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...wrenching industrial changes are stirring worker protest. Last week, their jobs in jeopardy, West German steelworkers were threatening to strike to back up their demands for shorter hours. Meanwhile, the Belgian government took over a large part of that country's steel industry. In September, French steelworkers called a one-day strike against a government plan to rescue their industry from bankruptcy by, among other means, eliminating up to 30,000 jobs over the next five years. Textile workers in France's Vosges region earlier staged an angry march through factory towns to protest the downfall of the once mighty...

Author: /time Magazine | Title: Business: Europe's Slumping Industries | 12/4/1978 | See Source »

Further, a collapse of the dollar, the world's central trading currency, could paralyze global trade and investment. That could lead to a severe recession, not only in the U.S. but worldwide. Said one Belgian expert: "The world was facing its worst economic crisis since...

Author: /time Magazine | Title: To Rescue the Dollar | 11/13/1978 | See Source »

...plan, was far from encouraging. Corporate money managers, bankers and speculators, apparently believing that Stage II is too weak and will not work, sent the dollar plunging. The greenback fell to its lowest exchange rate since World War II against the yen, the deutsche mark, the guilder, the Belgian franc and the Danish and Norwegian crowns. The price of gold, which moves inversely to the dollar, reached a new peak of $233.70 an ounce. "We had not expected much," explained one Zurich foreign-exchange dealer about Carter's plan, "but neither had we expected so little." On hearing the news...

Author: /time Magazine | Title: Nation: War on Inflation: Stage II | 11/6/1978 | See Source »

...powers, including Germany and Japan, agreed to renounce war as an instrument of national policy; and former United Nations Secretary-General Dag Hammarskjöld, who was named posthumously as lau reate in 1961, while his U.N. peace keeping force soldiered on in the bloody morass of the Belgian Congo...

Author: /time Magazine | Title: World: Saints and Statesmen | 11/6/1978 | See Source »

Korchnoi's retinue was equally diverse. It included two young chess experts from England, an Austrian woman who reportedly had spent ten years in a Siberian prison after being convicted of spying for the U.S., and a young Belgian, known only as "Rasputin," whose job was to ward off Zoukhar's "evil eye." A former Soviet grand master who defected to the West two years ago, leaving his wife and son behind, Korchnoi was prepared for all of Moscow's ploys. So unnerving was the prospect of a Korchnoi victory to the Soviet press that it avoided...

Author: /time Magazine | Title: SOVIET UNION: Checkmate in Baguio City | 10/30/1978 | See Source »

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