10734 EXTENSIONS OF REMARKS, Vol. 152, Pt. 8 June 9, 2006 EXTENSIONS OF REMARKS RECOGNIZING AARON SCOTT ican from the growing markets would be bal- When it came to the highest growth in MCRUER FOR ACHIEVING THE anced by the existing trade deficits and debts value traded between 1998–2003, Zimbabwe, RANK OF EAGLE SCOUT owed by the developing countries to the U.S. Jordan, Jamaica, Israel, Trinidad and To- bago, United Arab Emirates, Barbados, Ma- [From the New York CaribNews, May 24–30, laysia, South Africa, and Sri Lanka were 2006] HON. SAM GRAVES listed among the 44 nations with the best CAN DEVELOPING COUNTRIES BE FINANCIAL OF MISSOURI performance. For instance while Zimbabwe SAVIORS OF RICH NATIONS? IN THE HOUSE OF REPRESENTATIVES had growth of 623 percent; Jamaica 507; per- (By Tony Best) cent Trinidad and Tobago 128 percent; Bar- Friday, June 9, 2006 It may not be a case of reverse Robin Hood, bados 121 percent; and South Africa 76 per- Mr. GRAVES. Mr. Speaker, I proudly pause meaning stealing from the poor and giving it cent; Germany’s pace of expansion was 51 to recognize Aaron Scott McRuer, a very spe- to the rich. But investors and stock markets percent and Canada’s 42 percent. in relatively poor nations of the Caribbean Of course, it would take decades before cial young man who has exemplified the finest and Africa may in the long run be the next those countries have the financial power to qualities of citizenship and leadership by tak- financial saviors of future prosperity in the fill the financial gap but then who would ing an active part in the Boy Scouts of Amer- world’s wealthiest nations. Add Asia, Latin have predicted in 1980 that China, India and ica, Troop 314, and in earning the most pres- America and the Middle East to that list and Dubai would have become such economic gi- tigious award of Eagle Scout. the prospects would become clear, very ants as to drive fear in the hearts of protec- Aaron has been very active with his troop, clear. tionist lawmakers on Capitol Hill in Wash- So, while people in G–8 nations and their ington who worry about their ability to buy participating in many scout activities. Over the affluent neighbors may not steal from such many years Aaron has been involved with U.S. companies. Dr. Siegel is writing a new developing and relatively poor nations as Ja- book called, ‘‘The Global Solution,’’ and in it scouting, he has not only earned numerous maica, Thailand, Trinidad and Tobago, Bar- he is insisting that by the middle of the 21st merit badges, but also the respect of his fam- bados, Uzbekistan, Nigeria, Botswana, Paki- century most multinational companies must ily, peers, and community. stan, Swaziland, Bermuda, Jordan and at find new investors outside of North America, Mr. Speaker, I proudly ask you to join me in least 40 other emerging markets, some Europe and Japan. commending Aaron Scott McRuer for his ac- economists in the U.S., Britain and else- ‘‘The challenge is to integrate global mar- complishments with the Boy Scouts of Amer- where in the developed world are offering a kets so that selling assets from the old in bit of advice: keep your eyes on these econo- ica and for his efforts put forth in achieving the the rich world to the young in developing mies because they are poised to help make countries is no harder, no more unusual, highest distinction of Eagle Scout. up the shortfall of buyers of assets in the than today’s sales of assets by elderly folks,’’ f rich world. stated The Economist. ‘‘From this perspec- One such economist is Dr. Jeremy Siegel, a THE ROLE OF DEVELOPING COUN- tive, America’s external deficits, particu- professor at the prestigious Wharton School larly with some developing countries may be TRIES IN GLOBAL ECONOMICS of Business in the U.S. He believes that with both long-lasting and nothing to worry many baby boomers in North America and about.’’ It goes without saying that investors HON. CHARLES B. RANGEL Europe, persons born between 1946–64, get- in developing countries shouldn’t forget that ting ready or planning their retirement, they protectionist tendencies in the rich nations OF NEW YORK may sell off their stocks and bonds in large are alive and well and can retard growth. IN THE HOUSE OF REPRESENTATIVES quantities to finance their retirement and f Friday, June 9, 2006 that in turn can create a huge gap in the as- sets of rich nations. TRIBUTE TO MR. BEN F. PARMER Mr. RANGEL. Mr. Speaker, I rise today to ‘‘The sale of these assets will lead to a address the issue of third world debt relief for sharp fall in prices, because