Word: lended
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Dates: during 1970-1979
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...they will collect a staggering $150 billion over the next five years. But they will be unable to buy or build fast enough to use up even one-third of their oil money on domestic development. By 1980, they stand to have well over $100 billion in surplus?to lend, give away or invest in foreign countries...
...chancelleries and countinghouses, everybody is seeking ways for the OPEC countries to lend their surpluses back to the oil importers in a massive "recycling." A hypothetical example of recycling: Italy pays several billions of dollars to Aramco, the marketing agent, for Saudi Arabian oil; Aramco then pays this money to Saudi Arabia, which in turn deposits it in Western banks; the banks then lend it back to the government of Italy. Trouble is, the petrodollar deposits are short-term (the oil countries want the power to pull their money out at a moment's notice), while most loans...
Prudent bankers are increasingly refusing to lend a deficit-ridden country money that it may not pay back or to finance imports that it cannot afford. Quite a few banks are also turning down deposits of OPEC petrodollars or offering lower-than-usual interest rates. According to most estimates, big private banks in the West will be able to handle little more than 20% of recycling requirements in the future. New international agencies will have...
...help in recycling, Henry Kissinger has called for the Western countries and Japan to form a pool of $25 billion this year and perhaps another $25 billion next year. They would draw the money from petrodollar deposits in their banks and lend it out to industrial countries that have financial emergencies. For example, if a big oil producer pulled all of its money out of sterling, the British could get an immediate loan from the pool to cover their currency loss. Some Common Market nations, particularly West Germany, are cool to the Kissinger plan because they and the U.S. would...
...auto industry is crying; perhaps the beef producers could lend them handkerchiefs. A better idea would be to return to the barter system of doing business. Trade cars for cattle, have the cattle processed, and pay the workers with meat...