Word: cartelizing
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...University of Berlin where, like all German students, he was forced to become a member of the Hitler Youth Movement. Severing all connection with the Nazi Party, Bernhard, after his graduation in 1935, took a job in the Paris office of I.G. Farben, the German chemical cartel. While attending the 1936 Winter Olympics in Germany, the prince met and charmed the plain but sweet-tempered Princess Juliana, Queen Wilhelmina's only child and the heir to the Dutch throne. Renouncing his German citizenship, Bernhard married Juliana the following year and took the title Prince of The Netherlands, rejecting...
With frightening memories of December's terrorist kidnaping of OPEC oil ministers in Vienna still fresh, finance ministers of the oil producers' cartel met last week in Paris instead, under heavy guard. They agreed to set up an $800 million fund to make longterm, interest-free loans to less-developed countries, OPEC'S first gesture as a group to help poor nations that are afflicted with high oil bills. The fund's main backers, Iran and Venezuela, originally proposed $1 billion a year for five years. Instead, the fund will exist for only a year...
...become effective this year. For a monthly magazine like the Atlantic, the comparable rate increases would be 100% and 270%. For a typical weekly newspaper, the percentages of increase are 140% and 680%. By any index of prices, such hikes cry out for comparison to those that the OPEC cartel has imposed upon...
Ending Confrontation. Instead of confrontation, the U.S. is now seeking to influence OPEC through accommodation with Saudi Arabia, the cartel's most influential member and biggest producer. The Saudis' avid antiCommunism, their support of Egyptian President Anwar Sadat against more radical Arab leaders and their relatively moderate position on oil pricing make them particularly acceptable to American policymakers. Despite its vast wealth, Saudi Arabia is still essentially a feudal state badly in need of both industrial and agricultural development. In the past year or so, the U.S. has signed agreements to provide the Saudis with military and technical...
...strategy worked last fall, when the Saudis held the latest OPEC price boost to a stated 10%, though some cartel members had wanted much more. Whether OPEC will continue to present even a facade of moderation, however, remains open to question. Iranian Interior Minister Jamshid Amouzegar recently noted that with the expected worldwide economic recovery, new oil price boosts "will become possible again...