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Politics : Clinton -- doomed & wagging, Japan collapses, Y2K bug, etc -- Ignore unavailable to you. Want to Upgrade?


To: Fangorn who wrote (594)10/7/1998 3:44:00 PM
From: SOROS  Respond to of 1151
 
Dear Steven,

I may have missed a few, but I do try to include the copyright information or the source if it's available. Sorry to offend you.

I remain,

SOROS

ps perhaps Dell's performance has you a little on edge? Keep watching, the world's financial heartache has only begun.

pps the below information could hasten things a bit

Reuters - 10/07/98

09:56 a.m. Oct 07, 1998 Eastern

EREZ, Gaza Strip (Reuters) - The leaders of Israel and the Palestinians will meet President Clinton in the United States on October
15 to try to close a land-and-security deal ending a 19-month-old peace deadlock, a State Department spokesman said
Wednesday.

''We have agreed the Washington summit will commence on October 15,'' Secretary of State Madeleine Albright told reporters after
meeting Israeli Prime Minister Benjamin Netanyahu and Palestinian President Yasser Arafat in a bid to pave the way for the
three-way summit.



To: Fangorn who wrote (594)10/7/1998 3:47:00 PM
From: SOROS  Read Replies (1) | Respond to of 1151
 
World Leaders See Global Economic Slowdown

WASHINGTON -- (Reuters) World leaders added more somber tones to their gloomy picture of a troubled world economy on
Tuesday and said the fabric of the global financial system was at risk.

President Bill Clinton, opening the annual meeting of the World Bank and International Monetary Fund, said there was a risk that an
already broad world financial crisis could widen further.

"Today the world faces perhaps its most serious financial crisis in half a century," he said, in a sober assessment of the risks facing
the world economy.

IMF Managing Director Michel Camdessus said the financial problems, which started in Thailand 15 months ago and spread across
Asia to Russia and Latin America, were now affecting the whole global economic system.

"We are speaking not just of countries in crisis, but of a system in crisis, a system not yet sufficiently adapted to the opportunities
and risks of globalization," Camdessus said. The situation was not as dire as in the late 1920s, when the world slipped into a deep
recession, but countries needed to pursue the right policies, he added.

"If we keep a steady nerve, if all countries pursue stability, structural adjustment and orderly liberalization of their economies this
crisis can be overcome."

The IMF has already revised global growth forecasts down sharply to take account of the crisis and a White House official said world
leaders were considering whether to hold a summit later this year to address the issues. The official, speaking on condition of
anonymity, said a summit could involve leaders of the Group of Seven industrial countries -- Britain, Canada, France, Germany,
Italy, Japan and the United States -- or from a larger group of countries.

The leaders could discuss what actions need to be taken to help the ailing world economy, both immediately and in the longer term,
he added. He said there had been no decision on a date and a place for such a summit. But there has been speculation of a
meeting in London in November. A gaggle of ministerial groups have been seeking solutions to the world economic crisis throughout
the current round of meetings, which started last week. They have issued reports urging transparency, accountability and banking
sector reform and agreed that the risk of recession now outweighs the risk of rising inflation.

"I am gratified that today the leading economies speak with one voice in saying the balance of risks have now shifted from inflation
to slowdown," Clinton said. "The principal goal of policy-makers must be to promote growth." He said each country should take
responsibility for growth.

The Japanese economy has been contracting all year, prompting bitter criticism in the United States that Tokyo is not doing enough
to stimulate its economy. British Chancellor of the Exchequer Gordon Brown, speaking a day before the British central bank meets
to discuss interest rates, said global economic turmoil would force the government to cut its growth forecast for 1999.

"Slower world growth makes it inevitable that growth in Britain next year will be more moderate," he said. He gave no figure, but his
statement is bound to increase pressure on the Bank of England to cut interest rates.

The United States and Canada cut their interest rates last week in a bid to shield their economies from the global contagion, but
some analysts say the rate cut did not go far enough to calm jittery financial markets.

"The Fed should certainly emulate the decline in market (interest rates) and should cut by at least a full percentage point, building
on the steps already taken," Fred Bergsten, a former White House economic advisor said on Tuesday. "In the United States, the
conditions are rife for such action."

