Word: lending
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Stock Scenes. Television is particularly ill equipped to cope with economic news. Until recently the commercial networks had virtually no economic specialists among their correspondents; as a medium, TV is handicapped when it covers any complex story that does not lend itself to exciting video. The standard half-hour evening news show allows time for little more than undigested statistics delivered machine-gun style and stock scenes of unemployment lines and supermarket aisles. Lately the networks have begun to do more specials on the recession. NBC broadcast an hour-long review on New Year's Day; to moderate...
...recycling should be accomplished. Hammered out only last week in London and agreed to unanimously by finance ministers of the nine Common Market countries, the European scheme calls for direct participation by OPEC producers in a recycling "facility" run by the International Monetary Fund that would receive and re-lend $10 billion to $12 billion in oil-country surpluses this year. Essentially, this would be an expanded version of the so-called Witteveen plan, a much smaller recycling facility, named for IMF Managing Director Johannes Witteveen, that has been in operation since last June. Witteveen II, as the bigger model...
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...
...West should also join them in developing alternative forms of en ergy and should send technology and experts to OPEC countries. Fast development is inevitable in the oil countries, and it will help work off their surpluses by spurring their imports. For their part, OPEC members may lend or invest some of the huge sums of capital that oil importers will need to develop energy supplies from the atom, from shale and sands and, probably many years from now, from the sun and wind...