Word: panic
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Dates: during 1970-1979
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...producing countries took advantage of the panic caused by Arab embargoes and production cutbacks to quadruple the price of crude in the past six months. That move alone will push up prices an average of 3% this year in consuming nations, which will have to pay at least $40 billion more than last year for their oil. But oil prices could well slip back down a bit now that the Arabs are again pumping out crude faster...
...point at which heady advance turned into steady retreat. Predictions abounded that the world's second richest economy, which depends on the Middle East for 84% of its oil, would fall into a 1974 recession or even depression. Nothing of the sort has happened. Despite an initial panic and rising inflation, oil imports dropped only slightly, and now that Japan is on the Arabs' list of "friends," the government unofficially predicts that 1974 imports will actually rise 4% or so over 1973. The doomsday atmosphere has changed to a new mood of optimism...
...also said that the "fail-safe" mechanisms of machines employed at the Harvard-affiliated hospitals are doubly safe since they have a "dead man's switch" in addition to the usual "panic button...
...Politics this year, "How the Congress Responds to Crisis." He is confident that Nixon will either resign or be impeached. He speculates that Tuesday's Republican loss of the Cincinnati congressional seat of Rep. Willis D. Gradison Jr. (R-Ohio) to the Democrats will create "more than just subsurface panic" in the GOP, and it will place "enormous pressure" on the president to resign...
...increasing the chances that they will be used. Secretary of Defense James Schlesinger claims they are needed "to develop a wider variety of options...in crisis situations." But the proposed armaments only lead to a wider variety of options for all-out nuclear war to begin, through conscious choice, panic or negligence...