Word: beirutization
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...weapon was unsheathed, Arab production at 85% of September levels will still leave global output 2.5 million to 3 million bbl. per day short of demand. Moreover, there is always the threat that the oil offensive will go into high gear again. One Arab source told TIME Beirut Bureau Chief Karsten Prager last week that if the Middle East peace talks now taking place in Geneva do not produce results by mid-March, "don't be surprised if the pendulum swings all the way to a 30% reduction" in petroleum output. Most important of all, the latest astonishing price...
...Late. The gunmen then ran out onto the flight field. One group of the terrorists headed toward Pan American's Flight 110, which was preparing to depart for Beirut and Teheran with 59 passengers and ten crew members on board...
...sufficiently industrialized to present lucrative investment prospects, the wealthy nations have parked their money in Western banks. That is a situation they will not move quickly to alter, since a rapid withdrawal of the funds could provoke monetary aberrations that would lower the value of their holdings. As one Beirut economist pointed out last week: "The Arabs are among those most interested in a stable monetary system. They stand to lose the most from monetary instability...
...implications of this story go far beyond immediate personal considerations." Grant's experience abroad has helped him put into perspective both the economic and diplomatic aspects of this week's story, which was reported by TIME correspondents in more than ten countries. In Saudi Arabia, Beirut Bureau Chief Karsten Prager spoke with Oil Minister Yamani and other high government officials, and observed the Saudi Arabian land and lifestyle. "From 30,000 feet above," Prager says, "it seems somehow as if God must have been looking away when the land was created. But somewhere along the line He made...
...Israeli challenge since 1948 has had much to do with the thrusting of the Arabs into the modern world. "We really should thank Israel for forcing us to grow up," a Beirut publisher remarked last week. In Cairo, a Palestinian businessman recalled the time in 1948 when his father met with a group of fellow Palestinians to plan for the war against Israel. "They proclaimed King Abdullah of Trans-Jordan as commander of their army," he said, "and several members of the group proposed that Abdullah, a descendant of the Prophet, should ride on a white horse like a caliph...