู‚ุจู„.
16:34
And those can be environmental bonds.
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ูˆูŠู…ูƒู† ุฃู† ุชูƒูˆู† ุชู„ูƒ ุณู†ุฏุงุช ุจูŠุฆูŠู‘ุฉ.
16:36
And then two weeks later, Iqbal Quadir can issue his
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ุซู… ูˆุจุนุฏ ุฐู„ูƒ ุจุฃุณุจูˆุนูŠู†ุŒ ุณูŠูƒูˆู† ุจุฅู…ูƒุงู† ุฅู‚ุจุงู„ ู‚ุฏูŠุฑ ุฃู† ูŠูุตุฏุฑ
16:41
electricity in Bangladesh bonds.
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ุณู†ุฏุงุช ุงู„ูƒู‡ุฑุจุงุก ููŠ ุจู†ุบู„ุงุฏูŠุด.
16:44
And before you know it, any social cause
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ูˆู‚ุจู„ ุฃู† ุชูƒูˆู† ุนู„ู‰ ุนู„ู…ุŒ ูŠู…ูƒู† ู„ุฃูŠู‘ ู‚ุถูŠู‘ุฉ ุฅุฌุชู…ุงุนูŠู‘ุฉ
16:47
can be actually financed in this way.
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ุฃู† ุชูู…ูˆู‘ู„ ุนู„ู‰ ู‡ุฐุง ุงู„ู†ุญูˆ.
16:50
Now we do daydreaming in 11:30 with 55 seconds left.
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ู†ุญู† ุงู„ุขู† ู†ู‚ูˆู… ุจุฃุญู„ุงู… ูŠู‚ุธุฉ ุนู†ุฏ 11:30 ุฃูŠ ู‚ุจู„ 55 ุซุงู†ูŠุฉ ู…ู† ู†ู‡ุงูŠุฉ ุงู„ุญุฏูŠุซ.
16:55
But let's take the idea further.
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ูˆู„ูƒู† ุฏุนูˆู†ุง ู†ุฃุฎุฐ ุงู„ููƒุฑุฉ ู„ู…ุง ุฃุจุนุฏ.
16:57
You do it, you start it in the States, because it's,
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ุชู‚ูˆู… ุจุฐู„ูƒุŒ ุชุจุฏุฃ ููŠ ุงู„ูˆู„ุงูŠุงุช ุงู„ู…ุชุญุฏุฉุŒ ู„ุฃู†ู‘ู‡ุงุŒ
17:00
you know, concepts are very, very close to American minds.
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ุชุนู„ู…ูˆู†ุŒ ุงู„ู…ูุงู‡ูŠู… ู‚ุฑูŠุจุฉ ุฌุฏุง ู…ู† ู†ู…ุท ุงู„ุชู‘ููƒูŠุฑ ุงู„ุฃู…ูŠุฑูƒูŠ.
17:03
But you can actually bring it to Europe, too.
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ูˆู„ูƒู† ูŠู…ูƒู†ูƒ ุชุตุฏูŠุฑ ุฐู„ูƒ ุฅู„ู‰ ุฃูˆุฑูˆุจุง ุฃูŠุถุง.
17:05
You can bring it to Asia.
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ูŠู…ูƒู†ูƒ ุชุตุฏูŠุฑู‡ ุฅู„ู‰ ุขุณูŠุง.
17:07
You can, once you have all of those different points,
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ูŠู…ูƒู†ูƒุŒ ูˆุจู…ุฌุฑุฏ ุงู„ุงู†ุชู‡ุงุก ู…ู† ูƒู„ ู‡ุฐู‡ ุงู„ู†ู‚ุงุท ุงู„ู…ุฎุชู„ูุฉุŒ
17:11
you can make it easy for investors.
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ูŠู…ูƒู†ูƒ ุฃู† ุชุฌุนู„ ุงู„ุฃู…ุฑ ุฃูƒุซุฑ ุณู‡ูˆู„ุฉ ุนู„ู‰ ุงู„ู…ุณุชุซู…ุฑูŠู†.
