Letters

THE COMMITTEE TO SAVE THE WORLD

"The world economy is so rickety that only a cell-phone tag team of financial sorcerers can fend off massive financial meltdown." CRAIG BESINQUE New Denver, B.C.

There is nothing more disturbing than reading an article devoted to the trio of Fed Chairman Alan Greenspan, Treasury Secretary Robert Rubin and Deputy Treasury Secretary Larry Summers [BUSINESS, Feb. 15]. These men hypocritically preach the merits of free markets and the evils of crony capitalism, yet have done more to subvert the free market than any other American economic navigators to date. They are anything but saviors of the world. By undermining the free markets on behalf of Wall Street special interests, they have destroyed the once level playing field and removed the essential element of risk necessary to keep markets rational. DAVID COHEN Los Angeles

Having worked with the Fed's Paul Volker and Treasury's Don Regan in the mid-1980s, I am in a unique position to recognize the extraordinary job that your Committee to Save the World has done. They are the strongest economic team we've ever had. But recognition must also be given to the many professional career people at the Treasury and the Federal Reserve, without whose expertise and tireless efforts the current situation might not have been achieved.

Now the challenge is to demonstrate to the world that the loss of sovereignty by governments to capital markets is a new paradigm that will reward governments with good policies and punish those with bad ones. TIM MCNAMAR, DEPUTY SECRETARY U.S. Treasury Department, 1981-85 New York City

Just who is being saved by the dynamic trio's efforts? Unless we cancel the debts of the poorest nations so that resources can be invested in health and education, we are simply bailing water without fixing the leak. STEPHEN VALK Atlanta

Greenspan, Rubin and Summers would have been an overwhelmingly better choice for TIME's Men of the Year than Bill Clinton and Kenneth Starr. FRANK HAINZE Oakland, Calif.

Your committee to save the world should be in the Hall of Shame, not in a pantheon of financial wizards. Greenspan only solved a problem that he created. He starved the world of dollar liquidity from November 1996 onward, as he watched the price of gold fall from $383 to $285. Ignoring this sure sign of monetary deflation, Greenspan caused a crisis in every country that relies on commodity exports to earn a living. JUDE T. WANNISKI, PRESIDENT Polyconomics Inc. Morristown, N.J.

I missed seeing any reference to Congress's role in taking steps that have helped stimulate economic growth. If not for the perseverance of some key Republicans, there would be no thought at all in the White House of making economic policy more market oriented. Our economy will stay on its rising trajectory despite Clinton, Greenspan, Rubin and Summers, not because of them. KEVIN MCLAUGHLIN Mission Viejo, Calif.

Greenspan--by lowering U.S. interest rates and by giving his blessing to the rescue of Long-Term Capital Management and to IMF bailouts around the world--has shown that altruism, when yoked to rigorous analysis, can work. MICHAEL COLLINS Port Jefferson, N.Y.

The proponents of globalization are not saving the world. To the contrary, their actions are at best destabilizing it and at worst threatening to destroy it. GEORGE RAYMOND TYNDALL Los Angeles

HALTING THE SPREAD OF AIDS

You reported on a study in Africa showing that the use of an anti-HIV treatment for even a short time can help cut down on transmission of the AIDS virus from infected mothers to their babies [HEALTH, Feb. 15]. The article noted, "If you cure babies without curing their mothers, you will create a generation of orphans. The alternative, however, is letting the babies die." I am not advocating compulsory abortion or sterilization, but I am sure many HIV-positive women would opt not to have more children if contraceptive advice (and condoms) were freely available. Mankind interferes shamelessly in the natural life cycles of wild-animals species but is too sentimental about helping prevent the birth of human children. PATTI BROOKS Benmore, South Africa

CHOP 'TIL YOU DROP?

