Casey Symposium Shows Need for Security-Minded Approach to Asian Financial Crisis and Other Global Challenges

(Washington, D.C.): At a symposium sponsored in New York City yesterday by the William
J.
Casey Institute of the Center for Security Policy, Steve Forbes
delivered a clarion call:

“We live in a time of relative peace and rising prosperity. But let us be clear: This
did
not happen by magic. What has been done, can be undone. The international
economic order rests upon a foundation built by free markets, free elections, and
the strong and vigilant moral and military leadership of the United States of
America….

“Inexplicably, however, the Clinton-Gore Administration is systematically
dismantling America’s military capabilities. It is simultaneously discrediting U.S.
determination in dealing with dictatorships. This Administration has acted as a
universal solvent corroding the pillars of strength upon which economic
stability rest.”

This forceful and visionary warning by the former — and potentially future
— presidential
candidate served as a brilliant keynote for the Casey Institute’s consideration of “The
Asian
Financial Crisis: The Exception or the Rule?” Mr. Forbes’ remarks, entitled “American
Leadership: Prosperity’s Prerequisite” (excerpts of which are
attached), considered the essential
connection between America’s national security and the well-being of its economic,
financial, technology and energy interests. Promoting and safeguarding this connection
was
the life-work of former Wall Street luminary and CIA Director William J. Casey, and constitute
the primary missions of the Institute that proudly bears his name.

Following an elegant luncheon and Mr. Forbes’ address to over 200 past and present business
leaders, diplomats, government officials and journalists at the Metropolitan Club, the Symposium
turned to a consideration of the causes and remedies of the Asian financial crisis. This discussion
addressed in considerable detail the devastating effects of crony capitalism in nations lacking
genuine free markets and the accountability that comes from real democratic pluralism. In
addition to reviewing the condition of those Pacific Rim nations that have already manifested the
symptoms of this syndrome, the Symposium reviewed the prospects for Japan, China and Russia
to meet a similar fate.

The first section of the Symposium dealt at length with the wisdom and feasibility of relying
upon
instruments like the International Monetary Fund (particularly in its present, unreformed state) —
rather than market forces — to manage the present Asian financial situation, and those that may
rise up in its wake. A spirited discussion of these topics was led by former Deputy
Treasury
Secretary R. T. “Tim” McNamar, who currently serves as Vice Chairman of AmTec,
Inc., and
former Associate Director of the Office of Management and Budget
Lawrence Kudlow. Mr.
Kudlow currently serves as Chief Economist and Director of Research at American Skandia
Investment Services.

The Symposium next considered the public policy and national security dimensions of the
present
and prospective Asian financial crises. This second segment featured contributions by Lead
Discussants John Fund, an influential member of the Wall Street
Journal’s Editorial Board, and
the first occupant of the William J. Casey Chair, Roger W. Robinson, Jr. Mr.
Robinson,
President of RWR, Inc. and former Senior Director of International Economic Affairs at
the
National Security Council, was particularly noteworthy for its assessment of the
challenges
posed by China’s repressive domestic policies, its offensively oriented military build-up and its
strategic penetration of the U.S. capital markets — including Beijing’s use of sophisticated funding
mechanisms for “engagement” with this country that could well redound to America’s long-term
disadvantage.

A summary of the symposium.