17:13
Put all of those bonds at one place
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ู‚ู… ุจุชุฌู…ูŠุน ูƒู„ ุชู„ูƒ ุงู„ุณู‘ู†ุฏุงุช ููŠ ู…ูƒุงู† ูˆุงุญุฏ
17:15
and they sit down and click.
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ูˆุงุฌู„ุณ ุซู…ู‘ ุงู†ุชุธุฑ.
17:17
Once you have more than 10 of them
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ูˆุจู…ุฌุฑุฏ ุงู„ุญุตูˆู„ ุนู„ู‰ ุฃูƒุซุฑ ู…ู† ุนุดุฑุฉ ู…ู†ู‡ู…
17:19
you have to develop some kind of a matrix.
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ุณูŠูƒูˆู† ุนู„ูŠูƒ ุชุทูˆูŠุฑ ู…ุตููˆูุฉ.
17:22
What do investors get?
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ู…ุงู„ุฐูŠ ุญุตู„ ุนู„ูŠู‡ ุงู„ู…ุณุชุซู…ุฑูˆู†ุŸ
17:23
On one side financial, on the other side social.
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ุนู„ู‰ ุงู„ุฌุงู†ุจ ุงู„ุฃูˆู‘ู„ ุฑุจุญ ู…ุงู„ูŠู‘ุŒ ูˆุนู„ู‰ ุงู„ุฌุงู†ุจ ุงู„ุขุฎุฑ ู‚ูŠู…ุฉ ุฅุฌุชู…ุงุนูŠู‘ุฉ.
17:26
So that brings the idea of some kind of rating agency,
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ู‡ุฐุง ูŠุฃุชูŠ ุจููƒุฑุฉ ูˆูƒุงู„ุฉ ุชู‚ูŠูŠู…ุŒ
17:32
Morningstar type.
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ุนู„ู‰ ุทุฑูŠู‚ุฉ "ู…ูˆุฑู†ูŠู†ุบุณุชุงุฑ".
17:34
It says, you know, social impact over here is spectacular, five stars.
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ู…ู† ุงู„ู†ู‘ุงุญูŠุฉ ุงู„ุงุฌุชู…ุงุนูŠู‘ุฉ ูุฅู†ู‘ ุฃุซุฑู‡ุง ู…ุฐู‡ู„ุŒ ู…ู† ูุฆุฉ ุฎู…ุณุฉ ู†ุฌูˆู….
17:38
Financial, they give you one percent, only one star.
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ูˆุฃู…ู‘ุง ู…ู† ุงู„ู†ู‘ุงุญูŠุฉ ุงู„ู…ุงู„ูŠู‘ุฉ ูู‡ูŠ ุชุนุทูŠูƒ ูˆุงุญุฏ ููŠ ุงู„ู…ุฆุฉุŒ ู†ุฌู…ุฉ ูˆุงุญุฏุฉ ูู‚ุท.
17:42
Now take it to the last step.
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ุงู„ุขู† ูˆุจุงู„ูˆุตูˆู„ ุฅู„ู‰ ุงู„ุฎุทูˆุฉ ุงู„ุฃุฎูŠุฑุฉ.
17:46
Once you have all of that put together,
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ูˆุจู…ุฌุฑุฏ ุงู„ุงู†ุชู‡ุงุก ู…ู† ุชุฌู…ูŠุน ูƒู„ ุฐู„ูƒ ู…ุนุงุŒ
17:48
there's not one reason why you couldn't actually have
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ู„ูŠุณ ู‡ู†ุงูƒ ุณุจุจ ูˆุงุญุฏ ู„ุนุฏู… ุงู„ุญุตูˆู„ ุนู„ู‰
17:53
a marketplace for all of that,
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ุณูˆู‚ ุชุฌุงุฑูŠู‘ุฉ ูŠุฌู…ุน ูƒู„ ุฐู„ูƒ
17:55
where you cannot dispose of all of those bonds in a pretty quick way.