Re your report on U.S. Forest Service head Michael Dombeck [NATURE, Feb. 15]: The U.S. Forest Service's outdated chop-'til-you-drop management of our national forests not only pollutes water, ruins scenery and damages fisheries and wildlife habitat but also takes a financial toll. Our annual analysis of agency data found that in 1997, taxpayers lost $45 million selling trees to lumber companies. The receipts simply do not cover the costs of building access roads and other expenses, so we are urging Dombeck to wipe out this damaging subsidy. The 191 million acres the Forest Service oversees belong to future generations, and it is our duty to be good stewards. WILLIAM H. MEADOWS, PRESIDENT Wilderness Society Washington

THE FATHER OF ALL JORDANIANS

The untimely death of Jordan's King Hussein is a tragic loss [WORLD, Feb. 15]. While the Jordanians have lost a King, the rest of the world has lost a valuable friend of peace. Hussein will be remembered for his efforts to establish a moral and political climate hospitable to peace in the war-ravaged Middle East. JEFFERSON B. FLETCHER Fayetteville, Ark.

I had the privilege of speaking to King Hussein 25 years ago on ham radio, one of his many avocations. When he responded to my call, I stammered out, "Greetings, Your Majesty!" To which he responded, "Well, greetings to you from Amman, my friend. But, please, we are on the radio, and my name is Hussein." The King had a unique ability to elevate those around him. I rejoice in the memory of that brief shared moment. CHARLES H. ("CHIP") MARGELLI Garden Grove, Calif.

GETTING TO KNOW MONICA

Monica Lewinsky has been instrumental in causing much pain to a number of people. Now comes Margaret Carlson, who writes a generally favorable report on Monica [PUBLIC EYE, Feb. 15] and suggests she did whatever she did with the President for "the thrill of it all." Admiring someone like that is sick. JAN J. TIGCHELAAR Milford, N.H.

The title of Carlson's column was "Monica, We Hardly Knew You," but it should have read "Margaret, We Hardly Knew You." I now realize that no one could have convinced Carlson that Clinton was guilty of anything other than being an outstanding President. She finds fault with all Republicans when she should praise them. They deserve a great deal of credit for presenting the impeachment evidence and showing up the President for what he was, a liar. ROLAND PETERS Lynchburg, Va.

Way to go, Margaret Carlson! Your piece on Monica was right on. No doubt the "big fish" took the bait on the line. In this fishing trip, the lure being offered was thong underwear. LISA HOWARD Perkasie, Pa.

Margaret, you may not have known Monica, but we sure did after seeing more than 60,000 pages in Starr's report and supporting documents. Lewinsky knew exactly what she was doing when she packed her "presidential knee pads." Don't let her fool you. How can Carlson say Monica "was her usual Garboesque self"? Give me a break! Greta Garbo was known for the haunting beauty that made her an enigmatic legend. ANDRES G. SANCHEZ Valley Village, Calif.

SMELLY THOUGHTS

Calvin Trillin's commentary "Eau d'Odor," about the French and their attitude toward personal hygiene and body odor [NOTEBOOK, Feb. 15], made me think of the anecdote about Samuel Johnson, who was more fastidious about his language than his hygiene. "Mr. Johnson, you smell," said his female companion. "No, madam," he replied. "You smell, I stink." TOM MACKIN Bedminster, N.J.

ON THE BEACH WITH PAMELA

You reported on actress Pamela Anderson's harassment by "Hormonal Teenagers" at the Uruguayan beach resort of Punta del Este [PEOPLE, Feb. 8]. You blamed it on "randy Uruguayan boys." However, right now Punta del Este is practically taken over by vacationing Argentines. It seems all too likely that it was young men from Argentina who mobbed her. VERONICA PEINADO Montevideo

CORRECTION

Our story on the increased use of hair extensions [FASHION, Feb. 15] incorrectly said Amekor Industries Inc. had seen its annual sales of extensions jump from $25 million five years ago to $100 million last year. Those sales figures are an estimate for the entire industry, not for Amekor alone.