6A
Friday, March 10, 1995
NATION/WORLD UNIVERSITY DAILY KANSAN
Red Lyon Tavern
944 Mass.832-8228
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TREKUSA
Clinton gets tough defending U.S. dollar
The Associated Press
WASHINGTON — The world should be absolutely clear that America will defend its currency, the Clinton administration declared yesterday, striking a resolute note as financial markets continued to pound the dollar.
While Treasury Secretary Robert Rubin was offering the administration's most detailed defense of the U.S. currency yet, markets were driving the dollar down against the Japanese yen.
Economists said traders shrugged off Rubin's statements and concentrated instead on further economic chaos in Mexico, where the peso fell to a third straight record low. Markets remain worried that turmoil in Mexico, America's third-largest export market, will harm the U.S. economy.
In late afternoon trading in New York yesterday, the dollar was quoted at 90.45 yen, down from 91.33 yen on Wednesday. The dollar did manage to get a small gain against the German mark, closing at 1.3945 marks, up slightly from 1.3935 Wednesday. Even with the further drop against the yen, it remained above a record low set earlier in the week.
In comments before the National Newspaper Association, Rubin said he wanted to be absolutely clear in the administration's view that a strong dollar was in America's national interest.
"This administration from its beginning has been, and remains fully committed, to the sound monetary and fiscal policies necessary for sustained growth, low inflation, a strong and stable dollar and maintenance of the dollar as the world's principal reserve currency," he said.
While similar comments from Federal Reserve Chairman Alan Greenspan the day before had briefly given the dollar a lift, Rubin's remarks were almost immediately shrugged off by currency traders. Analysts said reassuring words alone weren't enough to turn sentiment around.
Some speculated that the continued downward slide would force the United States and major allies to mount another coordinated dollar-buying effort.
Unless the current crisis plays itself out soon, other analysts said, the United States could find itself raising interest rates while Germany and Japan cut theirs.
While a further boost in American interest rates would heighten fears of a U.S. recession,
some economists said the threat to the dollar had become so severe that the Fed may have no choice.
"We have a crisis on our hands and pony has to change rather quickly and that means raising interest rates," said Robert Brusca, chief economist at Nikko Securities in New York. "That might well cause a recession but all the other things that could happen if the dollar continues to drop are much worse."
The United States twice last week, once alone and once with other countries, tried intervening to buy dollars and sell yen and marks in an effort to break the bearish sentiment.
While those efforts had little impact, Rubin said yesterday that the United States would not hesitate to intervene again if the dollar continued under downward pressure.
"Our policy is to intervene when it makes sense and not to do so when it doesn't," Rubin said.
Analysts read that statement as a threat that the United States and other governments were ready to dump massive amounts of yen and marks for dollars should the currency markets persist in depreciating the dollar.
But analysts said traders also knew that
coordinated intervention — even to the tune of $2 billion or more — could have only limited impact in a market that daily trades $1 trillion worth of currency.
In his comments, Rubin defended the administration's $20 billion package of loans and loan guarantees for Mexico, saying despite the peso's plunge this week, he still believed the rescue effort would succeed.
"I believe that in time, investor confidence in Mexico will be restored. And while markets will move around, the program is sound and it should work," Rubin said.
However, the treasury secretary immediately hedged that forecast, saying, "And if it doesn't— and I believe it should — I think we made the right decision in regards to the self-interest of the United States at the point we had to make the decision."
The White House yesterday released the legal determination Clinton made to justify his use of a Treasury Department dollar-defense fund to help Mexico.
"The Mexican peso crisis erupted with such suddenness and in such magnitude as to render the usual short-term approaches to a liquidity crisis inadequate to address the problem," Clinton said.
The Associated Press
TOPEKA — Shawnee County District Attorney Joan Hamilton again is trying to prosecute Fred W. Phelps Sr. for actions associated with his anti-gay crusade picketing.
Hamilton charged Phelps and five members of his Westboro Baptist Church with disorderly conduct, criminal restraint, assault and battery in connection with what she alleged in seven misdemeanor complaints were violations that occurred between Jan. 20, 1994, and Jan. 31, 1995.
Phelps, a disbarred attorney and Primitive Baptist minister, said the charges were total fabrications and vowed to fight them. Previous complaints also have been lodged
against him by the district attorney's office.
Phelps and the other five, including two members of his family and three members of another family, were booked into the Shawnee County jail yesterday morning then were released on bond.
All six posted 10 percent, or $100,
of the $1,000 own-recognizance
bonds each of the complaints
required.
Phelps was charged in two complaints, one alleging assault and battery and the other alleging disorderly conduct.
Charged along with Phelps Sr. were his son, Jonathan Phelps; a grandson, Benjamin Phelps; Charles W. Hockenbarger; Hockenbarger's son, Karl Hockenbarger;
and Hockenbarger's grandson,
Charles F. Hockenbarger.
Hamilton, a former legislator, said she charged Phelps under state criminal statutes, not a city ordinance, that prohibits picketing of a home.
Hamilton said Phelps had picked her home three times and said she believed it was because of her previous efforts to prosecute him.
Hamilton brought charges against Phelps last year under a state criminal defamation law, but U.S. District Judge Sam Crow declared that law unconstitutional. However, Hamilton said, Crow's decision did not prevent her from bringing other charges under criminal statutes.
picketing of her home now. "I hope he comes out to my house each and every day, because that means he isn't picketing some other victim," she said.
The district attorney said she hoped Phelps would step up his
Phelps, who has staged numerous anti-homosexual demonstrations in Kansas and elsewhere, including picketing the funerals of persons suspected of dying from AIDS, is known for his vitriolic preaching, verbal attacks and faxes to people and groups he and his church oppose.
His group has a regular daily schedule of picketing several sites in Topeka. He labels as sodomites those who do not agree with his anti-gay position, including the news media and other churches.
are scheduled to testify next week during the federal trial of former Kansas Attorney General Bob Stephan.
Some Westboro Baptist members
Phelps claimed the latest charges were aimed at discrediting those church members.
However, Hamilton said she wasn't aware Stephan's trial was starting Monday, and the charges against Phelps stemmed solely from his activities.
Stephan is charged with two felony counts of perjury. Federal prosecutors allege Stephan lied on the witness stand during a 1988 breach of contract trial in a case involving a woman once represented by the Phelps law firm. Stephan has maintained his innocence.
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