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...have reluctantly concluded that the only way to deal with this is for the importing nations to unite in terms of not permitting crude that is traded at premiums to enter their countries. In short, we should prohibit the import of any oil or oil products that sell above the official posted prices. Perhaps this prohibition should be coupled with an international allocation scheme. This is a proposal that will appeal to nobody because it means more Government in business. But what is at stake is the economic welfare of all our countries. When that is at stake, I believe...

Author: /time Magazine | Title: Energy: Unity Against a Rat Race | 3/12/1979 | See Source »

Peking has agreed to buy nuclear reactors from France, a steel mill from Japan and oil drilling equipment from the U.S., and hundreds of other sales are under discussion. The cumulative import bill could easily exceed $40 billion...

Author: /time Magazine | Title: Business: China Faces Reality | 3/12/1979 | See Source »

...Joaquin Valley is a farmer's paradise spread across an earthly 8.5 million acres. Its fertile soil yields tomatoes, sugar beets, grapes, hay, cotton and, usually, heavenly revenues (1977 total: $4.76 billion). Yet most of the valley gets less than 10 in. of rainfall a year; farmers import nearly 60% of their water. Now the water that has helped create the paradise is threatening to ruin...

Author: /time Magazine | Title: Environment: Briny Burden | 3/5/1979 | See Source »

...major retailers such as J.C. Penney and Sears reported double-digit sales gains in January, and auto sales in the first ten days of February were 15% higher than a year ago. The consumer buying spree, the inflationary rises in the price of energy, the gloomy prospects of higher import costs and pressure on the balance of payments−all these will move Federal Reserve Board to keep credit tight and interest rates high. Thus the nation will need great luck to avoid recession amid inflation...

Author: /time Magazine | Title: Business: The Price of Stormy Petrol | 2/26/1979 | See Source »

...import for all of physics: it not only laid down the basic principle of the laser some 40 years before the first such device was made but, more broadly, also advanced quantum theory. In addition, Einstein contributed significantly to the rebirth of cosmology, the study of the origin, history and shape of the universe. The Dutch astronomer Willem de Sitter and later the Russian scientist Alexander Friedmann had concluded that Einstein's equations pointed to an unstable universe ?possibly an expanding one. Because such a changing, dynamic universe was totally at odds with the popular picture of the heavens...

Author: /time Magazine | Title: Cover: The Year of Dr. Einstein | 2/19/1979 | See Source »

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