The crisis has also plunged Asia's one-time tiger economies into deep recession and Russia's economy is set to tumble after
shocks caused by August's devaluation of the ruble and a default on some foreign debt. The financial world is now focusing attention
on Latin America, especially regional powerhouse Brazil, the biggest economy on the continent. Brazil is already in talks with the
IMF about a package of loans, estimated by bankers at some $30 billion, to boost confidence and officials see a deal in "the next
week or so." ( (c) 1998 Reuters) centraleurope.com



To: Fangorn who wrote (594)10/7/1998 3:58:00 PM
From: SOROS  Respond to of 1151
 
Chief Executive Tung Paints a Gloomy Picture for Hong Kong's Economic Recovery

HONG KONG -- (Reuters) Hong Kong Chief Executive Tung Chee-hwa offered little new welfare help to the territory's unemployed on
Wednesday, choosing instead to announce new funds for education and worker training.

In his second annual policy address, Tung said total recurrent spending on education will rise to nearly HK$44 billion ($5.7 billion) in
the 1999-2000 fiscal year, from the HK$42.99 billion budgeted for 1998-1999.

"To take Hong Kong forward in an increasingly competitive world, we must give education top priority," Tung said. "In 1999-2000,
education will continue to be the single biggest item of recurrent expenditure."

Among new initiatives for education, Tung said the government would allocate an additional HK$500 million in grants from 1999 to
2003 for public sector schools to help them draw up management programs to boost flexibility and improve their quality of
education.

In the coming year, the territory also has earmarked HK$630 million to boost the use of information technology in schools, including
improving student access to computers and employing some 250 new information technology coordinators to help public sector
schools expand their use of computers.

In the area of worker training, Tung said the Employees Retraining Board will receive a grant of HK$500 million to enable it to
expand its training capacity and improve the quality of its courses for the unemployed.

But Tung's speech included no new initiatives to provide immediate relief to Hong Kong's growing ranks of unemployed. The local
unemployment rate is now at a 15-year high of 5 percent and is forecast to reach 8 percent next year.

He said new recommendations from a review of the Comprehensive Social Security Assistance Scheme (CSSA), Hong Kong's main
social safety net, will be completed by the end of the year and noted that CSSA expenditure has risen nearly four-fold in four years
to HK$9.7 billion in 1997-98.

"Although the current economic conditions have left more people in financial difficulty, the government must handle its finances
prudently and ensure that scarce resources are used effectively and in a targeted manner," Tung said.

"We need therefore, to be very careful in taking this issue forward," the chief executive added.

Officials from social service agencies reacted with disappointment and expressed concern that the scant mention of welfare needs
could foreshadow a reduction in CSSA.

"It sounds like he may be trying to cut it, not improve it," said Ho Hei Wah, director of the Society for Community Organization. "The
difficulties of the lowest and the poorest got a very short mention. This is worse than last year."

Tung did announce that Hong Kong would boost its planned increases in subsidized residential care for the elderly by about 900
places from targets set last year. The new target is for 8,000 new residential care places between 1998 and 2002, representing a
spending increase of HK$670 million over current levels.

The government also will provide 15 additional home help teams in 1999-2000 to assist people caring for elderly relatives at home.

Chua Hoi Wai, director of the Hong Kong Council of Social Service, an umbrella group for social service agencies, said the additions
would be quickly overwhelmed by the needs of rising unemployment and workers hit by pay cuts who are struggling to make ends
meet.

"We're quite disappointed," Chua said. "We understand that the financial situation is not so good and the government might not
have adequate monies for new services. But he really does not have a sense about the problems people face."

Chua said he will continue to press for the establishment of a social welfare development fund that would take in excess government
funds in during boom times to be drawn upon during periods of economic difficulty without adding to fiscal deficits.

Also on the education front, Tung announced that Hong Kong's Vocational Training Council is proposing to unify two existing
technical colleges and seven technical institutes by the year 2002 to form a single academic and training institution, the Hong Kong
Institute of Vocational education.

"The new institute will provide courses which will be more attuned to the needs of the economy," Tung said. (US$1 = HK$7.75) ( (c)
1998 Reuters) insidechina.com



To: Fangorn who wrote (594)10/7/1998 4:00:00 PM
From: SOROS  Respond to of 1151
 
Russia on FAO List of Nations Risking Food Crisis

ROME -- (Reuters) Russia is among a group of countries that risk a food crisis as its political upheaval, sharp income declines and
growing unemployment conspire with higher food prices, the U.N. Food and Agriculture Organization (FAO) said on Tuesday.

