THE DETROIT JEWISH NEWS
46 Friday, November 3, 1918
•
`Arab investments in U.S. Could Affect This Country's Character'
CAMBRIDGE, Mass.
(JTA) - Two economists
have warned that Arab in-
vestments in the United
States, now estimated at
$50 billion, could in time
alter the economic and
political character of our
country.
Robert R. Nathan, chair-
man of the board of Robert
R. Nathan Associates, in-
ternational firm of eco-
nomic consultants, and
Louis J. Walinsky, a former
vice president of that corn-
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over a situation that
threatens to upset not
only the U.S. economy
but the international
economic scene as well.
Nathan and Walinsky
made their comments in
conjunction with an in-
depth 48-page report, "Arab
Investments and Influence
in the United States," re-
leased at the annual meet-
ing of the American Jewish
Committee's policy-making
National Executive Coun-
cil.
The report, written by
with the coopera-
tion of Nathan, is part of a
continuing effort of the AJ-
Committee to spotlight
Arab penetration into the
U.S. and its implications
both for the country and the
Jewish community.
The enormous profits that
the Organization of Petro-
leum Exporting Countries
(OPEC) have realized since
the oil price hike of 1973,
the economists said, have
been invested worldwide in
an amount of "at least $200
billion," with "probably $50
billion" coming to the
United States.
In a highly detailed sec-
tion of their report, the
pany, charged that United
States policy toward these
investments had been char-
acterized by "passive resig-
nation," and that in some
ways our government had
even cooperated to create
the situation in which we
find ourselves.
They stated further that,
although the exercise of
Arab power in the recent
past has been closely linked
with the Arab-Israel issue,
the problem of Arab influ-
ence in the U.S. would not
end even if a Middle East
peace should be achieved.
They offered a series of
recommendations as to
steps the U.S. govern-
ment should take in order
to exercise some controls
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first of such magnitude
on the subject, Nathan
and Walinsky presented
a statistical analysis of
the probable extent of
Arab investments in the
U.S., stressing the fact
that it was impossible to
obtain a complete and
accurate picture.
"Analyzing Arab invest-
ments in the U.S.," they
said, "is a kind of detective
game played with ex-
tremely elusive and fuzzy
statistical tools. First, Arab
oil-producing countries do
not fully reveal their
surpluses on current ac-
count, because they do not
wish others to know just
how much wealth they are
accumulating or just how
they are disposing of it.
Next, the U.S. government
respects their insistence on
confidentiality with respect
to the U.S. investments it
does know about, even as it
encourages and assists
them in placing many of
these investments.
"Large U.S. banks simi-
larly respect Arab demands
for confidentiality about
their bank deposits."
the
addition,
In
economists said, many Arab
assets are "hidden" through
such devices as investments
made in the name of third
parties - banks, brokers, fi-
nancial institutions, and
other intermediaries; hold-
ings in foreign branches of
U.S. banks; and invest-
ments in publicly traded
U.S. companies that fall just
below the five percent level
which would render them
reportable.
Despite these caveats,
Nathan and Walinsky
had no hestiation in stat-
ing that "Arab invest-
ments in the U.S. is pre-
dominantly Saudi and
Kuwaiti investment,"
and that "of the two, the
Saudi Arabian invest-
ment is it."
Among the reasons why
the Arabs have invested so
heavily in the U.S., they
continued, are "low risk,
high liquidity, satisfactory
yield and anonymity."
In the political sphere,
they pointed out, "Saudi
Arabia has acquired a de-
gree of influence and power
over the U.S. never before
achieved by any other coun-
try in this nation's history."
This influence has de-
veloped, they said, "partly
because the politically pow-
erful financial and banking
communities have a strong
vested interest in these in-
vestments, partly because
public officials have viewed
them as beneficial." They
cited the U.S. decision to
sell F-15 fighter planes to
Saudi Arabia as one evi-
dence of the use of this
power.
Nathan and Walinsky
delineated two major
risks involved in Arab
investments in the U.S.:
"First, if the Arabs de-
cided to use their money
as a weapon, they could
abruptly liquidate their
assets here and transfer
them abroad, completely
disrupting our financial
markets. The second risk
is that U.S. banks, which
have played a major role
Shabat Phone
JERUSALEM - A new
telephone, designed for use
by doctors, patients and se-
curity personnel has been
developed by the Scientific
and Technological Institute
on Halachic Problems in
Jerusalem.
The telephone is meant
for use in emergencies but
not where matters of life
and death are involved. (In
such cases, Halakha rules
that it is permitted to break
the Sabbath in order to save
life.) The new telephone has
already been approved by
some of Israel's leading rab-
bis. - -
The new telephone em-
ploys a special circuit
breaker that delays the
electrical impulse. The cir-
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After the completion of dial-
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deemed to have been exe-
cuted by themselves.
in lending to oil-
importing countries to
help them finance their
balance of payments de-
ficits, may sooner or later
encounter debt default or
repudiation by their de-
btors which could plunge
the banks themselves
into bankruptcy and
cause a collapse of the
entire internationa l fi-
nancial structure."
Meanwhile, the AJCom-
mittee's National Executive
Council urged Committee
members throughout the
country to support qu'
free affirmative action
grams in order to help
members of minority groups
train for and obtain jobs, as
well as for admission to col-
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