Word: past
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Dates: during 1970-1979
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...year reign of Dictator Porfirio Diaz, whose excesses touched off the revolution that led to the creation of the present republic. Those episodes have fostered a reflexive suspicion about yanqui motives that lingers to this day. Says a State Department official: "Mexicans are so sensitized by the past that it colors any overture from the U.S. They tend to see in normal conflicts much more sinster aspects than are really there...
...Americans have difficulty understanding Mexico, they have to a certain extent a valid excuse. In response to their country's tumultuous past, wrote Poet Octavio Paz in Labyrinth of Solitude, Mexicans have erected elaborate psychological "masks" to shield themselves from a world that they "regard instinctively to be dangerous." One such mask is machismo, the image...
Appearances deceive. "Don Pepe," says an admiring countryman, "is a real he-man." Far from being an otherworldly intellectual, Lopez Portillo is a tough-minded leader with an abrasive streak and a bent for professorial oratory: he often salts his speeches with fire-and-brimstone references to the Aztec past. During his state of the union address, for example, in speaking of the oil spill in the Bay of Campeche, he made references to an ancient god and the Aztec mistress of the Spanish conquistador Hernando Cortes. "In the depths of this flaming well," he intoned, "we Mexicans have seen...
Republican Alan Greenspan, perhaps the most optimistic member of TIME's board, sees a roller-coaster recession: the economy, after its slight rise, will plunge steeply during the coming winter and spring. Unemployment, which has hovered at about 5.7% for the past year, inched up to 6.0% in August, and a majority of TIME'S board predict that it will reach 8% by next summer, meaning some 8 million Americans will be out of work. That is severe, of course, but not as bad as during the 1974-75 recession, when the jobless rate...
...even the populist Carter Administration has backed Volcker's high-interest policy. Yet banks have had plenty of money to lend anyway-perhaps too much. In the past month, the money supply has grown at an annual rate of 11.5%. Beryl Sprinkel, executive vice president of Chicago's Harris Bank, argues that this "hemorrhaging" must be stanched if inflation is ever to be curbed...