Word: coppers
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Dates: during 1960-1969
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...been a 2½-year siege that brought the U.N. close to bankruptcy, set the U.S. at odds with its principal European allies and threatened to immerse Central Africa in blood. Now, Katanga's Rebel Moise Tshombe sat wanly behind a desk in a stucco cottage in the copper town of Kolwezi and declared, "I am ready to proclaim immediately before the world that Katanga's secession is ended...
...Jacques Houard, Belgium's consul general in Salisbury, Southern Rhodesia, and André Van Roey, director of Katanga's National Bank, followed him there. For 36 desperate hours, the two urged him to yield rather than carry out his threat to blow up the huge dams and copper and cobalt mines operated by the giant Union Minière company in Kolwezi. Finally, convinced that he had no alternative, Tshombe gave...
...gallows!" At the British embassy, which is considered fair game because of London's friendly policy toward Katanga, the mob battered down the doors, sacked the offices, and tried to pry off a coat of arms because, as one student cried, "It's made of Katanga copper!" After an hour, the U.N.'s Congo Chief Robert Gardiner arrived and scattered the mob. All the while, a jeep-load of Adoula's cops sat chuckling near by, making no move to stop the pillage...
...Latin America's biggest nations, the prospects for foreign investors are steadily deteriorating. In Chile, where strikes in the U.S.-owned copper mines have become an annual rite, and taxes run as high as 81% of profits, Anaconda and Kennecott have scrapped expansion programs totaling $325 million. In Argentina, where the gross national product actually dropped 10% last year, some 35 U.S. companies have recently canceled investment plans. New investment in Brazil has been discouraged by a law that prohibits foreign companies from withdrawing any profits above 10% of invested capital and by expropriation of an International Telephone & Telegraph...
Most of the inflation in Latin America results from the same thing that caused the incident at Córdoba: unwillingness to face economic realities. When the world wide glut of coffee, cocoa, copper and other commodities cut into their export earnings, too many Latin governments responded by printing more paper currency and borrowing heavily abroad. Latin America's rich have also contributed to the weakening of their nations' currencies and economies by prudently squirreling away huge sums-estimated at $10 billion to $15 billion-in Miami real estate, foreign securities and Swiss bank accounts. In Argentina alone...