Editor’s note: This article was initially published in The Daily Gazette, Swarthmore’s online, daily newspaper founded in Fall 1996. As of Fall 2018, the DG has merged with The Phoenix. See the about page to read more about the DG.
The Daily Gazette
Swarthmore College
Wednesday, February 18, 1998
Volume 2, Number 83
NEWS IN BRIEF
1) Marc Noland speaks on Asian financial crisis
2) Found: cutest couple on campus
3) World news roundup
SPORTS IN BRIEF
1) Badminton wins tight game
2) Scoreboard
3) Today’s and tomorrow’s contests
WEATHER FORECAST
Today: Sunny early, then rain in afternoon. High of 55.
Polartech(tm) with a wind-breaker shell will be comfy.
Tonight: More rain likely. Low around 40.
Why can’t they make Polartech(tm) that stops wind?
Thursday: You want sun? Tough. Rain likely. High near 55.
NEWS REPORT
1) Marc Noland speaks on Asian financial crisis
Exchange rate misallignments, underdeveloped financial institutions in
East Asian countries, and the inherent volatility of those economies
caused the current East Asian finiancial crisis, Marc Noland ’81 told
the audience which filled Dupont Lecture Hall Tuesday. Noland, a senior
fellow with the Institute for International Economics, went on to
explain that he believes the crisis was sparked by a series of price
and liquidity shocks in 1997. Noland then presented several ideas about
how international institutions should be restructured to prevent such
crises in the future.
In Noland’s opinion, the World Bank and the International Monetary Fund
have seen their roles converge in recent years, while their share of
capital that flows to developing countries has shrunk dramatically.
Noland suggested that those institutions merge and focus on consulting
and technical asistance, while the role of bailing out economies in
crisis should be played by a new self-regulation private insurance
mechanism. He believes that such an institution would loan funds at
special low interest rates to countries with transparent financial
systems, creating the proper incentives for countries to create
responsible financial institutions and insure one another.
Noland also stated that the primary effect of the crisis on the US will
be to increase our trade deficit with Japan and South Korea. Noland
warned that this increase might lead to trade tensions, such as
lawsuits between governements through the World Trade Organization.
Overall, he said, some sectors of the US economy, such as those which
produce the same products produced in South Korea, will be hurt, while
sectors of the US economy which rely on imports from East Asia will
prosper.
Earlier in the day, Noland spoke about the North Korean economy before
members of the Asian Economies class. He explained that North Korea’s
unique economic policies have led to dramatic resource misallocations–
for example, such a small, mountainous country should not be trying to
grow all of its own rice. Noland said that the North Korean leadership
has been using a “comparative advantage in making threats” to force the
world to deliver energy aid, while only trade liberalization could
truly turn the country’s economy around. Noland also presented some of
his research on how much a reunification of North and South Korea would
cost under varying scenarios.
*****
2) Found: cutest couple on campus
International Club did, as advertised, pick a “best couple” at their
formal held on Saturday, February 7th. John Loser ’00 and Lynne
DeSilva-Johnson ’01 were chosen and awarded $50 to spend on dinner in
Philadelphia. “We were in the back getting drinks,” Loser said,
explaining why their names had to be called out for five minutes.
DeSilva and Loser made no special effort to obtain the award; in fact,
they had “no idea” an award was going to be handed out, according to
Loser. “We bought food and had dinner at home on Valentine’s day,”
Loser explained.
*****
3) World news roundup
YESTERDAY’S OLYMPIC RESULTS
Downhill Combined (women)
Gold–Katja Seizinger of Germany
Silver–Martina Ertl of Germany
Bronze–Hilde Gerg of Germany
Ice Hockey (women)
Gold–United States
Silver–Canada
Bronze–Finland
Ski Jumping: Team 120-meter Hill (men)
Gold–Japan
Silver–Germany
Bronze–Austria
10K Speedskating (men)
Gold–Gianni Romme of the Netherlands
Silver–Bob De Jong of the Netherlands
Bronze–Rintje Ritsma of the Netherlands
Short track speedskating: 1000 meters (men)
Gold–Dong-Sung Kim of South Korea
Silver–Jiajun Li of the People’s Republic of China
Bronze–Eric Bedard of Canada
Short track speedskating: 3000 meter relay (women)
Gold–South Korea
Silver–People’s Republic of China
Bronze–Canada
ANNAN TO HEAD TO IRAQ ON PEACE MISSION
United Nations Secretary-General Kofi Annan announced Tuesday that he
would travel to Baghdad and attempt to stave off international military
action against Iraq. Iraq has refused to grant U.N. weapons inspectors
access to several sites. Annan will leave Thursday from New York and
travel to Paris before reaching Baghdad on Friday. All of the members
of the U.N. Security Council, including the United States, are backing
the secretary-general’s mission, though the U.S. is still preparing for
a military strike should Annan’s mission fail, according to White House
spokesman Joe Lockhart. The armed wing of the militant group Hamas has
vowed to carry out attacks against Israel if the United States takes
military action against Iraq.
IN OTHER NEWS…
As the movie Titanic steamed to its ninth consecutie week atop the U.S.
Box office ticket sales charts, a volume of distress signals from the
real ship sold for $123,500 to an anonymous bidder at Christie’s. …
An American wrestling squad travelled to Teheran to compete in the
Takhti Cup, marking the first time a U.S. Team has visited to Iran
since the 1979 revolution. … Nobel Laureate Dario Fo has called for
an investigation into charges that police officers orchestrated the
1973 gang-rape of his wife because of her leftist political stance.
*****
SPORTS UPDATE
1) Badminton wins tight game
The Swarthmore badminton team pulled out a 3-2 win against Bryn Athen.
First singles of Tam Doan ’98 won with scores of 9-11, 11-8, 11-6.
Second singles of Wendy Kemp ’99 won in straight sets 11-7, 11-5.
Second doubles of Siobhan Carty ’01 and Jane Ng ’01 won a close match
18-15, 9-15, 15-12. The team improved its season record to 4-1, and is
currently tied with Albright for first place in the conference.
*****
2) Scoreboard
Women’s basketball:
Muhlenberg 54, Swarthmore 27.
*****
3) Today’s and tomorrow’s contests
TODAY
Men’s basketball takes on Muhlenberg in an 8:00 p.m. home game.
TOMORROW
Women’s basketball hosts Gwynedd Mercy at 7:00 p.m.
Badminton travels to Albright for a 7:00 p.m. match.
*****
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The Daily Gazette
Board of Editors
Mary Elizabeth Alvarez
Ross Bowling
Massey Burke
Fred Bush
Steve Dawson
Lorrin Nelson
Cathy Polinsky
Staff Writers
Elizabeth Weber
Aarti Iyer
Tamala Montgomery
Josh Bess
Nathanael Stulman
Weatherman
Rafi Dowty
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This concludes today’s report.
Copyright 1998 by The Daily Gazette. All rights reserved.