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...inexorably, the recession affecting the whole industrialized West came to be felt more and more painfully, and in Britain the promised Thatcher recovery did not begin. By last autumn, the public mood had turned sour. When the poor year-end statistics were made public, Thatcher was being pilloried for what Labor's Denis Healey, former Chancellor of the Exchequer, called her "punk monetarism." Said Eric Varley, Labor's spokesman on employment matters: "The consequences of this doctrinaire obsession are still wreaking havoc in every part of the country." Thatcher's own Industry Secretary, Sir Keith Joseph, glumly admitted that...

Author: /time Magazine | Title: Britain: Embattled but Unbowed | 2/16/1981 | See Source »

...time in hopes of profiting from the rising price. In contrast to the spot market, where only about 50 to 60 tons of gold bars or coins are traded daily, three times as much is bought and sold in the form of futures contracts. When interest rates climbed last autumn, speculators borrowed heavily from commodities brokers and banks to buy gold futures, believing that once interest rates peaked they would plunge quickly, as happened last spring. That would have sent gold still higher and hammered the dollar. Interest rates did peak in January, but they are now dropping far more...

Author: /time Magazine | Title: Gold and the Dollar in a Flip-Flop | 2/16/1981 | See Source »

...stopped work to demand the firing of the provincial governor and three other officials for corruption and mismanagement. Workers in 70 coal mines and industrial plants in the Bytom region in Upper Silesia struck to protest government failure to honor many of the agreements it made with Solidarity last autumn. In the Lower Silesian city of Jelenia Gora, 250,000 workers staged a general strike on Friday to dramatize then- disaffection with inept local Communist officials...

Author: /time Magazine | Title: Poland: A Fire in the Country | 2/9/1981 | See Source »

...kind of late autumn chill that sends a small group of males fumbling in their pockets for their keys to the big black door at number 1324. It's not the kind of door that many people notice; it blend, in between the storefront of the clothing store that once upon a time decided to launch a xeroxing price war in Harvard Square (look that one up in your Ec 10 workbook) and a restaurant where a friend once found a cockroach meandering through his Peking Meat Sauce Noodles...

Author: By Robert O. Boorstin president, | Title: A Parting Shot | 2/2/1981 | See Source »

Those folks in the choir robes are Jill Clayburgh and Walter Matthau in a scene from their new film First Monday in October, due out this fall. In the movie, named after the first sitting of the high court each autumn, Matthau, 60, plays a crusty, liberal Supreme Court Justice. Clayburgh, 35, portrays a conservative Californian who becomes the first woman appointed to the high court. Though Matthau gets entangled in legal briefs, First Monday will be one of the few films in which he will not pad around in an undershirt and boxer shorts. In fact, for shots outside...

Author: /time Magazine | Title: People: Jan. 26, 1981 | 1/26/1981 | See Source »

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