Word: bergsten
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...finely etched electronic devices that process thousands of bits of information per second -- to the burgeoning world of high tech. Semiconductors are now used in virtually every advanced technology, including the Cray supercomputers that are a key component of the Reagan Administration's Strategic Defense Initiative. Says C. Fred Bergsten, director of the Washington-based Institute for International Economics: "Practically everyone in the U.S. agrees that semiconductors is a critical industry and that it would be dangerous, both to the economy and to national security, to lose...
...Government could use the proceeds to put a noticeable dent in the federal budget. Quota auctions might bring in revenues as high as $7 billion a year, according to C. Fred Bergsten, director of the Institute for International Economics, a Washington research organization. Some of the money could be used to help modernize the beleaguered U.S. industries that the quotas were designed to protect, which might reduce the need for further trade limits...
More and more economists and Congressmen believe the current Gramm-Rudman target for fiscal 1988 is unrealistic and needs to be revised. If Congress made too drastic a cut in the deficit, they argue, it could throw the sluggish economy into a recession. Says C. Fred Bergsten, director of the Washington- based Institute for International Economics: "I don't think anybody believes that it is either possible or desirable to meet the Gramm-Rudman target." Admits Chiles: "There is nothing magic about $108 billion. But I think you have a problem if you abandon it without something better...
...economists believe the IMF's influence in handling the debt crisis is weakening. They note that Brazil has refused to come to terms with the fund and has revived its economy by following its own growth-minded policies. Many applaud the change in the IMF's philosophy. Says Fred Bergsten, director of Washington's Institute for International Economics: "It is a new lease on life for the IMF in the management of the debt problem...
Baker's pragmatism inspired him to look for a new approach. Says a senior Administration official: "Under the Regan team, we would still be holding back and saying we can't help." Concurs C. Fred Bergsten, director of the Institute for International Economics: "Baker had the flexibility and saw the need for change. The Administration has now joined the world...