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Dates: during 1970-1979
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Iran is beginning to find some ways around the economic measures taken against it by the U.S. The biggest difficulty has been surmounting the international banking tangle caused by Carter's order last month freezing more than $8 billion in Iranian assets held by U.S. banks. Because of it, no sizable bank anywhere in the world is willing to extend credit to Iran. Most banks are also unwilling to handle Iran's international transactions, with the important exception of the Swiss and Japanese. They have made it possible for Iran to keep making oil sales, which amount...

Author: /time Magazine | Title: Nation: Good Will Toward Men? | 12/24/1979 | See Source »

...dramatic downfall took place over a classic bread-and-butter issue: the budget. At stake was an austerity program that had been outlined two days before by Finance Minister John Crosbie. The program's goal was to raise an extra $3.5 billion in Canadian tax revenue in order to move toward full energy independence for Canada by 1990. Unfortunately, it was not as simple as it seemed. Crosbie's budget called for whopping tax increases on gasoline, heating oil and alcohol, and a 5% surcharge on corporate taxes. The gasoline tax alone would be increased from...

Author: /time Magazine | Title: CANADA: Casual Joe Takes a Fall | 12/24/1979 | See Source »

...bottle of iced Vietnamese or Thai beer. But there was running water only in Phnom-Penh." Labbe observed a flourishing capitalist-style free market in food and in goods smuggled from Thailand. Cambodians who buried gold and jewelry during the Pol Pot regime have now disinterred their valuables in order to pay for the rice, clothing and household goods sold in the markets...

Author: /time Magazine | Title: World: Struggling Back to Life | 12/24/1979 | See Source »

...rises were welcome, on the theory that they might somehow manage to forestall even bigger OPEC money grabs in the days ahead. By bringing its charges up to the $24 level, where much of the rest of OPEC has been for months, Saudi Arabia is attempting to return order and stability to the cartel's chaotic price structure as well as head off demands in Caracas for much steeper hikes by such cartel radicals as Iran, Libya and Nigeria. Said Saudi Oil Minister Ahmed Zaki Yamani: "We wanted to avoid a hot discussion in Caracas that might lead...

Author: /time Magazine | Title: Business: Another Oil Price Stunner | 12/24/1979 | See Source »

...hung-over morning after a dissolute evening of booze, cocaine and sadomasochistic pastimes. The apartment of Max and his dancer-lover Rudy (David Marshall Grant) is broken in on by Storm Troopers. The two flee but are subsequently captured. The Nazi goons begin beating Rudy viciously and order Max to do the same. He begins in utter dismay, recognizes what he has been degraded to, and in an orgy of self-loathing deals his lover the final fatal blow. To amuse themselves further, the guards then order Max to undergo an appalling sexual test. He passes. The guards thought...

Author: /time Magazine | Title: Theater: Walpurgisnacht | 12/17/1979 | See Source »

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