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...sure, in accepting surplus oil revenues of the size the OPEC nations possess, the U.S. would be taking on a financial task unparalleled in world history. Foreign investment is not new, by any means. Many nations have a stake in the U.S. economy. Even the Vatican has put perhaps 15% of its estimated investment portfolio of $2 billion in U.S. blue chips. Until now, longer-term investments have gradually and calmly built to their current grand total of $70.5 billion, with Western Europe and Canada as leaders...

Author: /time Magazine | Title: Time Essay: The U.S. Should Soak Up That Shower of Gold | 12/16/1974 | See Source »

...question of whether there will be 20 or 21 Arab states in the Mideast is morally trivial compared to the question of whether the Jewish people should possess its only home," he said...

Author: By Brenda Gruss, | Title: Israel Must Remain Sovereign, Abba Eban Declares at Rally | 12/13/1974 | See Source »

Producers of other materials, too, are now banding together to try to lift prices. Countries that possess iron ore (including Venezuela and Brazil) and seven bauxite producers (Guinea, Guyana, Jamaica, Sierra Leone, Surinam, Australia and Yugoslavia) are talking about forming cartels. Coffee-producing nations hope to control prices by reducing exports from the Central American republics. Oil-rich Venezuela promises to make up their short-term losses in revenues with subsidies from a special investment fund...

Author: /time Magazine | Title: CARTELS: Imitating OPEC | 12/2/1974 | See Source »

Vogt accepted the baton, nothing that the Maya Indians also own batons which, they believe, possess an inner soul placed there by the gods to foster leadership...

Author: By Ralph J. Banasiak, | Title: Vogts Receive Baton and Key In Kirkland Masters Ceremony | 11/27/1974 | See Source »

...practice they run drills which include heading the ball continuously for the full length of the penalty area, bouncing it on their thighs while running, and then chipping it with their heels well enough to make any reporter who has said that they do not possess individual ball handling skills eat his pencil...

Author: By Efthimios O. Vidalis, | Title: Ivy Soccer Championship on the Line As Harvard Booters Challenge Brown | 11/16/1974 | See Source »

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