2QH$EUDKDPRUWKUHH"7KHFRQYHUVDWLRQEHWZHHQWKUHHIDLWKV_7KH&KULVWLDQ&HQWXU\ )($785(6 One Abraham or three? 7KHFRQYHUVDWLRQEHWZHHQWKUHHIDLWKV 1RYE\8OULFK5RVHQKDJHQ ,QKLV-XQHVSHHFKDW&DLUR8QLYHU V LW\%DUDFN2EDPD LQYRNHGDVFHQHIURP0XKDPPDG¶VQLJKWMRXUQH\LQZKLFK 0RVHV-HVXVDQG0XKDPPDGDUHMRLQHGLQSUD\HU2EDPD VNHWFKHGRXWKLVYLVLRQRIWKH+RO\/DQGDVDSODFHRISHDFHIRU -HZV&KULVWLDQVDQG0XVOLPVDJDLQVWWKHEDFNGURSRIORQJ \HDUVRIEORRGVKHGDQGUHOLJLRXVVWULIH+HDSSHDOHGWRWKH ³FKLOGUHQRI$EUDKDP´WRRSHQDQHZHUDRISROLWLFV /LNHWKH)RXQGLQJ)DWKHUV2EDPDDFNQRZOHGJHGWKH LPSRUWDQFHRIUHOLJLRQIRUSXEOLFPRUDOLW\DQGGHPRFUDF\)RU WKHUHYROXWLRQDU\JHQHUDWLRQWKHKHDOWKRIGHPRFUDWLF JRYHUQPHQWGHSHQGHGRQYDOXHVGHULYHGIURPUHOLJLRQ7KH $PHULFDQH[SHULPHQWZDVGRRPHGWRIDLOZLWKRXWSLRXVDQG UHVSRQVLEOHFLWL]HQV)RUWKHIRXQGHUVGHPRFUDF\DQGIDLWK FRPSOHPHQWHGHDFKRWKHUOLNHWZRVSRXVHVLQDZHOOIXQFWLRQLQJ PDUULDJH $EUDKDP V'HSDUWXUH-y]VHI0ROQiU 3XEOLFUHOLJLRQ²WKDWLVDEURDGO\VKDUHGV\VWHPRIEHOLHIVV\PEROVDQGYDOXHVDWWKHFHQWHURI$PHULFDQ GHPRFUDF\²ZDVDNH\HOHPHQWLQWKHFRQVWUXFWLRQRIWKHUHSXEOLF,QKLV)DUHZHOO$GGUHVVRI*HRUJH :DVKLQJWRQUHPLQGHGWKHQDWLRQWKDW³UHOLJLRQDQGPRUDOLW\DUHLQGLVSHQVDEOHVXSSRUWV>IRU@SROLWLFDOSURVSHULW\´DQG ZDUQHGWKDWWKHVXSSRVLWLRQWKDW³PRUDOLW\FDQEHPDLQWDLQHGZLWKRXWUHOLJLRQ´VKRXOGEHLQGXOJHG³ZLWKFDXWLRQ´ %XW2EDPDDOVRWURGRQQHZJURXQGZKHQKHLQYRNHGWKH³WKUHHJUHDWIDLWKV´DQGDSSHDOHGWR-HZV&KULVWLDQVDQG 0XV OLPVDV$EUDKDPLFNLQ'XULQJWKHUHYROXWLRQDU\SHULRGWKHPDUULDJHRIGHPRFUDF\DQGIDLWKKDGEHHQVROLGLILHG XQGHUDYHU\3URWHVWDQWFDQRS\$PHULFDEHFDPHDQDWLRQZLWKWKH³VRXORIDFKXUFK´DV*.