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My colleague will forgive me, I hope, if I am wrong that his recent defence of foreign financing of campaign advertisements was somewhat tongue-in-cheek.
They account for 4.4% of the LDCs' GDP, are equivalent to 15% of their exports, and are their second-largest source of foreign financing.
No longer: in essence, Brazil's problem this year has been one of having to adjust to the abrupt drying-up of foreign financing.
Their actions have caused a drought of foreign financing, a shock to an economy that had ample access to international borrowing markets during the last decade.
Though Hamas did not explain the reason for its demand, many governments are suspicious of foreign financing of charities, fearing that money can be diverted for political or intelligence-gathering uses.
But Egypt's military rulers began railing against the dangers of foreign financing to Egyptian sovereignty around the time last spring that the United States said it would allocate $65 million to help foster electoral democracy here.
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Poor countries remain the world's only hope for economic growth this year, but that's dimming as they are walloped by collapsing exports and the shutdown of foreign finance.
And conditions are deteriorating fast too in emerging economies, which have been whacked by tumbling exports and the drying-up of foreign finance.This news is bad enough in itself; but it also poses the biggest threat to open markets in the modern era of globalisation.
"Top U.S. officials are expected to get an earful this week at a gathering of foreign finance ministers and central bankers, with global concern spreading that political gridlock in Washington would result in the U.S. not making good on its financial obligations.
The sanctions restricted the access that Russia's oil and gas companies had to the sort of foreign finance and technology needed to develop wells in the difficult Arctic environment.
Hopefully, the presence of foreign finance ministers in Pittsburgh will remind U.S. lawmakers that the race to dominate the clean energy market is on.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com