Word: oils
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Dates: during 1970-1979
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Anticipating the prospect of dollar-a-gallon home heating oil this winter, the Cambridge City Council last week assigned two city workers to prepare a plan for keeping Cantabrigians warm...
...material luxuries, they almost succeed in forgetting the hordes of zombies that surround the mall, clamoring at the entrances, waiting...waiting...It's an ingenious metaphor for our society's material-assisted repression of certain realities--poverty, social injustice, or more down to earth, our crippling over-dependence on oil, which we were made aware of in 1973 and managed to repress for six years...
...advanced nations are worried about the rise in oil prices, the LDCs and the world banking system have even more cause for concern. In the aftermath of the fourfold price rise of 1973, U.S. banks led the way in trying to "recycle" the dollars that flowed into the oil-producing states and were then invested in the West or parked for short periods in the major institutions of industrialized nations. Much of this money was loaned to the hard-pressed developing countries to help them pay their ever heavier oil bills. The international banking system came through that operation...
Though bankers agree that they are nearing the point where additional loans to LDCs could be an unacceptable risk, relatively well-off countries such as Mexico, with its new-found oil riches, and Brazil will continue to find a welcome. Middle-income states such as South Korea, the Philippines and Taiwan will also find lending officers receptive. But the traditional weaklings, such as Dahomey, Upper Volta, Turkey, Zaire, Egypt and others, will face a real struggle trying to get additional loans. Says one White House economist: "For the weaker LDCS the choice will be either lowering their living standard...
...Federal Reserve reported last week, fully 24% of all U.S. foreign bank loans-mostly commercial-have now been made to non-oil-producing LDCs...