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| | Seigniorage - Wikipedia, the free encyclopedia |
 | | Seigniorage, also spelled seignorage or seigneurage, is the net revenue derived from the issuing of currency. | | | Seigniorage is an important source of revenue for some national governments. | | | Seigniorage can also refer to a form of tax levied on the holders of a currency, and as such a redistribution of resources to the issuer. |
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http://en.wikipedia.org/wiki/Seigniorage
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| | Definition of seigniorage |
| | Seigniorage is considered a means of financing and is not included in the budget totals. | | | seigniorage -- The gain to the government from the difference between the face value of minted coins put into circulation and the cost of producing them (including the cost of the metal used in the coins). |
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http://www.teachmefinance.com/Financial_Terms/seigniorage.html
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| | Seigniorage |
| | Seigniorage was the difference between the value of the money and the cost of producing it, effectively a tax on the public. | | | In summary, the seigniorage benefit for the Treasury from notes in circulation is equal to the total interest paid on the Treasury securities in the Fed's portfolio, less the cost of producing the notes and the Fed's cost of distribution. | | | The government cannot avoid returning the apparent seigniorage benefit to the private sector in the form of lower taxes, increased spending, or reduced borrowing. |
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http://wfhummel.cnchost.com/seigniorage.html
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| | Seigniorage Reform |
| | Seigniorage means the income a government has from creating new money and spending it into circulation. | | | The real-economic disadvantage of the special banking profits and seigniorage foregone is the total of both: at present an annual disadvantage of about £ 60—70 billions in the UK, and € 230—240 billions in the Euro area. | | | Nevertheless, seigniorage reform, as we propose it, would definitely solve the problems of monetary safety, control of the quantity of money, legitimacy of the creation of money, and it can considerably contribute to solving problems of government finance as well as wider problems of financial and economic stability. |
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http://www.centrostudimonetari.org/seignioragereform.html
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| | Seigniorage in the Age of Scriptural Money |
| | Seigniorage is the profit that accrues to the issuing authority when money is created. | | | Since seigniorage can replace much of the tax revenue that would accrue to the money-creating institution — the federal government — it gives more tax-collecting power to states/provinces and to local governments, thus alleviating the unfunded mandate problem. | | | This would constitute deferred seigniorage going to the government, but would not induce any inflation and no more money would be crated than is presently invented by our financial institutions. |
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http://www.geocities.com/pierre_parisien_cea/seigniorage.htm
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| | Encouraging Official Dollarization in Emerging Markets |
| | Earlier, seigniorage was defined as the difference between the cost of putting currency into circulation and the value of the goods the currency will buy--in the case of a $1 bill, about 97 cents. | | | Seigniorage is the difference between the cost of putting currency into circulation and the value of the goods the currency will buy. | | | Net seigniorage is the part of seigniorage available for the rest of the government to spend. |
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http://www.geocities.com/Eureka/Concourse/8751/edisi04/dolriz1.htm
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| | [No title] |
| | Exchange Rate and Seigniorage With the use of the inflation tax as a source of revenue for the government, monetary policy has to be seen as an integral part of the government budget constraint. | | | The ratios of seigniorage revenue to tax receipts and GNP show the peak of this revenue source in the early and mid 1980s for the net Federal revenues and the opportunity cost measure of seigniorage (inflation tax). | | | Seigniorage is often seen as “a ready source of finance in an emergency, as evidenced by wartime suspensions of the gold standard.” By giving up the domestic currency a government cannot access this easy and fast remedy to short-term government financing requirements. |
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http://www.sfu.ca/~dandolfa/seigniorage.doc
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| | [No title] |
| | Seigniorage reduces the government's requirement to borrow money from the public to finance the debt. | | | Federal accounting standards provide that seigniorage be accounted for as a source of financing in Treasury's statement of changes in net position, whereas interest earned by the Fed for its open market operations is accounted for as revenue received on Treasury's statement of custodial activity. | | | Budgeting for Coin and Currency Earnings: The profit earned from making coins, or seigniorage, is shown in the budget as a means of financing the government's borrowings and is not counted as revenue in calculating the deficit or surplus for the annual budget. |
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http://www.gao.gov/atext/d04283.txt
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| | Assistant Secretary of Treasury Truman on Dollarization, 2/8 |
| | Seigniorage is the profit a country earns when it issues a currency. | | | Looking at seigniorage sharing narrowly, in principle, a decision by the United States to share the seigniorage revenues associated with the increased amount of dollars in circulation as a consequence of a country's decision to dollarize would not cost the U.S. taxpayer anything. | | | The benefits include increased seigniorage; reduced transaction costs for U.S. resident importers, exporters, borrowers, and lenders; the possibility of increased business for U.S. banks and other financial institutions; and the "power and prestige" that might be associated with having a more international currency. |
