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To: Think4Yourself who wrote (38376)	2/26/1999 11:20:00 AM
From: Think4Yourself	Read Replies (1) \| Respond to of 95453

OT (a bit): Anyone hear of Fords new sport UT? It's 3.5 tons, 19 feet long, and gets 12 MPG (GPM?)! It's called the Excursion and costs $45,000. Perhaps they should have called it the guzzler?

To: Think4Yourself who wrote (38376)	2/26/1999 11:20:00 AM
From: Mike from La.	Read Replies (1) \| Respond to of 95453

Worst of crisis is over: IMF NEW YORK: IMF's Managing Director, Michel Camdessus, has declared that the worst of the world financial crisis appeared to be over and insisted that globalisation was here to stay. Addressing the Foreign Policy Association on Wednesday, Camdessus also stressed that the IMF, despite its many critics, would neither be abolished nor transformed into a global central bank. He said the private sector must in future bear the consequences of imprudent investment, adding that international efforts to rescue economies in crisis should not be seen as “easy bailouts” for either countries or creditors. Camdessus paid lavish tribute to South Korea, where he said the IMF forecast of a one-percent fall in growth this year, issued in December, had now been revised to a gain of two per cent. Elsewhere, he said, economies accounting for most of the world's growth “still seem to be in quite sound health.” Asia is on the mend, Brazil is strengthening its domestic policies and Mexico and Argentina have already shored up their defenses against foreign financial turmoil. “There are positive indications that while many risks are still with us, the worst seems to be past,” he said, citing in particular the Philippines, Thailand, South Korea and Indonesia. “These programmes are bearing fruit, even if each country still faces continuing challenges of pursuing deep structural reform.” In an allusion to critics who say the turbulence unleashed in Thailand in July 1997 — and which later spread to Russia and Brazil — heralds an end to free-flowing international capital movement, Camdessus countered that “globalisation is a trend that is with us to stay.” The future belongs to “integrated, open capital markets” rather than to exchange and capital controls. “The turbulence of the past two years should strengthen rather than diminish our commitment to the integration of financial markets through properly sequenced liberalisation,” he said. As for the IMF itself, Camdessus assured his listeners that the Fund would not go away — “neither will it be transformed into a global central bank nor into a full-fledged lender of last resort.” He pointed instead to a proposed facility within the IMF that would allow rapid large-scale lending — at higher rates than are now charged — to pre-qualified countries trying to ward off economic unrest. Camdessus also backed calls for the transformation of the Interim Committee, a ministerial-level body that at present has only an advisory role in IMF policies. – Agencies -------------------------------------------------------------------- So, we have a lousy winter behind us, falling production, drastic E & P cuts, recovery in Asia looking good, and a possible OPEC agreement. Sooner or later this stuff is going to have an effect. Mike