Word: important
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Dates: during 1950-1959
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Nowhere does emotion defy statistics more than in the case of oil. Argentina has reserves estimated at 882 million bbl., yet last year it paid out $220 million, a sum greater than its foreign-trade loss, to import oil from Venezuela and elsewhere. The Suez crisis cost the country a cruel $100 million in higher crude prices and freights. Foreign oil companies would get the oil out of the ground or spend millions in Argentina trying. Instead, oil-is-ours nationalism assigns petroleum development to the capital-short, bureaucratic Y.P.F...
...recent years has done so much to stimulate European progress as Gamal Abdel Nasser. Living luxuriously on the memory of the day when Britain and Western Europe between them produced three-quarters of the world's industrial energy, most Europeans complacently accepted the fact that Britain must import 12% of her total energy requirements and Western Europe nearly a quarter. But when Egypt's Nasser seized the Suez, he forced all Europe to face up to the significance of these imports: Europe had lost her industrial independence and, with it, much of her power and security...
...JAPANESE IMPORT CRISIS is becoming so severe that foreign-exchange reserves will be exhausted in six months if importing continues at present pace. To brake imports, Bank of Japan hiked discount rate from 7.7% to 8.4%. Reacting to boost, Tokyo stock market suffered biggest drop since Korean war ended...
Deftly Gonzalez needled his state-proud colleagues for borrowing the first of the bills-which would, in effect, permit school boards to assign pupils on a racial basis-from "lesser states." "Texas had to import foreign-made provisions from such backward entities as South Carolina," he cried. "Why is it that you are so poverty-stricken?" And time and again he warned his colleagues of the ultimate perils of segregation: "It may be some can chloroform their conscience. But if we fear long enough,, we hate, and if we hate long enough, we fight...
...Diem was disturbed by the disproportionate economic influence wielded by his country's closely knit 1,000,000 "overseas Chinese."* In South Viet Nam 75% of the country's rice and corn trade is Chinese-controlled, and Chinese entrepreneurs dominate much of the nation's export-import trade, banking and shopkeeping. President Diem felt that Chinese who lived and worked in South Viet Nam should become Vietnamese citizens. The Chinese, respectable, law-abiding, but ever prideful of their heritage, disagreed...