there are reportedly 15 years oil reserve in the USA right now; there are many oil deposits in the USA; they are talking global warming, oil digging and drilling, carbon sequestration, etc. to be self sufficient-Texas, Alaska, Oklahoma, Michigan, Mississippi, Wyoming, Montana, Gulf of Mexico, Offshore, North Sea, Russia, China, Palawan, Philippines, Spratly Islands(mayroon ba talaga?), Brunei, Indonesia,
Geographical Information System(GIS)
Find out while you are at it the deposits of the others -multielemental e.g. sulfur and lead
question: why is there lead and sulfur in oil and gas?
Begin forwarded message:
Date: October 29, 2008 4:58:12 AM EDT
Subject: [kgma] PGMA's "Chiang Mai Initiative 2" up for Manila meet in November
PGMA's "Chiang Mai Initiative 2" up for Manila meet in November
President Gloria Macapagal-Arroyo calls it the “CHIANG MAI 2,"
referring to the proposed expanded reserve pooling scheme for the
region that was firmed up on the sideline of the 7th Asia-Europe
Meeting (ASEM 7) in Beijing last week.
The ASEAN+3 agreed in May this year to expand the reserve pooling
scheme or the Chiang Mai Initiative 1 from $80 billion to $250
billion, in a move to take the ASEAN +3 a step closer to creating a
full-scale Asian monetary fund.
“It will be transformed. In fact, I like to call it Chang Mai 2,” the
President said of her proposal.
The ASEAN +3 agreed in principle to form the expanded scheme by the
first half of next year, that is, after the Manila hosting of the
technical working group meeting on Nov. 12 this year that will have
finance ministers and central bank governors from Asean+3 countries
(Asean as well as China, Japan and South Korea) coming out with
The specific recommendations resulting from this meeting will be
adopted for the Asean Summit in Bangkok this coming December.
The recommendations will help formulate assistance for the Asean+3
members to deal with the global financial crisis together, considering
that Asean+3 has a ready mechanism that just needs to be expanded, the
If it pushes through, the agreement will give participating nations
access to a foreign exchange reserve pool of at least $80 billion in
the event of a financial emergency.
The President’s proposed scheme will replace the existing arrangement
of mainly bilateral currency swaps formed after the 1997-98 Asian
financial crisis, known as the Chiang Mai Initiative.
“I want a December summit of Asian powers to ease conditions on a
regional financial support arrangement and bring forward its launch to
counter global economic woes,” she said.
During the recent ASEAN +3 meeting in Beijing, on the suggestion of
President Arroyo, the 13 East and Southeast Asian nations agreed to an
$80-billion pool of central bank swap lines. But the President also
wanted leaders to ease conditions on the use of the pool, 80 percent
of which is tied to steering conditions of the International Monetary
Fund (IMF). "The initiative as it now stands is too cumbersome...
We're proposing a quicker dispersing," she said.
"It should be multi-lateralized, it should be quick-dispersing, and it
should be implemented sooner, rather than later," she said.
The President added that the financial support arrangement as it
stands "may be too difficult for an economy that is in trouble to
access on time."
She also urged that its launch be brought forward to December, when
ASEAN member states will hold a summit with China, Japan and South
Korea in Bangkok, Thailand.
“ASEAN + 3” is composed of 10 ASEAN nation-members, namely: Cambodia,
Malaysia, Indonesia, Singapore, Vietnam, Philippines, Laos, Thailand,
Myanmar and Brunei; plus China, Japan, and South Korea.
The President also appeared eager to court China as a potential
backer, saying "China has a tradition of or a track record for being a
very responsible member of the global economic order. While it is
premature to say what China should do... we are confident China will
continue to be a responsible member of the neighborhood."
The President also said she wanted China and other Asian powers
attending a G20 summit in Washington next month to consider the
concerns of developing nations worried that the turmoil will hurt
their poor the most.
"I think it's very clear now that the emerging economies should have a
place at the table," she said of the Washington summit in November.
She also said that the oil-rich countries of the Middle East can
emerge from the economic upheavals as important investors in Asia.
"The credit crunch can be an opportunity rather than a crisis for the
fiscally strong," she said.
"I would say one set of very fiscally strong economies is the Middle
East countries, because of oil."
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