Senate Proceeding 05-21-09 on May 21st, 2009 :: 2:14:10 to 2:18:30
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2:14:06 to 2:14:26( Edit History Discussion )

John Kerry: secretary of the treasury and the international monetary fund, and none of this makes any sense. enough is enough, no more spending, no more borrowing. it's time to let it go. i reserve the balance of my time. the presiding officer: the senator from mr. kerry: mr. president, this makes all the sense in the world. and in fact senator gregg,

2:14:10 to 2:18:30( Edit History Discussion )
Speech By: John Kerry

2:14:27 to 2:14:47( Edit History Discussion )

John Kerry: chairman of the -- former chairn, now ranking member of the banking committee, gave an excellent summary of exactly what this is. it is not an expenditure. it is a letter of credit. it stablizes countries. it is, as senator gregg said, an insurance policy. it has always been repaid. as senator gregg said, even the

2:14:48 to 2:15:09( Edit History Discussion )

John Kerry: $5 bil scores this at, is not accurate because the money is never laid out. and this is not a risky exercise because we make money through the interest. this is an asset that we create that is traded against the letter of credit. now, i'd ask unanimous consent that a statement by senator leahy be made part of the record. the presiding officer: without objection, so ordered. mr. kerry: mr. president, let

2:15:10 to 2:15:32( Edit History Discussion )

John Kerry: me answer my colleague again. he asked the question about the five years. paragraph 17 of the new arrangements to borrower agreement has a provision for withdrawal from members participating member can withdraw. at that time, money comes back to you. you cease to have your commitment on the line.

2:15:33 to 2:15:54( Edit History Discussion )

John Kerry: paragraph 19, "this decision shall continue in existence for five years from its effective date when considering renewal of this decision for t following the five-year period, the fund review the functioning. decision." mr. demint: will the senator yield? mr. kerry: i will yieldn his

2:15:55 to 2:16:17( Edit History Discussion )

John Kerry: time. the presiding officer: the senator from massachusetts has the bill. mr. demint: are you reading from the current bill? mr. kerry: this is the operative agreement on which these, call the n.a.b. -- on which this len let me make this clear. why is? further in our interest? the fact is in south carolina they have a lot of businesses that spoamplet those exports are

2:16:18 to 2:16:38( Edit History Discussion )

John Kerry: down 23% last down 23% because countries -- economies are hurting. this is a way, as secretary kissinger, general scowcroft, the chamber of the commerce, all of them agree this is important for american business. the fact is that over the last -- between

2:16:39 to 2:17:01( Edit History Discussion )

John Kerry: exports grew by 8% per year in real terms. we have a exports to the growth of other countries. there's been a 95% correlation in that growth. the fact is that the share of all u.s. growth export growth went from 25% in

2:17:02 to 2:17:22( Edit History Discussion )

John Kerry: 2003 to 50% 2008. we benefit. that rise of 25% to 70% is to the benefit of american business. and, unfortunately, those exports peaked in july of last year and most of our partners are now in recession.

2:17:23 to 2:17:43( Edit History Discussion )

John Kerry: real exports were 23% lower, as i said. so, you know, y a reduction in american g.d.p. if you don't provide this line of president obama went to london. he led the world in getting a $5 billion agreement to help -- a $500 billion agreement to help these countries revive their economies. when you consider the money we

2:17:44 to 2:18:04( Edit History Discussion )

John Kerry: spent in the cold war to break the eastern block away from the soviet union and ultimately they have a they are working, as partners now. many of the members of their economies are hurting. we benefit if those states don't go into an economic implosion. so this is a national security

2:18:05 to 2:18:25( Edit History Discussion )

John Kerry: issue for thunited states. it is a plain-and-simple, self-interest economic issue for the an most importantly, we don't spend money. this is a deposit account which is interest-bearing to the u states. it is a good investment.

2:18:26 to 2:18:30( Edit History Discussion )

John Kerry: historically we've never lost, and i hope my colleagues -- i know senator lugar is going to