Word: oiling
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Dates: during 1970-1979
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...avalanche. The result was a thumping destruction of all the foundations of industrial society as nations returned to barter economies. Financial experts tirelessly insist that in the nonfiction world such a collapse would be impossible. One reason is that well over half of foreign trade, including sales of oil, metals and grain, is billed in dollars...
...Bundesbank's Pohl sees the world "moving inexorably toward a multicurrency arrangement." The European Monetary System is anchored on the German mark, while the Japanese yen is developing an important role in Asia as a trading currency. The oil-backed Saudi Arabian riyal could be a new powerhouse, but the Saudis have been reluctant to let it play a role in international loans...
...long-playing saga of the declining dollar has demonstrated -that a weakening currency fosters a vicious circle. The dollar's decline not only causes more inflation in the U.S. but also gives OPEC an excuse to push petroleum costs still higher, because oil prices are set in dollars. As the latest run on the dollar continued to lose momentum, officials in Bonn and Washington recalled that in the battle of the buck the next round of speculation has always come more quickly and been more ferocious than the last...
...will China pay for these expensive wares? One high-ranking economist dangled before the visitors the still largely untouched prospects in China's good earth. Besides oil and coal, China's natural wealth includes iron, manganese, tungsten, antimony, tin, copper, lead, zinc, mercury, molybdenum and aluminum. Said he: "Remember, it takes four or five tons of titanium to make a single Boeing 747, and we are also rich...
...elements called rare earths, the Chinese are also becoming increasingly skilled at extracting them and putting them to work in many ways, for example, as catalysts in petroleum refining. The visiting American specialists found one area where the U.S. could learn from the Chinese: the production of oil from shale...