Obama's win a setback for globalisation: Murdoch

Melbourne, Nov 1 (PTI) Global media mogul Rupert
Murdoch has warned that a victory for Democratic White House
hopeful Barack Obama next week may be "a real setback for
globalisation."

Murdoch, the chairman of News Corporation, flayed
Senator Obama's tax policies as "crazy", particularly his plan
to hand out tax rebates to most Americans and to increase
taxes for people earning more than USD 250,000.

He said Obama's promises to give tax rebates to 95
percent of Americans was "rubbish" as "40 percent of the U.S.
population don't pay taxes so how can he give them a tax cut."

However, the media tycoon was unsure if Obama would be
able to implement all of the protectionist measures espoused
by the party in an interview with The Weekend Australian,
owned by News Corp.

"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," Murdoch said.

He warned that any rise in protectionism in the U.S.,
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.

"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," Murdoch said adding "if it happened, it could set
off retaliatory action which would certainly damage the world
economy seriously." PTI APA
PMR