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...Then: the chaotic endgame of the Vietnam War fatally charged the atmosphere of the 1970s, a decade in which America discovered limits to its power and wealth. For a nation long accustomed to expansion--material, geographic and psychological--this was something new and unwelcome. Only the Great Depression--an apt name--had presented a comparable challenge to national optimism, and that was followed by the reassuring wartime victory and postwar boom. In the '70s that boom gave way to a different explosion--in oil prices, interest rates and inflation. OPEC would prove to have powers that NATO could only dream...

Author: /time Magazine | Title: 1973-1980 Limits: The Can't-Do Mentality | 3/9/1998 | See Source »

...inform your readers that in my last book [The Doors of Perception], I "prescribe mescaline, a derivative of peyote, for all mankind as an alternative to cocktails." Snappiness, alas, is apt to be in inverse ratio to accuracy. In actual fact, I did not prescribe mescaline for all mankind. I merely suggested that it might be a good thing if psychologists, sociologists and pharmacologists were to get together and discuss the problem of a satisfactory drug for general consumption. Mescaline, I said, would not do. But a chemical possessing the merits of mescaline without its drawbacks would certainly be preferable...

Author: /time Magazine | Title: Sounding Off, Talking Back | 3/9/1998 | See Source »

...mostly bonds but sometimes include exotic derivative securities. Clearly, investors seeking to preserve capital and earn a fixed-income stream for a set period of time have no business flirting with such a beast. They should go for individual bonds. Yet bond funds are routinely marketed and accepted as apt substitutes...

Author: /time Magazine | Title: Bond-Fund Buyer Beware | 3/2/1998 | See Source »

...apt to think of him as a somewhat stolid, ruminative artist compared with a virtuoso like Picasso. It's true that there's no erotic content in his work, and little manifest lyricism or spontaneity. He painted with the steady determination, from form to closed form, of a silkworm chewing its way across a mulberry leaf. Much of his work is not Cubist at all, if Cubism means fragmentation. It was massively built and integrated, and it buried all traces of its construction process. But it could also be very surprising, and in its insistent reduction of the human form...

Author: /time Magazine | Title: Art: Master of Visual Slang | 3/2/1998 | See Source »

...apt, perhaps, that all the champions waited, because everyone was tapping fingers a little in the early days of the Nagano Games, and an occasional hint of loss, frustration and anxiety flavored the opening moments. The glamorous, made-for-TV showcase of the men's downhill was postponed and postponed and postponed again, as snow gave way to sleet gave way to rain. Delay after delay left the athletes fractious, and fans who had traveled from distant islands to watch the Games found themselves standing in strong winter monsoons. The Olympic Village waited and waited to see Paul Kariya...

Author: /time Magazine | Title: Olympics: Hear Them Roar | 2/23/1998 | See Source »

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