4
Bee

THE TRUTH ABOUT. BANKS i is that they make
some of their:money by loaning us other people’s
money a ‘and much of the time they loan us our own

money in the form of an advance on our future
earnings.

a

“Noble” isn't the Word that Argentina and Poland —
springs to mind when one already in default, even it
thinks: of a banker. ‘their debt payments have

“Prudent,” maybe. Cautious.

been rescheduled to keep.
Conservative. Pragmatic: >

them from going down the

ia

How is -it ‘then’ that the

—— Brazil is: prime can-
on didate — fails to be able to
cough up its payments on
schedule, loatis worth almost
$300 billion -would be on
_dangered. -
The .combined: capital. of
the money-centre banks in
_-the U.S., who are.on: the line
it “=forabout a third of that debt,
ree ‘amounts to only $22.6
xic .. billion. if those” four

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| STEAK NEPTUNE

-by Bob Hunter

wy. one more major country” ’ with’ oil got rich and a lot of

- stepped in with creative:
‘financing in the form of °

THERE'S ONLY one more session of the North Shore Ys Sports Fitness camp. The summer sessions, aimed at youngsters
from 10 to 14, teaches skills in sports ranging from soccer to racquetball. Final session starts Monday, Aug. 22. Call 926-

“ :
.

an entire country can.
As the surplus

Western banks in the form of
Arab deposits, the bankers —
went shopping for: nations
willing to put their. future up
as collateral on multi-billion
dollar loans. ~

It all might have gone on
forever, with oil -money
gushing into the banks and

from the banks into the -

countries go, they could take

coffers of countries. that
the ten biggest American

were otherwise belly-up and

banks with them. back into the banks at a
How did this situation | percentage point higher than

develop? : the Arabs were_being paid,
Oil. OPEC. Greed. But it

wasn't just the Arabs. The
bankers have to take their
share of the blame. |
When the price of oil:went
from $2 to $10 a barrel in
1973, a lot of less-developed
countties (called L.D.C.s)

glut.

By then the oil-producig
‘L.D.C.s like Mexico,
Venezuela and Nigeria had
gone _ crazy launching.
_Massive
programs on the basis of the
assumption that the price of
oil would continue to spiral. ©

When it began to fall,

other.L.D-C.s without oil got
drastically poorer “because
they were paying energy-
import bills five times higher
than before. _

This is where’the bankers -

were ‘suddenly . completely
out of whack: It had been on
the basis of zany: OPEC-
inspired calculations that
‘payments of interest on the
“sovereign loans,” the theory ‘colossal debts were
being that while a company ‘scheduled. © ©
or an individual can go‘ The’loans started to come
broke, there is no way that

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petrodollars poured into the:

except — along came the oil |

development.

their . projected incomes.

due just. as the shortfall in oil

Communist. ‘Bloc: ‘financial’
basket-cases too. °
It was all based on classic
banking practise — other ‘-
people's money being loaned:
as an advance on. yet: other
people's future earnings.
This is not to suggest for a
minute that the governments ©
of any of the .modern..in-
dustrial states are going ‘to
stand by and let their
banking ‘systems founder.:
They know they can't afford:’:
to. _
But if bankers are won- =
dering these days why their —
image as paragons of fiscal
responsibility lies in tatters, .
‘it is because they went to the
“wellhead once too often,.
‘behaving like brain-damaged
teenagers high on petroleum
fumes.
As a result, a cash-flow
cataclysm of some kind lies
ahead: You can bank on it.

ork +

- 980-7413 .
| NEWMAN AUTOMOTIVE

avy weisth ST.
: ‘NORTH. VAN.
. Abehind stardust, roller rink) .

ADVERTISING
CORRECTION
Eaton's

Back-to-School Flyer

Page 4

-ltem 4A - Girl's

Jumpsult -

Description of

shoulder detall is

incorrect. it should

read, “Shoulder

zipper detail.”

-ltem 4B - Description
is incorrect. It should
sead “Rib knit
neckline and
waistband.”

Page 29

-ttem 29G -
Legwarmers. The
colour description is
incorrect. These leg-
warmers are not
available in the cotour
beige.

Due to supplier delivery
problems, the following
tems are not available for
immediate delivery.
However, orders will be
accepted for delivery by
the date shown.
Page 11
-ttom 11F - Sparx
Men's Jog Shoe
August 20th
Page 20
-ltem 20A - wn
under Boat
August 26th.
Page 23
-fem 23B - Boys’
sizes.
ftem 23B1
alzes.
Vancouver Canucks
NHL. team crested
Jerseys.
Not avallable

- Men's

inadvertently, the errora
listed above have appeared
in our advertising. We
sincerely regret any Incon-
venience or contusion to
our customers.

EATON'S