Word: importance
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Dates: during 1970-1979
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...What is happening in the Arab world," former U.S. Ambassador to Cairo Raymond Hare explains, "is not a revolution but a revulsion." It is a revulsion against foreign domination, whether cultural, economic or political -and even unsophisticated Arabs recognize that Communism is a foreign import. Arabs still dream of the time, twelve centuries ago, when their forebears dominated a vast sweep of Europe, from the banks of the Indus to the valley of the Loire. They might use Communist help in hopes of restoring that glorious past, but they are not likely to accept Communist suzerainty...
...enough dollars circulating in the Eurodollar market to empty out Fort Knox several times over. The deeper danger is that European governments will clamp stern controls on the international exchange of money-particularly on the inflow of dollars-and that the U.S. will put equally rigid controls on the import of goods. In Washington, there is much discussion of imposing surtaxes on imports. Any of these steps would damage the system of free trade and investment, which has done so much to promote postwar economic growth. A much more prudent move would be for the U.S. to adopt an incomes...
Since 1965, Japanese steel production and the corresponding coal and iron-ore imports have grown at an average 11% per year. Unable to meet the coal and ore import needs of the mills, Japanese steamship companies began chartering extra tonnage from foreign shipowners. As a result, almost all freight rates were pushed skyward. At the peak of the boom in 1969, the steamship companies were chartering Greek and Norwegian vessels to haul coal from Hampton Roads, Va., to Japan for the hungry steel mills at rates that gave the shipowners profits of as much...
Luxembourg is a paradise of permissiveness for bankers. Not only can they set up holding companies, but they can also underwrite and sell Eurobonds, manage their own mutual funds, be custodians of other mutual funds, export and import capital in unlimited amounts, and perform just about any other commercial, investment or savings-bank operation-all in strict secrecy. Said one American banker in Luxembourg: "We can do anything here...
...demand for technical experts has created a shortage of high school science and math teachers. To education planners in the German state of Hamburg, the contrast was opportune. Rather than train more pedagogues by a slow, expensive expansion of their highly elite university system, the officials decided simply to import part of the U.S. surplus. The results were flabbergasting...