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- Redesigning Jewelry $60 your gold & gems Designed and Made MUCCIOLI . by Nate Muccioli STUDIO Mon "-Sat' 11-5 GALLERY 85 KERCHEVAL 882-0110 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 If you're not wearing it, sell it. You can't enjoy your jewelry if it's sitting in your safe deposit box. Sell it for immediate cash. We purchase fine gems, Diamonds and Gold Jewelry. A -service to private owners, banks and estates. 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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- cuit in the telephone is closed only five seconds after the receiver is lifted. After the completion of dial- ing, there is a break of about 10 seconds before the dial spring is released and re- turns to its place. Halakhi- cally, these operations are 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- leges and universities. VOTE FELDMAN COMMISSIONER voiN BRENDA'S BEAUTY SALON $6 . • WASH & SET includes conditioner Tues., Wed. & Thurs. only day y LI 7-25521 DISCO DISCO IS THE POPULAR WAY TO GO -Wedding-Graduation or Special Event. 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