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ุญูŠุซ ูŠู…ูƒู†ูƒ ุชุณูˆูŠู‚ ูƒู„ ุชู„ูƒ ุงู„ุณู‘ู†ุฏุงุช ุจุทุฑูŠู‚ุฉ ุณุฑูŠุนุฉ ุฌุฏุง.
18:00
And in that way you organize the financing
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ูˆุจู‡ุฐู‡ ุงู„ุทุฑูŠู‚ุฉ ูŠู…ูƒู†ูƒ ุชู†ุธูŠู… ุนู…ู„ูŠู‘ุฉ ุงู„ุชู…ูˆูŠู„
18:03
so there are no dark rooms, no blind people
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ูˆู„ุฐู„ูƒ ู„ุง ูŠูƒูˆู† ู‡ู†ุงู„ูƒ ูˆุฌูˆุฏ ู„ุบุฑู ู…ุธู„ู…ุฉุŒ ูˆู„ุง ู„ุฃุดุฎุงุต ู…ูƒููˆููŠู†
18:05
running around to find each other.
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ูŠุฑูƒุถูˆู† ู‡ู†ุง ูˆ ู‡ู†ุงูƒ ู…ุญุงูˆู„ูŠู† ุงู„ุนุซูˆุฑ ุนู„ู‰ ุจุนุถู‡ู… ุงู„ุจุนุถ.
18:07
Thank you.
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ุดูƒุฑุง ู„ูƒู….
ุญูˆู„ ู‡ุฐุง ุงู„ู…ูˆู‚ุน

ุณูŠู‚ุฏู… ู„ูƒ ู‡ุฐุง ุงู„ู…ูˆู‚ุน ู…ู‚ุงุทุน ููŠุฏูŠูˆ YouTube ุงู„ู…ููŠุฏุฉ ู„ุชุนู„ู… ุงู„ู„ุบุฉ ุงู„ุฅู†ุฌู„ูŠุฒูŠุฉ. ุณุชุฑู‰ ุฏุฑูˆุณ ุงู„ู„ุบุฉ ุงู„ุฅู†ุฌู„ูŠุฒูŠุฉ ุงู„ุชูŠ ูŠุชู… ุชุฏุฑูŠุณู‡ุง ู…ู† ู‚ุจู„ ู…ุฏุฑุณูŠู† ู…ู† ุงู„ุฏุฑุฌุฉ ุงู„ุฃูˆู„ู‰ ู…ู† ุฌู…ูŠุน ุฃู†ุญุงุก ุงู„ุนุงู„ู…. ุงู†ู‚ุฑ ู†ู‚ุฑู‹ุง ู…ุฒุฏูˆุฌู‹ุง ููˆู‚ ุงู„ุชุฑุฌู…ุฉ ุงู„ุฅู†ุฌู„ูŠุฒูŠุฉ ุงู„ู…ุนุฑูˆุถุฉ ุนู„ู‰ ูƒู„ ุตูุญุฉ ููŠุฏูŠูˆ ู„ุชุดุบูŠู„ ุงู„ููŠุฏูŠูˆ ู…ู† ู‡ู†ุงูƒ. ูŠุชู… ุชู…ุฑูŠุฑ ุงู„ุชุฑุฌู…ุงุช ุจุงู„ุชุฒุงู…ู† ู…ุน ุชุดุบูŠู„ ุงู„ููŠุฏูŠูˆ. ุฅุฐุง ูƒุงู† ู„ุฏูŠูƒ ุฃูŠ ุชุนู„ูŠู‚ุงุช ุฃูˆ ุทู„ุจุงุช ุŒ ูŠุฑุฌู‰ ุงู„ุงุชุตุงู„ ุจู†ุง ุจุงุณุชุฎุฏุงู… ู†ู…ูˆุฐุฌ ุงู„ุงุชุตุงู„ ู‡ุฐุง.

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