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Let say that a massive sightings of UFO´s during recent history (Like the Belgian UFO wave in 1989) is confirmed by local government officials and scientific experts as legimit - Intelligent Extraterrestrial life clearly exists. What would happen then? At a political, cultural, societal level, etc.
And an interesting thought: If there were a government conspiracy to cover it up, what would then happen to the conspirators? Lynchmobs, trials, talkshows?