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...Soviet Union can use new credit because its income from oil exports has dropped as a result of production problems and low petroleum prices. During the first six months of the year, Soviet export earnings in major currencies were only $14.5 billion, down about 23% from the same period in 1984. That is not enough to cover imports, which the Kremlin is reluctant to cut back because it is starting a new five-year economic plan...

Author: /time Magazine | Title: Kremlin Calling | 6/21/2005 | See Source »

Much of the credit for Sichuan's transformation belongs to Premier Zhao Ziyang, a Deng protégé who served as the party's provincial secretary from 1975 to 1980. Zhao helped introduce the contract-responsibility system, the bedrock of rural reforms, in 1977. Families and individuals were assigned plots in return for promising to meet harvest quotas. Surplus crops could be sold to the state at higher prices. Eventually, peasants were also allowed to sell the extra grain at market. The experiment worked so well that it was adopted as a national policy in late...

Author: /time Magazine | Title: A Country Changes Course: Sichuan, China | 6/21/2005 | See Source »

...slow 1.1%, compared with 3.7% in the previous period. But the low level of inflation, about 3.5% for the year, enabled the Federal Reserve Board to ease up on interest rates. "The Fed is riding to the rescue," Economist Walter Heller said in May. As a result, more credit began flowing to businesses. Between April and July, the prime rate fell by a point, to 9˝%, where it ended the year...

Author: /time Magazine | Title: The Year of Big Splashes | 6/21/2005 | See Source »

...economy began to pick up in the latter half of 1985, buoyed by heavy consumer spending. Outstanding installment credit jumped 15%, to a record $530 billion. Shopper confidence was partly the result of good news in the job market. Unemployment inched downward from 7.3% in January to 7% in November...

Author: /time Magazine | Title: The Year of Big Splashes | 6/21/2005 | See Source »

...strongest characters in the book is Jack Warner himself. A brilliant egomaniac, he became angry when top producers received all the credit for Warner pictures, and he had a habit of suspending uncooperative stars. Finally, during World War II, Brother Harry had to step in. "You must bear in mind," he wrote, "that everyone is preaching liberty and freedom and the actors are getting to believe it. When the war is over and all the actors and help have come back, you can at that time suspend anyone you want.'' --By Gerald Clarke

Author: /time Magazine | Title: Show Business: Rin-Tin-Tin Doesn't Talk | 6/21/2005 | See Source »

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