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I overloaded the vee belt that drives the hydraulic pump I added to my tractor and broke the internal cords on one side. The belt still looked the same and ran straight without a load, but any loading made it instantly roll ~90 degrees and then slip.
The only evidence is that the broken side stretches freely when the belt is bent sideways.
The fix was a new pump of 2/3 the displacement, spinning faster.
-jsw