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...borrow, that is. Interest rates now hover around 17%, and many simply cannot afford to take out another loan. American farmers were $200 billion in debt this spring, which is more than twice as much red ink as in 1975. Younger farmers, as well as farmers who borrowed heavily over the past decade to expand their operations, have been especially hard hit by high rates. Farmlands, which once served as attractive loan collateral, are falling in value, and thus many commercial banks no longer view farmers as worthy risks. In the past ten years, commercial bank participation in farm debt...

Author: /time Magazine | Title: Very Down on the Farm | 8/16/1982 | See Source »

...European economy will not be solved before the end of the decade." Chase Econometrics, a U.S. consulting firm, has projected that between now and 1991, annual growth in most industrial countries will average only 2% to 3%. Worse, Chase predicts that unemployment in the U.S. and Europe will hover around 8% to 9% over the next decade...

Author: /time Magazine | Title: What in the World Is Wrong? | 7/19/1982 | See Source »

...yesterdays: walk out of the rain and into a 1940s world of overhead fan blades and women in shoulder-pad jackets moving to the cadence of a keening alto sax. The filthy streets are clogged with Third World losers and carnivores, while 10 ft. above them the police cars hover, monitoring the future as it molders into chaos...

Author: /time Magazine | Title: Cinema: The Pleasures of Texture | 7/12/1982 | See Source »

...disadvantage against Argentina's faster Mirage III-EAs. But in the Falklands, the Mirages have to sacrifice speed as, heavily loaded, they come in low to try to get under the radar. The Harrier fights best low and slow. With its maneuverability, it can stop in midair, hover, veer off sharply in new directions and land on almost any flat surface. Armed with 1,000-lb. cluster bombs for ground attack, and 30-mm guns and U.S.-built AIM-9L Sidewinder heat-seeking missiles, the Sea Harrier has an advanced avionics and radar system that allows...

Author: /time Magazine | Title: That Magnificent Flying Machine | 6/7/1982 | See Source »

...worms, but other oddities: several species of snails, worms, clams and a jellyfish. Some are so novel that they defy the taxonomic abilities of the biologists aboard the expedition's mother ship, Melville, operated by the Scripps Institution of Oceanography. Among these unknown wonders: white eellike fish that hover around the scorching vents. For lack of a better name, the scientists have labeled them "21-degree-north vent fish" (after the latitude of the site). Researchers believe the vent fish may be the first vertebrate discovered whose existence does not ultimately depend upon sunlight...

Author: /time Magazine | Title: Science: Strange Creatures of the Deep | 5/24/1982 | See Source »

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