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To: Alex who wrote (6964)	1/30/1998 11:57:00 AM
From: Roman S.	Read Replies (1) \| Respond to of 116756

Many Thanks Alex. Can you give me the address for this news service??

To: Alex who wrote (6964)	1/30/1998 3:10:00 PM
From: Bucky Katt	Read Replies (2) \| Respond to of 116756

Alex--Here is the spin to get the US $$$ for the IMF--This is BIG>> The Clinton administration cautioned Congress on Friday that Asia's financial crisis could seriously harm U.S. economic and national security interests if an international rescue effort falters and the crisis spreads. Treasury Secretary Robert Rubin told the House Banking and Financial Services Committee that although the Asian currency and credit turmoil is not likely to derail the U.S. economy in 1998, some major U.S. companies already are feeling ill effects. "If the financial instability were to spread more broadly to other emerging markets then the impact on American workers, farmers and businesses could be far greater,'' because of the importance of those markets to U.S. exporters, Rubin said. Rubin and Federal Reserve Chairman Alan Greenspan were lead witnesses as a skeptical Congress began examining the $100 billion international bailout assembled to help South Korea, Indonesia and Thailand stabilize their economies. The administration's effort to win congressional support for the U.S. portion of the bailout is meeting strong opposition from both conservatives and liberals in Congress. "This funding is in trouble,'' said Rep. Ron Paul, R-Texas, because Americans see a more urgent need to address domestic problems than to help Asia. "It is ironic that the taxpayers of this country are going to bail out banks who have made billions of dollars in bad loans,'' said Rep. Bernard Sanders, I-Vt. But Rep. James A. Leach, R-Iowa, chairman of the banking committee, said Congress would be careful to ensure Asian banks are not fully shielded from losses. He is the chief sponsor of legislation that would provide $18 billion to the International Monetary Fund to replenish its reserves, which have been drawn down in the Asia crisis that began last summer. "Ignoring the problem will produce an economic cratering of Asia which could be devastating to our export sector,'' Leach said. Opponents of further IMF support have introduced legislation to restrict President Clinton's power to provide emergency loans. One bill even seeks to pull the United States out of the IMF. Liberals complained that IMF money is going to countries which oppress their workers, degrade the environment and take jobs from Americans. Rubin said these issues were "critically important'' to Clinton but that the financial rescue effort must not be delayed while such longer-range aims are pursued. Greenspan stressed that the IMF funding is "not spending'' but a loan, and that history has shown that borrowing governments repay the loans, with interest. Rubin and Greenspan both said that while Asia's crisis may get resolved without a major impact on America's economic interests, the danger is still great. "I should like to stress that the significant degree of volatility that continues to exist in Asian markets indicates exceptionally high levels of uncertainty, bordering on panic,'' Greenspan said. Greenspan said U.S. investors have lost about $30 billion since the crisis erupted last June in Thailand and worldwide losses exceed $700 billion in plunging stocks alone, not counting bonds and real estate. Joining Rubin and Greenspan in testifying was Defense Secretary William Cohen, who said it may be the first time a defense chief has appeared before a banking committee. His presence was meant to underscore the administration's concern that Asia's economic ills could lead to upheaval that would endanger U.S. security. "We are at a turning point in terms of how we deal with this crisis,'' Cohen said. "If we turn away and think we can exist in splendid isolation, we will be sadly mistaken.'' They know the world is ready to combust, or why else would you have the defense sec. speak to a banking committee????????? I predict it is already much too late, and upheaval is on the way! And the present govt. needs the feel-good of a war, so look for one, soon.