American Farmers Fall In Love With IMF
Sheares, "DHL Has Faith in Malaysia, Plans to Expand Operations," New Straits Times Press (Malaysia), April 21, 1998, p. 1; Wendy Lim, "Ericsson Data Hub in Malaysia," New Straits Times Press (Malaysia), April 15, 1998, p. 18; Douglas Wong, "AIG Gets 5 Years to Trim Holding," The Straits Times Press Limited (Singapore), May 5, 1998, p. 57.
12. Dan Glickman, remarks at Agricultural Outlook Forum '98, U.S. Department of Agriculture, Washington, D.C., February 23, 1998, p. 1.
13. Aaron Putze, "U.S. Should Not Delay with Contribution to IMF," Accent: Commentary on Issues and Events, Iowa Farm Bureau, March 14, 1998.
14. Kleckner, "The 1998 Outlook for Agricultural Trade," op. cit.
15. South Korea was approved for two IMF standby arrangements, one in 1984 worth $786 million and another in 1986 worth $382 million. Thailand also was approved for two standby arrangements, one in 1983 worth $371 million and one in 1986 for $546 million.
16. Stephen J. Yates, "Economic Freedom Inoculates Taiwan Against the Asian Economic Flu," Heritage Foundation Executive Memorandum No. 505, January 14, 1998.
17. "Bank Rates and Currency Movements," Asiaweek, April 10, 1998, p. 52.
18. This is despite the many continuing social and political problems in Malaysia, which include a pervasive system of mandated racial preferences in government contracts, employment, and access to credit, and a human rights record criticized by the U.S. Department of State.
19. "Bank Rates and Currency Movements," op. cit.
20. Even if IMF assistance were necessary to bring about recovery in Asia, the IMF would not need an additional $18 billion from the United States. The IMF already has begun to extend loans to Indonesia, South Korea, and Thailand and has more resources than it needs to meet its obligations. Indeed, the IMF has more than enough in resources to conduct two bailouts comparable in size to the recent Asian bailout of $36 billion. The IMF request for additional funds came long before the Asian crisis. The fact is that the IMF and the Administration are not asking for more money to aid in the Asian bailout; in reality, they seek the additional funding to expand IMF activities and fund future bailouts. See Feulner, "The IMF Needs Real Reforms, Not More Money," op. cit.
21. Putze, "U.S. Should Not Delay with Contribution to IMF."
22. August Schumacher, Jr., "Meeting the Challenge of Agricultural Exporting," at Agricultural Outlook Forum '98, February 23, 1998, pp. 5-6.
23. Based on an
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