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Twenty years ago, the view was different. Seikan was hailed as a technological "dawn for Asia." With 25 million people expected to travel between the islands each year, it would allow bullet trains to supplant aging ferries and slash travel times...

Author: /time Magazine | Title: Japan: Down the Tube | 2/7/1983 | See Source »

After the meeting broke up, the oil producers began a tense waiting game to see which one would be the first to slash prices. At a press conference, Yamani predicted that Britain, a non-OPEC producer, would take the lead within a few days by trimming $2 or $3 off its $33.50 charge for North Sea oil. He said that Nigeria, an OPEC member that has had particular trouble selling oil recently, might then feel forced to follow Britain's lead. If that happened, Yamani hinted, the Saudis might themselves shave a few dollars off their...

Author: /time Magazine | Title: The Humbling of OPEC | 2/7/1983 | See Source »

...resume in Geneva Jan. 27. Moscow's negotiators presumably will then formally present an offer already proclaimed publicly by Soviet Leader Yuri Andropov: if the U.S. cancels plans to deploy 572 single-warhead Pershing II and cruise missiles in Western Europe beginning in late 1983, the Kremlin will slash its own force of missiles targeted on Western Europe to make it equal to the number of launchers in the British and French forces. That would imply a reduction of 352 Soviet missiles. But only 72 of the 234 modern SS-20s trained on Europe would be included, and these...

Author: /time Magazine | Title: A New Math for Nuclear Weapons | 1/10/1983 | See Source »

With Congress and Reagan headed for a possible showdown next year over the third installment of his three-year income tax reduction, the poll finds substantial public opposition to the 10% tax slash. Fully 47% of Americans prefer to cancel the cut if their altruism would help balance the federal budget, while 37% want the cut and 16% are undecided. A higher proportion of Republicans (53%) than Democrats (45%) would like to jettison the tax reduction...

Author: /time Magazine | Title: Making Headway on Defense | 12/27/1982 | See Source »

More than 30% of U.S. industrial capacity now stands idle. As a result, companies are expected to slash real capital spending by 8.5% next year. That cutback almost guarantees that any business recovery will be painfully gradual...

Author: /time Magazine | Title: The Elusive Recovery | 12/27/1982 | See Source »

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