Word: membered
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Dates: during 1970-1979
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Except perhaps Geneva, where representatives of the 13-member nations of OPEC met to raise the price of crude. Reporters in that city were greeted at every turn with airport-style metal detection tests, luggage checks and platoons of Swiss police armed with automatic weapons. Said Tehran-based Correspondent Bruce van Voorst: "The four gorillas who guarded Saudi Sheikh Yamani practically walked in his pockets...
Slump. "The recession is on," says Walter Heller, a member of TIME's Board of Economists. The Government has made no official announcement of this (a recession is customarily defined as two quarters of declining production), but it unofficially estimated last week that national output of goods and services dropped at an annual rate of 2.4% from April through June. OPEC's oil boosts make this downturn immeasurably harder to reverse; they will drain perhaps $30 billion out of Americans' pockets by the end of 1980. Unemployment has been holding steady at just under 6% so far this year...
...basic situation: the cartel's 13 member nations are now pumping roughly 31 million bbl. of crude out of the ground each day, 2 million bbl. more than last year, but still 2 million bbl. less than nations want to buy in order to keep their factories humming. The shortage has set off a scramble that permits OPEC to charge almost any price its members wish; some U.S. officials fear that the cartel will ram through yet another 15% increase by year's end. The only way to head it off, say government leaders around the world (including OPEC leaders...
...higher wages and weary of the hardships at home, most IIs come to Hong Kong for good. They arrive singly or in small groups, armed and prepared to fight. Many are smuggled into the colony by immigrants living there; the largest such operation is run by a 100-member triad, or gang, called the Big Circle. One of the gang's ploys is to send a group of its members picnicking near the border; there they pick up IIs and escort them back into the city. Others come by way of Portuguese-run Macao, where "snakeheads" smuggle them...
...Nicaragua, the center-right Broad Opposition Front and the business-oriented Supreme Council of Private Enterprise endorsed the Sandinistas' five-member provisional government. Panama's Brigadier General Omar Torrijos Herrera welcomed three of its members to his capital with a military band, honor guard and government-arranged cheering throngs usually reserved for visiting heads of state. Following the OAS meeting, Peru broke off diplomatic relations with the Somoza regime; Brazil recalled its ambassador to Managua, announcing that relations with Nicaragua had been "suspended...