&KHVWHUWRQVR SRLQWHGO\SXWLWLQ $IWHUWKH$PHULFDQ5HYROXWLRQWKRXJKRWKHUELEOLFDOWUDGLWLRQVMRLQHGWKHVWRU\%\WKHILUVWGHFDGHVRIWKHWK FHQWXU\WKHRULJLQDOFDQRS\ZDVVWUHWFKHGWRLQFOXGH&DWKROLFVDQG-HZV$URXQGWKHWLPHRI:RUOG:DU,,DQHZ FXOWXUDOSDUDGLJPZDVLQYRNHGWRGHVFULEHWKHQDWLRQ¶VSXEOLFUHOLJLRQWKHLGHDRI³-XGHR&KULVWLDQLW\´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³-XGHR&KULVWLDQ´ LGHDVDQGYDOXHV7KHFRQFHSWSURYLGHGDQ³DQWLIDVFLVWDIILUPDWLRQRIDVKDUHGUHOLJLRXVEDVLVIRUZHVWHUQYDOXHV´ DFFRUGLQJWRKLVWRULDQ0DUN6LON2YHUWLPHLWPRUSKHGLQWRVKRUWKDQGIRU³DZRUOGYLHZDQGDVHWRIEHOLHIVWKDW -HZVDQG&KULVWLDQVKHOGLQFRPPRQ´QRWHGKLVWRULDQ:LOOLDP+XWFKLVRQ 7KHQRWLRQWKDW3URWHVWDQWV&DWKROLFVDQG-HZVDUH³HTXDOO\OHJLWLPDWHHTXDOO\$PHULFDQH[SUHVVLRQVRIDQRYHU DOO$PHULFDQUHOLJLRQ´DQGWKDWWKH\UHSUHVHQW³HVVHQWLDOO\WKHVDPHµPRUDOLGHDOV¶DQGµVSLULWXDOYDOXHV¶´UHFHLYHGLWV PRVWSRSXODUH[SUHVVLRQLQ:LOO+HUEHUJ¶VEHVWVHOOHU3URWHVWDQW&DWKROLF-HZ+HUEHUJZDVDEOHWREDODQFH KWWSZZZFKULVWLDQFHQWXU\RUJDUWLFOHRQHDEUDKDPRUWKUHH"SULQW 2QH$EUDKDPRUWKUHH"7KHFRQYHUVDWLRQEHWZHHQWKUHHIDLWKV_7KH&KULVWLDQ&HQWXU\ FXOWXUDOSOXUDOLVPRQDZLGHO\VKDUHGPRUDOJURXQG 'XULQJWKHFROGZDUWKLVGHHSVHDWHGOLQNDJHEHWZHHQ$PHULFDQGHPRFUDF\DQG-XGHR&KULVWLDQLW\SURYLGHGDQ LGHRORJLFDOEDVLVIRU$PHULFD¶VEDWWOHDJDLQVWWRWDOLWDULDQLVPDEURDG3UHVLGHQW'ZLJKW(LVHQKRZHUIDPRXVO\ VXPPDUL]HGWKH$PHULFDQFUHHGDPRQWKEHIRUHKLVLQDXJXUDWLRQZKHQKHVDLGWKDW$PHULFDQGHPRFUDF\³KDVQR VHQVHXQOHVVLWLVIRXQGHGLQDGHHSO\IHOWUHOLJLRXVIDLWK´$QGWKLVIDLWK(LVHQKRZHUVSHFLILHGZDVQRWKLQJHOVHEXW ³WKH-XGHR&KULVWLDQFRQFHSW´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³WKHZRUOG¶VPRVWUHOLJLRXVO\GLYHUVH QDWLRQ´VXFKWKDWRXUFLYLFSULQFLSOHVDQGYDOXHVFDQQRWEHV\PEROL]HGLQDODQJXDJHWKDWUHIHUVRQO\WR-HZVDQG &KULVWLDQV7KHRQFHSRSXODUFRQFHSWRILQFOXVLRQKDVPRUSKHGLQWRDQH[FOXVLYLVWWHUPWKDWLVFRQVHUYHGE\WKRVH