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...brink of total extinction. During the last week of the Hoover regime, $250 million in gold had been withdrawn by frightened depositors. Overall bank reserves now stood at a mere $6 billion against liabilities of $41 billion. Roosevelt decided that he had no choice but to proclaim a nationwide "bank holiday" to last until he could push a recovery bill through Congress. And so it was done. The banks were closed...

Author: /time Magazine | Title: F.D.R.'s Disputed Legacy | 2/1/1982 | See Source »

...Here the ruthless Realist in Reagan overshadows the Libertarian. When the Democrats dare to predict that Reagan's grand design will crumble under the weight of its internal contradictions, the president responds by calling these condemnations "wild charges" and warning his public not to "be fooled by those who proclaim that spending cuts will deprive the elderly, the needy and the helpless." Here the purblind Idealist in Reagan overpowers the Realist. Who will be deprived by the programs of this Man of Action if not the elderly, the needy and the helpless? Ronald Reagan, nice guy, manages to assuage fears...

Author: By Laurence S. Grafstein, | Title: The Mistake of the Union | 1/29/1982 | See Source »

Since World War II, banners bearing variations of the hammer and sickle have been unfurled in 15 countries. The victory of Marxists in nations as diverse and far-flung as the Seychelles, South Yemen, Ethiopia, Angola and Nicaragua led Richard Nixon to proclaim that World War III has already begun and that the other side may be winning. Without resorting to quite the rhetorical excesses of his former boss, Secretary of State Alexander Haig uses almost every occasion he can to raise the alarm: "Moscow is the greatest source of international insecurity

Author: /time Magazine | Title: Communism: The Specter and the Struggle | 1/4/1982 | See Source »

...courageous one. Jaruzelski's assurance that in modern times troubles like those in Poland need not lead to war has a ring of unintended irony in the wake of his decision two weeks ago to proclaim martial law-"a state of war," as it is called in the Polish constitution. Jaruzelski got his thankless, and perhaps hopeless, job heading the party because he was, and still is, Defense Minister and chief of the armed forces. The absurd logic of his appointment is now complete: he has threatened war against his own people...

Author: /time Magazine | Title: Communism: The Specter and the Struggle | 1/4/1982 | See Source »

Anwar Sadat, 62, President of Egypt, who led his country to war against Israel in 1973, then launched a peace initiative climaxed by one of the most dramatic gestures ever made by a head of state, his "sacred mission" to Jerusalem in 1977 to proclaim his willingness "to live in permanent peace and justice." The 1978 Camp David accords made him the only Arab leader to make peace with the Jewish state, but also made him anathema to many of his countrymen and culminated in his assassination...

Author: /time Magazine | Title: Images: IMAGES: Farewell | 12/28/1981 | See Source »

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