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http://www.usembassy.it/file2000_02/alia/a0020822.htm
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| | Creating New Money |
| | Examination of the possible impact of seigniorage reform on banking services and banking profitability shows that any negative effects on the services banks can offer, or on their ability to compete in domestic markets, will be outweighed by the benefits of the reform. | | | Seigniorage reform will remove the power of the banks to combine issuing new money with deciding how the money is to be used and invested. | | | Second, after seigniorage reform, it will no longer be the case that the capacity of central banks to implement monetary policy will depend on their role as monopoly supplier of cash and bank reserves as the ultimate medium of exchange in final settlement. |
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http://jove.prohosting.com/marcosab/creatingnewmoney.html
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| | seigniorage |
| | Eliminating the penny would increase government borrowing to finance the deficit and increase the deficit by almost $4 million a year; there would not be budget savings. | | | (Revenue is a result of seigniorage - the difference between the face value of the coin and the costs of its mintage.) | | | In 1994, production of the penny generated over $40 million in revenue for the Treasury, which the government posts as a profit. |
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http://www.pennies.org/seigniorage.html
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| | Kravchuk: Seigniorage and the Inflation Tax |
| | The sum of the inflation tax and seigniorage is equal to the real (i.e., inflation-adjusted) change in monetary holdings, or real balances. | | | The point at which inflation tax revenues turn downwards depends upon the semi-elasticity of real balances to changes in inflation.[7] On the basis of a limited number of quarterly observations, Havrylyshyn, et. | | | During the early period of Ukraine's independence, roughly from late 1991 through mid-1994, the government derived a significant amount of revenue from its monopoly in supplying base money.[6] In fact, during this period, the government's command over economic resources reached magnificent proportions, in some periods exceeding 100 percent of quarterly GDP. |
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http://www.huri.harvard.edu/workpaper/kravchuk/seignoir.html
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| | EH.Net Encyclopedia: Monetary Unions |
| | Technically defined as the excess of the nominal value of a currency over its cost of production, seigniorage can be understood as an alternative source of revenue for the state beyond what can be raised by taxes or by borrowing from financial markets. | | | Against a monetary union's efficiency gains at the microeconomic level, governments must compare the cost of sacrificing autonomy of monetary policy at the macroeconomic level. | | | Losses will be greater with dollarization, which by definition transfers all monetary authority to the dominant power. |
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http://www.eh.net/encyclopedia/article/cohen.monetary.unions
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| | Banki - Montly Scientific-Analytical Journal of National Bank of Georgia |
| | Since total seigniorage is used to cover all central bank expenses it usually overestimates flow of the resources from the central bank to the budget (Figure 5). | | | At the same time, the results indicate that most of the budgetary revenues from the NBG in the considered period have been financed by the reduction of the private sector debt, monetary seigniorage should not be used a proxy for the total flow to the government sector. | | | The empirical analysis of sources and uses of seigniorage revenues presented in this section is based on data from the central bank balance sheets and its statements of income and expenditures and profit distribution (the main data sources are the Annual Reports of National Bank of Georgia for the years of 1996-1999). |
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http://www.nbg.gov.ge/journal/b4/doc/b4_3_e.htm
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| | Economic Issues No. 24 -- Full Dollarization |
| | The ancient concept of seigniorage as a government's profit from issuing coinage that costs less to mint than its face value is essentially the same with paper currencies: abstracting from the minor cost of printing paper money, seigniorage is simply the increase in the volume of domestic currency. | | | Only by analyzing historical interest rate data for individual countries is it possible to get a sense of the magnitude of the reduction in the risk premium in the event of dollarization, inferring what markets assess as the probability of default on foreign debt in the absence of currency crisis risk. | | | From an economic point of view, the right to issue a country's currency provides its government with seigniorage revenues, which show up as central bank profits and are transferred to the government. |
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http://www.imf.org/external/pubs/ft/issues/issues24
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| | Seigniorage |
| | Seigniorage may be counted as revenue for a government when the money that is created is worth more than it costs to produce it. | | | This revenue is often used by governments to finance a portion of their expenditures without having to collect taxes. | | | If, for example, it costs the U.S. Government $0.05 to produce a $1 bill, the seigniorage is $0.95, or the difference between the two amounts. |
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http://www.investopedia.com/terms/s/seigniorage.asp
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| | Bretton Woods and the Forgotten Concept of International Seigniorage |
