Word: recent
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Dates: during 1970-1979
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Last week the congressional Joint Economic Committee, of which Senator Bentsen is chairman, began special hearings into the productivity sag. From expert witnesses, the committee heard that despite the recent decline, the U.S. still has the world's highest level of productivity, but the lead is shrinking rapidly. In 1950 it took seven Japanese or three German workers to match the industrial output of one American; today two Japanese or 1.3 Germans can do as well. Last year the Japanese had a productivity increase of 8%; the U.S. gain was only .3%. In this year's first quarter...
...past quarter-century of uneven growth and the recent meteoric rise in oil prices have made the Third World a more disparate group of nations than ever. For many of them, the catchall appellation of less-developed countries (LDCs) has become outdated or at least incomplete. New subclassifications have become necessary: advanced-developing countries and least-developed countries; socialist LDCs and neocapitalist LDCs; non-oil LDCs and OPEC LDCs...
Also the growing rift between oil haves and have-nots widened further at the conference. Recent oil price increases will swell the collective current-accounts deficit of the non-OPEC LDCs this year by $5 billion, to a total $57 billion, and additional raises will grossly enlarge the gap. The Costa Rican delegation mustered some support from other oil-deficient Latin American countries for its proposal that OPEC consult with the importing LDCS before it raises prices again. But African and Asian delegations squelched the resolution partly out of fear that the OPEC nations might reduce their...
...Robin Warren experienced a thrill. This is how it must have been done when Kennedy embargoed Cuba, and Nixon invaded Cambodia, and Ford rescued the Mayaguez. Those moments in recent history began with a few men in these very rooms, deciding life and death; now he was one of those men. It was not so much a feeling of pride; it was fulfillment. . . He wondered if they always felt high when they dealt with these issues of life and death. - The Whole Truth...
Much of the recent buying comes from beyond Europe. Speculators in Turkey have made fabulous profits by hoarding gold as a hedge against their own sharply declining currency. The Arabs remain major buyers, and they like to get gold in 400-ounce bars (now worth about $110,000 each). Germany's Dresdner Bank is rumored to be holding 50 tons of gold for Arab accounts. It was presumably for those customers that the bank scooped up 652,000 of the 750,000 ounces auctioned off last month by the U.S. Treasury...