Word: 1960s
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Dates: during 1970-1979
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...requirement that 8% of any dollars acquired by banks from foreign sources for relending to borrowers in the U.S. be set aside and not loaned to anyone. Known generally as Eurodollars, these expatriate greenbacks have accumulated as U.S. payments deficits, starting in the 1960s; lately they have been increasing dramatically as a result of the rising cost of imported oil. Today they form a $600 billion money mountain in Europe as well as in the Caribbean and other offshore tax havens, where they have escaped the control of the Federal Reserve. In the past, when the Fed tried to curb...
...chief posthumous beneficiary of the celebrations may turn out to be Liu Shaoqi (Liu Shao-chi), the former Chinese head of state who was Mao's main rival in the power struggle of the early 1960s and who reportedly died in disgrace in 1969. There were signs that his escutcheon might soon be refurbished. In his speech Ye paid Liu an indirect compliment by mentioning the "great importance" of a party congress that had been dominated by Liu. More dramatic was the sudden re-emergence of Liu in a huge new painting depicting the leaders who had assembled with...
...Whereas in the 1920s we had withdrawn from the world because we thought we were too good for it, the insidious theme of the late 1960s was that we should withdraw from the world because we were too evil for it." So writes Kissinger. What, then, should be the philosophy behind U.S. foreign policy...
...dollar defense moves, worry remains deep about the future of the monetary system that helped create the world's postwar prosperity. The central problem is the roughly 1 trillion footloose dollars that slosh around banks and currency markets outside the U.S. For many years during the 1950s and 1960s, Europeans complained about a "dollar gap." Greenbacks were the only currency that was accepted everywhere, though there were not enough of them around to finance world trade and development. But the dollar gap has since become a dollar glut. Due to heavy foreign spending, first to pay for the Viet...
...Chinese have also turned en masse to advanced technology. They are struggling to improve their electronics industry, and are producing computers of the 1960s type. At the Shanghai Institute of Metallurgy we saw several impressive "clean rooms" under construction for the fabrication of "chips" containing the microscopic circuitry that is the brain of the modern computer. Some of these chips are being manufactured with new electron-beam techniques. Scientists are also experimenting with lasers. One intriguing project: a six-beam experimental laser device to produce power from thermonuclear fusion. Blessed with an abundance of the elements called rare earths...