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July 22, 1981 - Image 2

Resource type:
Michigan Daily, 1981-07-22

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Page 2-Wednesday, July 22, 1981-The Michigan Daily
Ottawa summit
leaders accept

From AP and UPI
OTTAWA-Leaders of the major in-
dustrial democracies ended their
economic summit yesterday with a
diplomatic acceptance of President
Reagan's use of high interest rates to
battle inflation, so long as European
economies are not threatened.
In the draft of a joint communique
closing the three-day summit at
secluded Chateau Montebello and in
this Canadian capital, the sevenheads
of government also agreed to lay the
groundwork for "global negotiations"
aimed at assisting poorer nations.
REAGAN READ a statement
alongside the other participants'in the
opera house of Canada's national arts
center, saying the summit ended "with
fresh confidence and optimism"
although "many uncertainties lie
The seven world leaders recognized
as well the disruptive effect of high in-,
terest rates on some economies and
urged that monetary policy not be used
alone to combat inflation. -
Reagan's acceptance of the carefully
worded formula for rich-poor
negotiations was regarded in some
summit quarters as a major U.S. con-
cession. But Richard Allen, the
president's national security adviser,
denied it.
THE LANGUAGE on aid to un-
developed countries was
a "crystalization of what the United:
States had been working toward" and
reflected America's willingness to ac-
commodate other views, Allen said.
On the more sensitive issue of in-
terest rates, a sore point with European
leaders, the draft communique submit-
ted for final approval by the seven par-

ticipants deftly endorsed a blend of'
"Reaganomics"-the policy of spen-
ding reductions and high, anti-in-
flationary interest rates-and
European efforts to stimulate their
lagging economies. -
In their closing statements, West
German Chancellor Helmut Schmidt
and French President Francois Mit-
terand both complained that high in-
terest rates in one country create
problems for the rest of the world, but
neither singled out the United States by
name. "We should avoid as much as
possible high interest rates," Mitterand
A SENIOR Reagan administration
official who requested anonymity
sought to discount the appearance of
divisiveness over interest rates. He
said the participants achieved a
"coming together well beyond the
public posturing."
On trade with the Soviet Union, an
important issue to the Americans, the
draft communique included a vaguely
worded paragraph saying the summit
nations would try to make sure their
economic policies "continue to be com-
patible with our political and security
The Reagan administration fears
that Europe risks overdependence. on
the Soviet Union, particularly in
meeting energy needs, if West Ger-
many completes an agreement to pur-
chase Siberian natural gas.
ON RESUMING the so-called North-
South dialogue, talks intended to enlist
the help of wealthy, industrialized
nations in easing the plight of poor
countries, the draft communique said:
"We are ready to participate in -
preparations for a mutually acceptable
process of global negotiations in cir-
cumstances offering the prospect of
meaningful progress."
Mitterand disclosed that the next
economic summit will be held in Fran-
ce in 1982, the start of a second cycle of
summits. France also was host to the
first of these annual summits, in 1975.

Stamp scamp
MICK KERFORD is a man who goes all out to win a $2 bet.
The bet was made last year when Kerford and Roger Bayless of
Bishop, Calif., were selling IBM computers in Kerford's home country,
South Africa. Before Bayless left for the United States, Kerford, of Johan-
nesburg, bet him he could sent a letter with phony postage stamps. Kerford
made the phony stamps with the perforated paper that borders a sheet of
stamps. He used felt pen to draw a green face on one stamp, and made
another stamp that resembled a flag. He valued one at 8 zuba, a currency he
made up. "Latvia" was printed in dark type across the top of the stamps,
and Kerford used an IBM typewriter to create the appearance ofpost office
cancellation of the stamps. Latvia was occupied by the Soviet Union in 1945,
and no longer prints its own stamps. He placed a fictional return address in
Latvia on the envelope and a nonexistent London address for Bayless on the
front. Then he crossed that out and wrote a "forwarding address," a phony
one of course, in South Africa. He crossed that out, and n different han-
dwriting finally put Bayless's correct address in Bishop. The letter looked
like it had gone from Latvia to London, to South Africa, and finally to the
United States, when it actually traveled only from South Africa to Bishop.
The trip took six months, and Bayless got it this week. No one at the U.S.
Postal Service in Los Angeles was available to say whether the letter
violated any federal laws. Q
Today's weather
Sunny and cool is today's forecast with a high in the mid-70s. Q
Happenings ...
CFT-The Hound of the Baskervilles, 12, 5:30 & 11 p.m., The Woman in
Green, 1:30 & 7 p.m., Dressed to Kill, 2:45 & 8:15 p.m., The Adventures of
Sherlock Holmes, 4 & 9:30 p.m., Michigan Theater.
Rackham Christian Forum-Meeting, 12 p.m., Michigan League.
Commission for Women-Meeting, 12 p.m., 2549 LSA.
Eclipse jazz-Concert on the steps of the Michigan Union, 4:30 to 9:30
p.m., Urbations-Good-time Rock 'n' Roll, Steve Nardella-Rockabilly,
Wendell Bigelow-Jazz.
University Musical Society-Concert, Ruth Laredo, pianist, and Paula
Robison, Flutist, 8:30 p.m., Rackham Auditorium.
Ark-Hoot Night, 9 p.m., 1421 Hill.
Trotter House-"Koindu," a festival of the arts, 10 a.m. to 6 p.m.
The Michigyan Daily
Vol. XCI, No. 45-S
Wednesday, July 22, 1981
The Michigan Daily is edited and managed by students at the University
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Editor-in-Chief ............ DAVID MEYER
Managing Editor ....... NANCY BILYEAU
Editorial Page Director .. ...STEVE HOOK
Special Supplement
Editor ................, PAM KRAMER
Arts Editor .............. MARK DIGHTON
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