Word: rimmer
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...sure, even the present redoubtable dollar has its supporters. Declares Rimmer de Vries, chief international economist for Morgan Guaranty: "The great strength of the dollar is, on balance, good for us and good for the world. Just look at us! We have strong growth, low inflation, a respected dollar. My God, we are doing something right...
...experts and foreign leaders agree, however, that the U.S. will have to slash the federal budget deficit to well below $200 billion before it can effectively contain its currency. "You simply won't get any change in the dollar until the budget process is brought under control," argues Rimmer de Vries, chief international economist for Morgan Guaranty Trust. The deficit for the coming year is now estimated at $180 billion or so, but it may have to shrink a lot more before any Government intervention will stop the U.S. from serving as a magnet for cash from around...
...needs fresh cash because the wave of near defaults has left it almost broke. "The agency's financial position is very precarious," said Rimmer de Vries, chief international economist for Morgan Guaranty Trust. "It is already lending more than its resources permit...
...Rimmer de Vries, chief international economist for Morgan Guaranty Trust, asserted that the financial woes of some Latin American countries, especially Brazil, have been worsening. Last week the International Monetary Fund and major banks decided to delay more than $1 billion in loans to Brazil because it has failed to take steps needed to narrow its balance of payments deficit. Said De Vries: "One of the critical financial issues facing governments remains international debt." He urged cooperation by banks, governments and multinational agencies like the IMF to pump cash into nations that cannot raise enough through exports to repay their...
Even with spending reduced, TIME'S board concluded, the Government will have to boost its tax revenues. The easiest option would be to reverse President Reagan's program of income tax cuts, but several board members, including James McKie and Rimmer de Vries, argued against that course. Reason: income tax cuts encourage Americans to save more of their earnings and thus provide added Government for business investment. De Vries suggested that the Government close example, loopholes that favor consumption over savings. If, for example, the Government eliminated the deductibility of interest on consumer loans except for mortgages, revenues...