ZKRDUHXQZLOOLQJWRDFFHSWWKHUHOLJLRXVSOXUDOLVPRIVWFHQWXU\$PHULFD %XWFDQ³$EUDKDPLF´UHSODFH³-XGHR&KULVWLDQ´"&DQDSDUDGLJP²RQHWKDWLQWHUWZLQHVWKHWKUHHJUHDWSURSKHWLF WUDGLWLRQVLQWKHLUIDLWKLQRQH*RGGLYLQHFUHDWLRQKXPDQGLJQLW\DQGHVFKDWRORJLFDOMXVWLFH²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³$EUDKDP0XVOLPV&KULVWLDQVDQG-HZVDOOFODLPKLPDVWKHLUIDWKHU$QHZERRNH[SORUHVWKH FKDOOHQJHRIWXUQLQJKLPLQWRWKHLUSHDFHPDNHU´ %XLOGLQJUHODWLRQVKLSVEHWZHHQDGKHUHQWVRIWKHWKUHHPDMRUPRQRWKHLVWLFUHOLJLRQVLVQRWDFRPSOHWHO\QHZLGHD7KH )UHQFKP\VWLFDQGVFKRODURI,VODP/RXLV0DVVLJQRQ±IRUH[DPSOHZDVDQHDUO\VXSSRUWHURI HQFRXQWHUDQGFRQYHUVDWLRQEHWZHHQWKH$EUDKDPLFIDLWKIXO7RKLPWKHWKUHH$EUDKDPLFUHOLJLRQVDUHOLNHEUDQFKHV RIWKHVDPHPRQRWKHLVWLFUHYHODWLRQ+LVPHGLWDWLRQRQWKH³7KUHH3UD\HUVRI$EUDKDP´²ZKDWVRPHFRQVLGHU WKHEDVLVRIPRGHUQRI$EUDKDPLFGLDORJXH²VFUXWLQL]HG$EUDKDP¶VLQWHUFHVVRU\SUD\HUVIRUWKHSHRSOHRI6RGRP ,VKPDHODQG,VDDFLQ*HQHVLVIRUHVKDGRZLQJWKHULVHRI&KULVWLDQLW\,VODPDQG-XGDLVP /LNHZLVHWKH%URWKHUKRRGRI$EUDKDP)UDWHUQLWpG¶$EUDKDPIRXQGHGLQ3DULVLQLQWKHVSLULWRIWKH6HFRQG 9DWLFDQ&RXQFLO±KDVEHHQEXLOGLQJUHODWLRQVKLSVE\ZRUNLQJWRZDUGXQGHUVWDQGLQJDQGUHFRQFLOLDWLRQ DPRQJ-HZV&KULVWLDQVDQG0XVOLPV2QWKH$PHULFDQVLGH)UDQFLV(3HWHUVLQSXEOLVKHG7KH&KLOGUHQRI $EUDKDPDQDFFRXQWRIWKHLQWHUWZLQHGKLVWRULHVDQGWHDFKLQJVRI-XGDLVP&KULVWLDQLW\DQG,VODPLQRUGHUWR FUHDWHGLDORJXHDPRQJWKRVHZKRSUD\WRWKH*RGRI$EUDKDPEXWGRVRLQVHSDUDWHVSDFHV$V3HWHUVFRQWLQXDOO\ UHPLQGVKLVUHDGHUVDOORI$EUDKDP¶VFKLOGUHQGUDZWKHLUKLVWRULFDORULJLQEDFNWRWKHPRPHQWZKHQWKHRQH*RG DSSHDUHGWR$EUDKDPDQGERXQGKLPLQFRYHQDQW 7KHDJHQGDRI$EUDKDPDVSHDFHPDNHUDVJUDQGV\PEROIRULQWHUUHOLJLRXVGLDORJXHDQGFRXQWHUPHWDSKRUDPLGVW LQWHUUHOLJLRXVVWULIHLVDOVRUHIOHFWHGE\WKHQXPHURXVLQLWLDWLYHVWKDWKDYHEORVVRPHGDQGIORXULVKHGLQUHFHQW\HDUV 