Word: gloomed
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Dates: during 1970-1979
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...this Third World gloom, there is of course one standout exception: the handful of underdeveloped countries that happen to be oil producers, including Iran, Indonesia, Nigeria, Venezuela and several Arab states, have struck a bonanza. Indeed, they could now afford to help their underdeveloped brethren, by setting a lower price on oil exported to poor countries than on petroleum sold to industrialized lands. In the past, however, oil producers have turned a deaf ear to pleas that they organize such a two-price market. They have argued, probably correctly, that it would lead to a black market that would siphon...
...gloom that has enveloped the industrialized West since the Arabs unsheathed their oil weapon in October lightened last week. Arab nations announced an easing of their production cutbacks-and around the world, there was growing suspicion that they never did slash oil output as much as they had proclaimed. Europe, heavily dependent on Middle East oil, seems surprisingly well supplied, and TIME uncovered evidence that Arab petroleum has been leaking into the U.S., too, despite a supposedly total embargo...
...economy, they can now see nothing but uncertainty-and sure enough, the market cannot stand it. A nearly perpendicular drop in prices has sheared a staggering $100 billion off the value of exchange-listed shares in the past six weeks and plunged Wall Street into its blackest gloom in two decades. In brokerage offices, the talk is all of margin calls, possible failure of some big investment houses and actual or potential unemployment for analysts and brokers...
Even among Americans who fully expect the worst from the fuel crisis, a stubbornly incandescent optimism has begun to shine through the gloom. People who lament the expected death of a comfortably affluent, energy-intensive way of life look forward to a rebirth of some old values. "We have become literally and figuratively fat," says William C. Westmoreland, the general who commanded U.S. forces in Viet Nam and now directs economic development for South Carolina. "Perhaps the crisis will bring us back to some of the virtues that made this country great, like thrift and the belief that waste...
...approach to composition and in their goals. But this point seems to have escaped the performers Friday. They sang through motets by both composers with stodgy phrasing, a limited dynamic range, and a sort of funereal literalness which reduced the genius of both men to a common level of gloom...