This page was last updated on March 27, 2011.
Why did we lend Brazil $3 billion?; Rita Gavert; Beaver County Times; March 27, 2011.
The Times published at least 31 letters from Ms. Gavert since mid-2005. This is the first I critiqued.
Below is a detailed critique of the subject letter.
“It’s hard to catch one’s breath in between the waves of anger at this administration.
“Now, we are lending $3 billion to Brazil to develop its offshore drilling. Then, we get to buy it back.”
[RWC] Of the $3 billion lent by the Export-Import Bank of the U.S., $2 billion is for Petrobras (the Brazilian government-run oil company) and $1 billion for “projects related to the 2014 World Cup and 2016 Olympics.”
“Meanwhile, thousands of people are out of jobs because our own drilling has been virtually halted.”
[RWC] I heard an Ex-Im spokesperson assert their loans must be used to purchase U.S. goods and services, theoretically helping U.S. jobs. I don’t know if that works out in practice. In any case, this loan wouldn’t help lost U.S. drilling jobs.
“Please try to explain this line of reasoning.”
© 2004-2011 Robert W. Cox, all rights reserved.