| | The bancor plan would have made the gain from international seigniorage partially or fully accessible for development assistance, instead of, as it is now, squandering it in support of the world richest nation and its over-consumption. | | | They can, as a nation, pay for imports with the seigniorage gain accruing from the expansion of international reserve holdings of their currency. | | | Since money is largely credit today, the seigniorage gain is almost equal to the face value. |
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http://sustecweb.co.uk/past/sustec11-5/bretton_woods_and_the_forgotten.htm
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| | [No title] |
| | The currencies intended to circulate under the monetary union established by the Constitution were specie minted by the government and bank notes issued by banks chartered by the state governments. | | | Thus the states could collect seigniorage income through ownership of note-issuing banks, so long as these banks were chartered corporations. | | | First it was, along with the state banks, part of a multiple issuer system, and it was therefore in a position to raise seigniorage at the expense of the rest of the system. |
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http://www.eh.net/Clio/Conferences/ASSA/Jan_95/Rolnick.shtml
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| | seigniorage and Stock Trading at TradeStars + Stock Trading |
| | It is possible to trade any of the instruments that comprise a market, or even an participants of a seigniorage market are many and varied, and range from people like you, trading for themselves, all the way up to billion dollar seigniorage funds managed by major corporations. | | | Day-Trading Risk Disclosure Statement seigniorage (a) Except as provided in paragraph (b), no member that is promoting a day- trading strategy, directly or indirectly, shall National Association of Securities Dealers (NASD) will require the Company. | | | A day trade is the purchase and sale (or short sale and purchase) of the same security on the same day in a single seigniorage account. |
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http://www.tradestars.com/content/seigniorage.asp
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| | The Futures Market Economist |
| | Whether they are member banks borrowing from the Fed or the favored customers of the commercial banks who benefit from the commercial banks passing along some of their seigniorage in the form of preferential interest rates doesn't matter. | | | Recent issues of TFME have devoted much space to discussing seigniorage, which is the income a central bank receives from issuing fiat money. | | | The gains from seigniorage are the subjective opportunity costs put on other individuals. |
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http://home.comcast.net/~tfme/tfme/2tfme15.htm
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| | Tax - Free Encyclopedia |
| | In monetary economies prior to fiat banking, a critical form of taxation was seigniorage, the tax on the creation of money. |
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http://www.wacklepedia.com/t/ta/tax.html
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| | Seigniorage, Who, What, Why |
| | Seigniorage is earned by printing and placing currency into | | | seigniorage for the Treasury equal to the total interest paid on the | | | seigniorage earned on dollars printed...$19.94 on every $20 bill. |
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http://www.groupsrv.com/science/viewtopic.php?t=51860
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| | Re: Seigniorage from Federal Reserve notes |
| | There is no net benefit to the domestic US economy from seigniorage as I explained in my response to you on 10/15. | | | > Yes there is such a thing as seigniorage, but its effect depends on whether the paper dollars issued by the Fed enter the domestic US economy or a foreign economy. | | | How about Seigniorage 101 and defining some relevant terms? |
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http://www.talkaboutinvestments.com/group/sci.econ/messages/196112.html
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| | Prof |
| | Government has two revenue sources: seigniorage, andan output tax. Both taxes havedeadweight losses; the government picks the mix of taxes. | | | Public Choice theory of high inflation: money growthis high because the government wants it to be high in order to raiserevenue. (Rothbard quote,pp.177-178). Moreover, there is noreason to think that the revenue raised by money creation is allocated tomaximize a SWF; far more likely that revenue is used in self-interest ofpolicy-makers. | | | Money demand is just a linear function of output(note: this assumes away the most obvious deadweight cost of inflation stemmingfrom the increase in nominal interest rates). |
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http://www.gmu.edu/departments/economics/bcaplan/e816/mac7.htm
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| | seigniorage - definition by dict.die.net |
| | seigniorage n : charged by a government for coining bullion | | | [F.] A sum formerly levied to pay the expense of coinage; -- now called seigniorage. | | | A share of the receipts of a business taken in payment for the use of a right, as a copyright or a patent. |
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http://dict.die.net/seigniorage
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| | Political Derivatives in Campaign 2000 |
| | Like currency boards based on the dollar, dollarization ties a country to U.S. interest rates whether or not at any given time they are suited to local conditions. | | | For a general discussion of dollarization, including the possibility of sharing seigniorage, see U.S. Senate Report, Joint Economic Committee, Encouraging Official Dollarization in Emerging Markets, April 1999. | | | An even more complete abandonment of monetary sovereignty is dollarization, i.e., giving up the local currency altogether and using dollars directly. |
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http://www.gata.org/political_derivatives_in_campa.html
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| | Central bank responsibility, seigniorage, and welfare |
