Word: fact
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Dates: during 1970-1979
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Perceptions often mean more, in the short run, than the hard facts of power. Judgments of another man's resolve can figure more than aircraft carriers. Terrorist tactics can mock stockpiled nukes. From Harvard to Georgetown to the White House situation room, the scholars and strategists see emerging from the peculiarities of the Iranian situation a new and as yet unclear dimension to the world struggle. It derives partly from the fact that the U.S. has a military equal in the world. Washington can no longer fall back on an overwhelming power margin as the ultimate persuader...
...description of Saudi Arabia's Oil Minister, Ahmed Zaki Yamani-the cartel failed to agree on any uniform price. Instead, each country will fix the cost of its crude. The cartel also failed to set limits on production, as some of its hawks sorely want to do. In fact, the divisions were sharp enough to raise questions about the future of OPEC. While its members' separate price rises will cause immediate pain to the rest of the world, they also present an opportunity for oil-importing nations to counter OPEC by cutting demand. Market forces...
PRICES. Inflation will abate, but not soon enough or substantially enough to cheer about. Recessions are usually slow to take the steam out of prices, and a tight money policy requires months to produce results. In fact, high interest rates will continue to add to inflation until they start to curb overall demand, and then prices are expected to taper off. Despite rising unemployment, wages and benefits stand to accelerate. They increased about 8% this year, or much less than the rate of inflation, and workers can make a strong case for more, just to catch...
...Patriotic Front's acceptance of the cease-fire terms came at the eleventh hour. Two days earlier, in fact, the Lancaster House conference had formally ended with no comprehensive settlement. In the face of a stern ultimatum from British Foreign Secretary Lord Carrington, who had conducted the talks, Nkomo and Mugabe had flatly rejected a British scheme by which the guerrillas would assemble at 15 widely dispersed camps, which they felt would be too isolated and vulnerable. Their agreement was extracted by a British concession in a numbers game. It gave the Front forces a 16th camp...
Fashion, in other words, is taken not to exist. But the unpleasant fact is that no reputation is immune to fashion. The art market is built on it. The French cattle painter Rosa Bonheur, a favorite of Victorian merchant princes, got ? 4,059 (then almost $20,000) for her Highland Raid in 1887; in 1952 it was resold for under ?200, or $560. Sir Edward Burne-Jones' Love and the Pilgrim, sold in 1898 for .?5,775 ($28,000), dropped to ?21 ($85) within less than 50 years. If artists who in their day were considered outstanding, whose work...