The Oct. 4 Times reports President Clinton is organizing the world's leading countries and the International Monetary Fund to save the global economy. My question is, how much agony does this discredited team want to inflict upon the world? They have inflicted wrenching economic damage to Thailand, Indonesia, Korea and Russia, with devaluation of their currencies, an increase in taxes and a total slowdown in granting business loans. Devaluation results in a substantial reduction in people's standard of living and often in starvation. Tax increases are called for where present high levels of taxation are confiscatory and, as a practical matter, are not being collected. Tightening lending criteria where businesses cannot make loan payments because of customers' inability to afford to buy goods results in these businesses going belly up.
Please, Bill Clinton, Robert Rubin and the IMF, do the American taxpayer and the needy countries of the world a great favor. Do not try more of the same. Your meddling will make it worse in the future.
STANLEY C. MELLIN
Rancho Palos Verdes
While the Republicans cast stones at our president over a sexual tryst, a financial tsunami of increasing size is headed for our shores. It's also heading for your job and our financial security.
Many experts agree that the one thing that can make a difference is the proactive leadership of the world's only superpower. Without it the United States could sink into the financial abyss of 1929. "We are not an island in the world's economy," as Alan Greenspan, head of the Federal Reserve, has said.
The president has asked for money for the IMF to stem the financial hemorrhaging. The Republicans will not give it. The Republicans have put their political interests above those of the nation. I call that high treason.
The IMF--that's where we give other nations billions so our economy won't suffer. They waste it and don't reform their economies. Then we give them more money. Wouldn't it be better to put that money aside to offset the losses these other countries will cost us anyway? Hello S&L debacle once again!