Word: oneness
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Dates: during 1970-1979
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...rush after Iranian booty put investors and businessmen on edge, rattled money markets and in the process helped send the dollar into a renewed slide while pushing gold back up to more than $400 per oz. In the scramble, banks even wound up suing each other. Lamented one London finance man: "The situation is total confusion." Added a nervous colleague in Frankfurt: "The chaos is complete. You just do not know what to expect next...
...competitors had already done so. The company by the end of 1981 will shut down 15 older plants and mills in eight states, laying off 13,000 of its 100,000 steelworkers. Among the closings: the Youngstown Works in Ohio where a steam engine installed in 1908 still drives one of the rolling mills. U.S. Steel's earnings will be hit by the plant closings, which could cost as much as $600 million, mainly in pension benefits to workers. But Chairman David Roderick indicated that further closings may be necessary unless productivity and quality are improved...
What is deceiving is that this recession may be coming out in spots like a case of measles. The auto industry has been the first big one to feel it; sales are off 10% for the year and more than 16% for the last ten-day selling period. Housing is also hurting, and industry experts are predicting a decline of 20% next year...
Everyone's Money Book by Jane Bryant Quinn. Conversational in style and lucid in its ex planations, Quinn's book, a third shorter and at $14.95 almost 50% cheaper than Porter's, is also a lot more fun to read. One section quotes Robert Frost: "Take care to sell your horse be fore he dies. The art of life is passing losses on." The book is well indexed, cross-referenced and divided into discrete subject areas; each chapter assumes the reader has not read the others. Quinn covers the usual ground of budgeting, investing, saving, home buying...
...border, but they are going like crazy up here." Around the town of Medicine Hat, where 1,700 oil and gas wells have been drilled in the past year, Canadian, British and West German tank troops on war games have to aim very, very carefully to avoid blowing up one of those pools of energy...