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When Byrne did not act, HUD froze $14.5 million in subsidies. The mayor retaliated by taking out $35,000 worth of newspaper ads describing HUD's charges as a smokescreen for "inadequate funding for public housing." Swibel held firm, refusing to resign at a raucous CHA meeting early last week. "I'm staying because I've done nothing wrong," he insisted shortly before being hospitalized with an apparent ulcer attack...

Author: /time Magazine | Title: Chicago Mayor Jayne Byrne: Getting Byrned | 4/26/1982 | See Source »

...other big financial gun that Britain has at its disposal is based on the pivotal role that London plays in world finance. The day after the Argentine invasion, the Bank of England froze $1.4 billion in Argentine assets held by London banks. Last week the bank put out clarifications about how the freeze would be administered and indicated that it would not be too heavyhanded. That calmed worried bankers and showed that Britain was not about to declare total economic war. International bankers are very nervous about the stability of world finance because of the heavy loans to troubled countries...

Author: /time Magazine | Title: Waging Economic Warfare | 4/26/1982 | See Source »

...lightning attack humiliated and outraged Britain, which instantly broke relations with Argentina. At an emergency session, the United Nations Security Council voted 10 to 1 in favor of a British draft resolution demanding Argentine withdrawal from the Falklands. Britain froze Argentine assets in the country, worth some $1.5 billion, and Argentina re sponded by freezing British assets, estimated at $5.8 billion. The House of Commons held its first weekend emergency session since the Suez Canal crisis of 1956. Irate Tory and Labor members were virtually unanimous in directing the Conservative government of Prime Minister Margaret Thatcher to recover the islands...

Author: /time Magazine | Title: Falkland Islands: Gunboats in the South Atlantic | 4/12/1982 | See Source »

...Michigan's thinly settled Upper Peninsula, the storms were ferocious. Schools, businesses and most roads were shut down, and mail delivery stopped, as snowdrifts up to 14 ft. high froze solid. Buffeted by 50-m.p.h. winds, giant Mackinac Bridge was closed for only the third time in its history. Actually, last week's new snow was hardly noticeable atop the 3 ft. that had fallen since Dec. 30. With temperatures as low as -17°, naturally, Hell (pop. 20) was frozen over...

Author: /time Magazine | Title: The Numbing of America | 1/25/1982 | See Source »

...even really believe that the man in the water lost his fight. "Everything in Nature contains all the powers of Nature," said Emerson. Exactly. So the man in the water had his own natural powers. He could not make ice storms, or freeze the water until it froze the blood. But he could hand life over to a stranger, and that is a power of nature too. The man in the water pitted himself against an implacable, impersonal enemy; he fought it with charity; and he held it to a standoff. He was the best we can do. -By Roger...

Author: /time Magazine | Title: Essay: The Man in the Water | 1/25/1982 | See Source »

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