"The dramatic decline in the ruble from mid-August, and related political crises, give rise to concern over Russia's capacity to meet
its food import requirement," FAO said in a new report on food crops and shortages.

Recent turmoil in Russia had led to speculative hoarding and a rush by consumers to purchase available stocks, it said.

"There are fears that dramatic falls in real income, rising unemployment and increased food prices will prompt food crisis in the
coming months."

The Rome-based body said there might be a move from higher valued and processed commodities towards staples.

Latest estimates put total 1998 cereal production at 65.46 tonnes, 18 percent below the 1993-1997 average and well below the
86.77 tonnes harvested last year, FAO said.

Preliminary estimates suggested drought had slashed the barley harvest to two-thirds of the 1993-1997 average -- reputedly the
lowest since 1962 -- so a major fall in exports was certain. The potato harvest was also below average, it said.

In the Commonwealth of Independent States (CIS) as a whole, FAO said overall cereal production in 1998 was expected to be some
30 million tonnes below the good crop of 1997. Drought and late season rains had extensively damaged the key potato crop.

Four countries of the CIS -- Armenia, Azerbaijan, Georgia and Tajikistan -- needed exceptional and/or emergency help to deal with
food shortages.

Thirty countries, 13 of them in Africa, are suffering food shortfalls and need help fast, according to the report.

Fighting, floods, drought, hailstorms, earthquakes and seed shortages were the chief factors that had created the need for special or
emergency assistance, FAO said.

It listed the African nations as Angola, Burundi, the Democratic Republic of the Congo, Eritrea, Ethiopia, Guinea-Bissau, Liberia,
Rwanda, Sierra Leone, Somalia, Sudan, Uganda and Zambia.

The famine in southern Sudan had eased with improved food aid distribution since August, and the number of deaths by starvation
had fallen sharply, but the situation remained critical, FAO said.

Though the situation varied substantially from area to area, overall prospects for 1998 crops had improved with abundant rains from
mid-July. "The overall production is now forecast to be above the sharply reduced level of 1997," FAO said.

FAO said Indonesia, Bangladesh, North Korea, Iraq, Afghanistan, Laos and Mongolia were suffering from food deficits and needed
help.

In Indonesia, "forecasts of more heavy rains and tidal waves associated with the La Nina weather phenomenon in most parts of the
country are worrying and may aggravate the already precarious food supply situation precipitated by last year's prolonged drought
and the financial and economic crisis."

The food situation in North Korea remained precarious, FAO said, with swathes of cropped area damaged by torrential rains,
hailstorms and subsequent flooding in August.

"More than 40,000 hectares (100,000 acres) of cropped area have so far been damaged, denting earlier favorable prospects for 1998
crops," the report said.

In Bangladesh, floods had killed many people and extensively damaged property and infrastructure. The expected rice crop of 1.9
million tonnes had been revised down to 1.6 million.

"Actual crop losses will only be known after the floods recede, but recent estimates put the loss at around 2 million tonnes," FAO
said.

The organization listed the other countries requiring assistance to counter food shortages as Cuba, Haiti, Guyana,
Bosnia-Herzegovina, Yugoslavia and Papua New Guinea. ( (c) 1998 Reuters) russiatoday.com



To: Fangorn who wrote (594)10/7/1998 4:01:00 PM
From: SOROS  Respond to of 1151
 
Arutz-7 Daily

EGYPTIAN GENERAL FORESEES WAR

General Gemasi, Chief of Staff of Egypt's armed forces during the Yom Kippur War, anticipates another war between Israel and
Egypt. Gemasi said as much at a Cairo symposium held this past week marking the 25th anniversary of the Yom Kippur War.
Gemasi feels that another war between the two countries will break out mainly due to the "stubborn refusal" of Prime Minister
Binyamin Netanyahu not to withdraw from the Golan Heights and his unwillingness to negotiate the status of Jerusalem. Egyptian
President Hosni Mubarak yesterday expressed great concern over Israel's increased military strength.
virtual.co.il



To: Fangorn who wrote (594)10/7/1998 4:41:00 PM
From: SOROS  Respond to of 1151
 
Dear Steven,

FEAR is setting in. PANIC will soon follow. And PANIC creates IRRATIONAL decisions -- translated MASSIVE SELLING! WARNING.

I remain,

SOROS