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To: Tunica Albuginea who wrote (41569)	9/30/1999 7:37:00 AM
From: long-gone	Respond to of 116764

IMF Admits Negligence September 27, 1999 House Majority Leader Dick Armey issued the following statement on the International Monetary Fund's announcement that it might adopt safeguards on future loans to Russian and other countries: In effect, the IMF this weekend pled guilty to gross negligence in handling our taxpayers' money. By admitting the need for basic financial safeguards on future loans, it concedes that it had no safeguards in place for the previous loans it poured into Moscow's kleptocracy. It now admits that it gave $20 billion to Russia without knowing where the money was going. It's not good enough to close the barn doors after the cows have escaped. This newest admission underscores the need for fundamental reform of the IMF. The magnitude of the IMF's Russian failure cannot be answered with some new accounting procedures. We must completely rethink the IMF as an institution before it again squanders our money and does great harm to the countries we are all trying to help. Certainly, an excellent case can be made for Third World debt relief. But the IMF gold sale plan is really a bookkeeping device to give the IMF more taxpayer money. Given the IMF's track record in Russia, the last thing we should do now is give it more taxpayer resources. If the IMF doesn't need its current gold reserves, proceeds from gold sales should be ultimately returned to the contributing countries. freedom.gov

To: Tunica Albuginea who wrote (41569)	9/30/1999 1:55:00 PM
From: goldsnow	Respond to of 116764

see goldsnow,having been frequently overseas I sort of know; in the Middle East there is a word for this: " bukhra " As in manana, tomorrow.>>>> changed to TODAY <VBG> 9/30 8:25 N.Y. Crude Oil Seen Falling as UN Expected to Let Iraq Exceed Output Limit By Dudley White New York, Sept. 30 (Bloomberg) -- Crude oil is expected to fall from close to its highest level in more than 2 years, on traders' expectations the United Nations will allow Iraq to exceed a limit on exports at a time of falling inventories. Crude oil for November delivery on the New York Mercantile Exchange is expected to open 15 cents lower from $24.69 a barrel, traders said. Brent crude oil for delivery in November on the International Petroleum Exchange fell as much as 22 cents, or 1 percent, to $23.59 a barrel. A resolution to allow oil sales above the $5.26 billion limit imposed on Iraq as part of UN sanctions was due to be circulated among Security Council members as early as yesterday, diplomats said. An increase in Iraqi supplies would come at a time when output cuts by exporters have pushed U.S. inventories to their lowest level since January 1998. ``If Iraq was to start pumping more oil it would probably give the market a nudge to the downside,' said Tony Machacek, a broker with Prudential Bache (Futures) Ltd. Crude oil in New York yesterday rose as high as $25.12 a barrel, the highest level since January 1997. Prices have more than doubled so far this year. Iraq, the fourth-largest member of the Organization of Petroleum Exporting Countries, exported 2.63 million barrels of oil a day last week, according to UN figures. Since the current phase began on June 1, Iraq has exported 252.8 million barrels, bringing in an estimated $4.56 billion dollars. Total estimated revenue for the current six-month phase is S7.17 billion, including pipeline fees, the UN said. UN Security Council members agree that increased sales should be allowed until the current phase of Iraq's food-for-oil program ends on Nov. 23, at which point it would revert to its current level. That's because low oil prices and Iraq's crumbling oil infrastructure led to Iraq making less money than the UN expected during the program's previous two phases, providing justification for an increase now, UN spokesman John Mills said yesterday. Crude oil fell to its lowest level in 12 years in December. Nymex crude oil closed at $19.29 a barrel at the end of the second quarter this year on June 30. -------------------------------------------------------------------------------- ¸ Copyright 1999, Bloomberg L.P. All Rights Reserved.