7KH)DLWK&OXEIRULQVWDQFHLVDERRNE\WKUHH1HZ<RUNZRPHQ²D0XVOLPD&KULVWLDQDQGD-HZ²ZKR UHDFKHGRXWWRHDFKRWKHULQWKHPRQWKVDIWHUWKHDWWDFNVRI6HSWHPEHU7KHWKUHHWUDYHOHGWKHFRXQWU\IRU KWWSZZZFKULVWLDQFHQWXU\RUJDUWLFOHRQHDEUDKDPRUWKUHH"SULQW 2QH$EUDKDPRUWKUHH"7KHFRQYHUVDWLRQEHWZHHQWKUHHIDLWKV_7KH&KULVWLDQ&HQWXU\ VHYHUDO\HDUVLQRUGHUWRLQVSLUHRWKHUVWRVHHNUHOLJLRXVDQGFLYLFXQGHUVWDQGLQJ7KH\KDYHPDOHFRXQWHUSDUWVLQD SDVWRUDUDEELDQGDQLPDPIURP6HDWWOHZKRDWWHPSWWRGHYHORSDQLQFOXVLYH$EUDKDPLFVSLULWXDOLW\LQWKHLUERRN *HWWLQJWRWKH+HDUWRI,QWHUIDLWK 7KHQWKHUHDUHDFDGHPLFLQLWLDWLYHVOLNHWKH/XEDU,QVWLWXWHIRUWKH6WXG\RIWKH$EUDKDPLF5HOLJLRQVDWWKH 8QLYHUVLW\RI:LVFRQVLQDQGWKH&KLOGUHQRI$EUDKDP,QVWLWXWHDWWKH8QLYHUVLW\RI9LUJLQLDZKLFKDUHRUJDQL]LQJ UHVHDUFKDQGSXEOLFFRQYHUVDWLRQEHWZHHQVFKRODUVDQGIROORZHUVRIWKH$EUDKDPLFUHOLJLRQV,QUHFHQW\HDUVLQWKH FRQWH[WRIWKHVHDQGRWKHULQLWLDWLYHV-HZV&KULVWLDQVDQG0XVOLPVKDYHEHJXQWRLPDJLQHWKHLU$EUDKDPLF QDUUDWLYHVDVDFRPPRQVRXUFHRIFLYLOLW\DQGSHDFHPDNLQJ $WWKH/XEDU,QVWLWXWH-HZLVK&KULVWLDQDQG0XVOLPXQGHUJUDGXDWHVKDYHVWDUWHGWRRYHUFRPHUHOLJLRXVLQWROHUDQFH WKURXJKFDQGLGFRQYHUVDWLRQVDERXWFDUWRRQFRQWURYHUVLHVJHQGHULVVXHVDQGSUD\HUSUDFWLFHV6KDUHGWULSVWR PRVTXHVFKXUFKHVDQGV\QDJRJXHVKDYHHQDEOHGWKHPWRIRUPUHODWLRQVKLSVRIWUXVWDQGUHVSHFWE\OHDUQLQJDERXW HDFKRWKHU¶VVDFUHGVSDFHVWH[WVDQGULWXDOV7KURXJKGHEDWHDQGGLDORJXHWKHVWXGHQWVKDYHEHHQVWDUWOHGDQG FRPIRUWHGE\WKHIDFWWKDWWKH\VKDUHVDFUHGVRXUFHVVWRULHVRISURSKHWVDQGDVRFLDOREOLJDWLRQWRFDUHIRUWKH SRRU7]HGDNDK=DNDWVRFLDOJRVSHO:LWKHDFKQHZUHYHODWLRQRIWKHLUFRPPRQDOLW\WKHLUERXQGVRIPRUDO LPDJLQDWLRQKDYHH[SDQGHGDQGWKHLU³WKH\´KDVJLYHQZD\WRD³ZH´$OOWKLVJLYHVJRRGUHDVRQWREHOLHYHWKDWWKH $EUDKDPLFSDUDGLJPLVQRWMXVWDQREOHLGHDEXWDSURPLVLQJQHZIRXQGDWLRQIRUFLYLFGLVFRXUVHDQGLQWHUIDLWK XQGHUVWDQGLQJ 1HYHUWKHOHVVWKH$EUDKDPLFSDUDGLJPKDVLWVFULWLFV3HUKDSVWKHVWURQJHVWLV+DUYDUG8QLYHUVLW\¶V-RQ' /HYHQVRQ,Q,QKHULWLQJ$EUDKDP7KH/HJDF\RIWKH3DWULDUFKLQ-XGDLVP&KULVWLDQLW\DQG,VODP/HYHQ V RQ DUJXHVWKDWWKHFLYLFPHDQLQJRI$EUDKDPDVJUDQGPHWDSKRUIRUSHDFHEXLOGLQJLVXQGHUPLQHGE\WKHVDFUHGWH[WV DQGWUDGLWLRQVRIKLVFKLOGUHQ$FFRUGLQJWR/HYHQVRQWKHUHLVQR³QHXWUDO8U$EUDKDP´LQGHSHQGHQWRIWKHGLIIHUHQW $EUDKDPLFUHOLJLRQV³\HWDXWKRULWDWLYHRYHUWKHP´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¶VQRWLRQRIMXVWLILFDWLRQE\IDLWKDQGDVDQH[HPSODURIIDLWKKHLVVRPHZKDWRID&KULVWLDQ LGHDOW\SH1RORQJHULVKHWKHRQHZKRREVHUYHVWKH7RUDKLQVWHDGKH¶VWKHRQHZKRLVMXVWLILHGEHFDXVHRIKLV IDLWKLQ*RG7KXV$EUDKDPLVWKH³IDWKHURIDOO&KULVWLDQV´DQGDQ\RQHZKREHOLHYHVLQ&KULVWLVDWUXHGHVFHQGDQW RI$EUDKDP )RU0XVOLPV$EUDKDPEHORQJVWRWKHELEOLFDOSURSKHWVPHQWLRQHGLQWKH4XU¶DQ+HLVDQLFRQRFODVWZKR UHSHDWHGO\SDVVHV*RG¶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¶VRULJLQDOFRYHQDQWZLWK$EUDKDP7KHFKXUFK PDLQWDLQHGWKDWLWVXSHUVHGHGWKH-HZLVKSHRSOHDQGVDOYDWLRQFDQQRWEHJDLQHGRXWVLGHWKHFKXUFK0XVOLPVVHHLQ 0XKDPPDGWKHXOWLPDWHSURSKHWDQGKLVWRULFDOO\-HZVDQG&KULVWLDQVDUHEHOLHYHGWREHGKLPPL²SHRSOHRIRWKHU IDLWKZKRDUHIRUFHGWRDFFHSW0XVOLPUXOH ,IKRZHYHUWKHPXWXDOO\VKDUHGIRUHIDWKHUDQGUHOLJLRXVH[HPSODUFRPHVGRZQWRWKHIDLWKIXORQO\LQWKHIRUPRI GLIIHUHQWLPDJHVDQGVWRULHVDQGLI$EUDKDPH[LVWVRQO\LQWKHSOXUDODV$EUDKDPVWKHQWKH$EUD KDPLFSDUDGLJP XUJHVXVWRUHFRJQL]HGLIIHUHQFHDQGPXOWLSOHYRLFHVDWWKHYHU\KHDUWRIIDLWK,IWKH$EUDKDPLFHQGHDYRUGRHVQ¶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¶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
© Copyright 2026 Paperzz