KK-Forum,
videresender dette fra IPA.
Knut Rognes
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Date: Tue, 26 Sep 2000 10:56:50 -0700
From: Institute for Public Accuracy <instpa@pacbell.net>
Subject: Key Economic Issues: Oil, IMF, Euro
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Institute for Public Accuracy
915 National Press Building, Washington, D.C. 20045
(202) 347-0020 * http://www.accuracy.org * ipa@accuracy.org
___________________________________________________
Tuesday, September 26, 2000
Key Economic Issues: Oil, IMF, Euro
WENONAH HAUTER, whauter@citizen.org, http://www.citizen.org
Director of Public Citizen’s Critical Mass Energy Project, Hauter said:
“Oil interests have used their enormous political power -- which has
increased with Exxon-Mobil and other mergers -- to stop public policies
that advance energy efficiency and conservation. Lehman Brothers reported
recently that profits from the four largest oil companies are expected to
more than double to a combined $50 billion this year alone. Texaco
increased its net income by an astounding 473 percent in the first quarter
of 2000.”
NJOKI NJOROGE NJEHU, njoki@afgj.org, http://www.50years.org,
http://prague.indymedia.org
Director of the 50 Years Is Enough Network, Njehu said: “The International
Monetary Fund and World Bank, which are meeting in Prague this week, make
the rules for the global economy by imposing their economic recipes on the
countries of Africa, Asia, Latin America and the Caribbean. Their
‘structural adjustment programs,’ which force countries to cut essential
services, in over 90 countries have paved the way for the corporate
globalization that an international coalition of faith-based, labor,
student, environmental, human rights and economic justice groups have been
protesting for years.”
RICHARD B. Du BOFF, rduboff@brynmawr.edu, http://www.dollarsandsense.org
Professor of Economics at Bryn Mawr College and author of “Globalization
and Wages: The Down Escalator” in Dollars and Sense magazine, Du Boff said:
“The financial instability that ravaged Asia in 1997-98, Russia in 1998,
Brazil in 1999 (and to a lesser extent the euro now) has caused substantial
disagreement even in the World Bank and IMF -- for example, the departure
of the World Bank’s chief economist, Joseph Stiglitz. These institutions
are refusing to address a major destabilizing force in the global economy,
namely the free flow of capital across borders, since that would challenge
free market orthodoxy.”
ROBERT NAIMAN, naiman@cepr.net, http://www.cepr.net
Senior policy analyst at the Center for Economic and Policy Research and
co-author of the new report “The Emperor Has No Growth: Declining Economic
Growth Rates in the Era of Globalization,” Naiman said: “IMF, World Bank,
and U.S. Treasury officials acknowledge that their policies have not helped
the poor, but insist that these policies be continued, claiming that these
policies promote economic growth. But the economic data contain no evidence
that this is the case. On the contrary, there has been a growth slowdown
worldwide, with developing countries losing $15 trillion in economic output
over the last two decades due to lower growth.”
JANE D’ARISTA, jane.darista@snet.net, http://www.fmcenter.org
Director of programs at the Financial Markets Center, D’Arista said: “The
rising dollar is as important as the falling euro. Causes are that oil is
priced in dollars and with the cost up, Europe and Japan have to exchange
more of their currencies for dollars to pay the higher price…. Also, U.S.
interest rates are higher and have risen faster than in other countries.
That encourages capital flows into the U.S. and out of Europe…. U.S.
investment has been fueled by foreign, not domestic savings. Huge capital
inflows are producing unsustainable growth, an overvalued dollar and
enormous trade deficits.”
For more information, contact at the Institute for Public Accuracy:
Sam Husseini, (415) 552-5378; David Zupan, (541) 484-9167
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