| | We restrict the amount of seigniorage collected to be nonnegative and require that the government's budget constraint be satisfied on a per-period basis. | | | It has two revenue-generating options: lump-sum taxes (money creation) under the control of the treasury (central bank). | | | In this paper, we explore a set of features in which a benevolent government will rely on seigniorage. |
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http://ideas.repec.org/p/fip/feddwp/99-09.html
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| | A Concise Encyclopedia of the European Union --S-- |
| | Countries with hard and readily exchangeable currencies gain significantly from seigniorage, since individual citizens (especially law-breakers) often hold large sums in cash. | | | The advent of the euro in note form in 2002 will reduce Germany's once valuable seigniorage to its share in the profits of the European Central Bank (ECB). | | | The ECB's plan to issue large denomination (6500) notes will be particularly welcome to the vast Eastern European black market. |
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http://www.euro-know.org/dictionary/s.html
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| | Summary of Seigniorage Reform |
| | The proposed reform will restore to today's democratic state the prerogative of collecting as public revenue the profit arising from putting the national money supply into circulation. | | | But raising costs in that way actually helps to cause inflation -- as well as directly damaging people and businesses. | | | Seigniorage was the profit made by monarchs and local rulers from minting and issuing coins. |
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http://www.prosperityuk.com/prosperity/articles/sumsr.html
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| | SEIGNIORAGE - Online Information article about SEIGNIORAGE |
| | (2) Seigniorage operates as a tax on the metal subject to it, and this tax tends ultimately to fall on the producers, or rather on the See also: | | | The definitive results obtained may be briefly stated as follows:—(r) A seigniorage charge is the same as a debasement, but its evil effect may be avoided by limiting the amount of coin issued. | | | The employment of a seigniorage of about 1% on the " sovereign " was suggested by the proceedings of the See also: |
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http://encyclopedia.jrank.org/SCY_SHA/SEIGNIORAGE.html
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| | The Encyclopedia of Taxation and Tax Policy |
| | Recognizing the powerful role taxes play in society, the editors have structured the book to cover broad tax issues, such as ability to pay, tax evasion, and fairness in taxation, as well as narrower ones, such as the inverse elasticity rule, seigniorage, and capital import neutrality. | | | Each of the book's 200 essays provides a list of references for further reading and reference. |
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http://www.urban.org/pubs/taxation/index.htm
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| | Seigniorage and Political Instability |
| | The importance of seigniorage relative to other sources of government revenue differs markedly across countries. | | | This paper tries to explain this regularity by studying a political model of tax reform. | | | The model implies that countries with a more unstable and polarized political system will have more inefficient tax structures and, thus, will rely more heavily on seigniorage. |
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http://ideas.repec.org/a/aea/aecrev/v82y1992i3p537-55.html
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| | Re: Seigniorage from Federal Reserve notes |
| | There was a bill before Congress to encourage countries to dollarize so we could benefit from this seigniorage. | | | wfhummel wrote in part: >>One of the reasons foreign countries shun dollarization is the seigniorage it would lose, and which the US would gain.>> Others agree with Hummel. | | | I haven't checked it's progress but it was HR3493.IH |
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http://www.talkaboutinvestments.com/group/sci.econ/messages/195765.html
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| | seigniorage - definition of seigniorage by the Free Online Dictionary, Thesaurus and Encyclopedia. |
| | seigniorage - charged by a government for coining bullion | | | Revenue or a profit taken from the minting of coins, usually the difference between the value of the bullion used and the face value of the coin. | | | This information should not be considered complete, up to date, and is not intended to be used in place of a visit, consultation, or advice of a legal, medical, or any other professional. |
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http://www.thefreedictionary.com/seigniorage
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| | and the Redistribution of Seigniorage Wealth (ResearchIndex) |
| | In general, accession countries will be winners from this redistribution, for example Poland with 12.9 billion euros, Romania with 9.9 billion euros or Hungary with 3.3 billion euros. | | | Abstract: In the course of the EU enlargement process, the participation of accession countries in the European Monetary Union might lead to a significant redistribution of seigniorage wealth if current regulations prevail. | | | Please bear with us while we fix the problem. |
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http://citeseer.ist.psu.edu/687099.html
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| | Sign the Transatlantic Seigniorage Dialogue - Petition |
| | The Transatlantic Seigniorage Dialogue - Petition to Parliaments around the globe - Ai Parlamenti del mondo was created by members of the Italian Center for Monetary Studies and written by Marco Saba (segreteria@centrostudimonetari.org). | | | Please note: All information you provide on this petition signing form will be public on the petition signatures page, except your email address, for which privacy is set here: | | | I have read the Transatlantic Seigniorage Dialogue - Petition to Parliaments around the globe - Ai Parlamenti del mondo, and I hereby sign the petition: |
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http://www.petitiononline.com/csmorg/petition-sign.html
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