there are too few people in the smaller generations that fol- the RECORD. In the article, Can Developing HON. MARILYN N. MUSGRAVE lowed the boomers to buy all of those assets Countries Be Financial Saviors of Rich Na- OF COLORADO at today’s prices,’’ stated The Economist as IN THE HOUSE OF REPRESENTATIVES tions?, published in Volume XXIV No. 1230 it explained Siegel’s theory. (May 24–30, 2006) issue of The New York The upshot: unless the baby-boomers delay Friday, June 9, 2006 CaribNews, Mr. Tony Best cites Dr. Jeremy their retirement, they could ‘‘see their Mrs. MUSGRAVE. Mr. Speaker, I rise today Siegel, a professor of the Wharton School of standard of living in retirement halved, rel- to pay tribute to Mr. Ben F. Parmer. Mr. Business. Addressing the possibility that the ative to their final year of work,’’ the Econo- Parmer was a dear man who I admired great- baby boomers’ selling their savings stock and mist added. Siegel warns a huge sell-off of stocks and bonds by the baby-boomers can ly, and I am proud to stand before you today bonds would lead to a weakening of the as- trigger a 40–50 percent fall in stock prices to honor his memory and deeds. ‘‘Uncle Ben,’’ sets of the rich nations, Dr. Siegel claims that with a smaller pool of investors coming as he was fondly known, was a lifelong resi- the best solution is to allow investors from de- along in the rich countries to take up the fi- dent of Burlington, Colorado, and throughout veloping countries to buy up these excess nancial slack. That’s where the developing his lifetime the people of Kit Carson County stocks to maintain the market prices. Mr. Best countries may come in, goes the argument. were truly blessed to have known him. asserts that some of ‘‘the highest growth rates Some figures tell an interesting story. Ben married his lovely wife Mildred in 1937. Although the top 10 stock markets in in dollar terms in market capitalization was in terms of capitalization are in the U.S., Both he and Mildred had a strong faith and the emerging markets’’ of Macedonia, West Japan, U.K., France, Germany, Canada, deep love for each other. Through hard times Bank and Gaza, Fiji, Nigeria, Jamaica, Bot- Spain, Switzerland, Hong Kong and China in and raising children they never lost sight of swana, Trinidad and Tobago, India, Kenya, that order, some of the highest growth rates their faith. Ben and Mildred had three beautiful Bermuda and Tanzania. As Mr. Best claims, if in market capitalization in dollar terms be- children: Paul who preceded Ben in death, the global market is integrated so that ‘‘the tween 1983–2003 were in emerging market. and his beautiful daughters Tony and Judy. selling of assets from the old in the rich world Macedonia, West Bank and Gaza, Fiji, Nige- Their devoted children were always extremely to the young in the developing world is no ria, Jamaica, Botswana, Trinidad and To- bago, India, Kenya, Bermuda and Tanzania proud of their parents. Ben and Mildred cele- more difficult than today’s sales of assets by are on that list. For instance, Fiji’s growth brated their 50th wedding anniversary just a elderly folks,’’ America’s trade deficits in the was put at 760 percent; Jamaica’s 297 per- few months before Mildred’s passing. developing world would not be a cause for cent; Trinidad and Tobago’s 170 percent and During their marriage, Ben was a farmer, concern. The increasing investments in Amer- Bermuda 92 percent. rancher, and a man of strong conviction. As a ● This ‘‘bullet’’ symbol identifies statements or insertions which are not spoken by a Member of the Senate on the floor. Matter set in this typeface indicates words inserted or appended, rather than spoken, by a Member of the House on the floor. VerDate Sep 11 2014 09:26 Mar 24, 2017 Jkt 000000 PO 00000 Frm 00095 Fmt 0689 Sfmt 9920 E:\FDSYS\BOUNDRECORD\BR09JN06.DAT BR09JN06 ejoyner on DSK30MW082PROD with CONG-REC-ONLINE June 9, 2006 EXTENSIONS OF REMARKS, Vol. 152, Pt. 8 10735 farmer Ben was successful, and as a rancher ical, cultural and natural resources. Visitors to During the 1956 Olympic games, Morrow he was well known for the excellence of his America’s National Parks this summer are not only won gold medals, but he won them in white-faced Herefords. He also raised hogs saddened to see that Congress has made record breaking fashion. Morrow gained the and on occasion, sheep. Every success that America’s cherished park ranger the most re- title of ‘‘world’s fastest person’’ by breaking Ben had from his family to his business deal- cent addition to the endangered species list.