Word: thurow
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...crisis days of 1973, when crude cost about $4 per bbl. If prices stay at this level, U.S. producers could be devastated, and the country could return to the dreaded dependence on foreign oil that it has largely escaped. Says M.I.T. Economist Lester Thurow: "At this price level, we will probably shut down a lot of our wells, so that instead of importing about a third of our oil needs, we will end up bringing in about...
...historic jam. The worst trouble spot will be Mexico, which last week felt compelled to slash the average price of its oil from $19.77 to $15.09. The country has foreign debts of $96 billion and says it needs $9 billion in new loans this year. M.I.T. Economist Lester Thurow warns that the austerity measures that Mexico has endured to pay interest on its debt could make it politically popular for the country's leadership to repudiate the loans. Said Thurow: "What better way for the Mexicans to tweak the Yank's nose than to default on all of the debts...
Mexico's woes have distracted U.S. attention from its own patch of despair in Oklahoma and Texas, said Thurow. Falling crude prices have not only devastated many oilmen there but also their suppliers and much of the real estate industry. Says Thurow: "When the oil industry goes down, the whole infrastructure starts to fall in value." The evidence is abundant. The accounting firm of Price Waterhouse reported last week that the number of Houston businesses declaring bankruptcy rose 33% last year...
...billion or so annually. Meaning that it is now the U.S., not Mexico or Brazil, that is the world's biggest debtor nation. And banks keep crumbling (120 of them went under last year). This does not mean that we are approaching 1929, of course, but as Lester Thurow of M.I.T. wrote last week, "Farm bankruptcies, financial speculation, nonperforming loans, large potential defaults . . . the echoes of the Great Depression sound louder and louder...
...Lester Thurow in his new book, The Zero-Sum Solution, examines how the U.S. could improve its competitiveness in the world economy. He briefly discussed his book at the meeting, saying that Japan and many European countries enjoy a competitive advantage over the U.S. because of their higher savings rates. Thurow argued that more savings would help the U.S. in many ways, including a strengthening of the labor force. He asserted that the level of education and skills for Japanese or German workers is higher than it is for American employees. If corporations were not so deeply in debt, they...