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Barack Obama ‘could worsen crisis’: Rupert Murdoch

Glenda Korporaal
The Australian Business [1]
Sunday, Nov 2, 2008

NEWS Corporation chairman Rupert Murdoch has warned that Barack Obama could worsen the world financial crisis if he is elected US president next week and implements protectionist policies.

In an interview with The Weekend Australian before delivering the first of six Boyer lectures on ABC radio tomorrow afternoon, Mr Murdoch said the Democrats’ policies would result in “a real setback for globalisation” if implemented.

Mr Murdoch said he did not know whether Senator Obama would implement all of the protectionist measures espoused by the party.

“Presidents don’t often behave exactly as the campaign might have suggested because they become prisoners of all sort of things – mainly circumstances and events,” Mr Murdoch said.

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He warned that any rise in protectionism in the US, including introducing trade measures against China as espoused by some Democratic members in Congress, would risk retaliation and could threaten the world trading and financial systems.

  • A d v e r t i s e m e n t

“For the past three or four years, some Democrats have been threatening to do things like put on extra tariffs (against Chinese imports) if they don’t change their currency,’ Mr Murdoch said. “If it happened, it could set off retaliatory action which would certainly damage the world economy seriously.”

Mr Murdoch said Kevin Rudd had been “very sure-footed” in his handling of the financial crisis and defended the Prime Minister against criticism that he acted too quickly in his blanket guarantee of the deposits of the Australian banking system.

Full article here [1]