Word: summits
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Dates: during 1970-1979
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...follow the rising cost of crude oil and its effect on the world economy, the subject of this week's cover story, TIME correspondents and writers had to report, evaluate and coordinate the outcomes of two important summit meetings in cities 6,000 miles apart. In Tokyo, correspondents from three news bureaus were on hand when leaders of the U.S. and six other petroleum-importing countries met to forge a common strategy on the oil problem. Washington Correspondents Johanna McGeary, Gregory H. Wierzynski and George Taber followed President Carter throughout the talks and on an odyssey that included state...
...other industrial countries, the situation varies. Inflation has been speeding up throughout Europe and Japan and will be accelerated further by the oil increase. But in the other six summit countries, unlike the U.S., economic growth has been showing signs of revival this year. Now output and employment will inevitably slow as petroleum prices soar. How bad will the recession that has apparently begun in the U.S. become? That depends heavily on whether OPEC can somehow be persuaded to stop the price spiral at its present point...
...obvious that this question would dominate the Tokyo summit long before the government chiefs gathered around a 27-ft.-long mahogany table in the gilt-and-rococo Akasaka Palace for their first formal session. The summit, fifth in an annual series devoted to economics, had been scheduled before the latest oil crisis broke, and Jimmy Carter took the occasion to combine it with a state visit to Japan. For three days, while diplomats maneuvered in the back rooms, the President patiently went through the ceremonial rituals of such a visit?reviewing troops under a broiling Tokyo sun; chatting amiably with...
...agreement, such as it is, was not reached without tension and dispute. On the eve of the summit, Carter let it be known that he was "deeply angry" about a remark by French President Valéry Giscard d'Estaing that the Americans "haven't even started" to curb wasteful use of oil. Once the sessions began, however, Carter's principal opponent was not Giscard but German Chancellor Helmut Schmidt, who conducted what the American President wearily described to aides as a filibuster in favor of the European plan; the difficult personal relations between the two had rarely been more strained...
...they awaited this week's two pointedly paired economic gatherings -the OPEC oil ministers' price-setting meeting in Geneva and the summit of the leaders of the seven top industrial democracies in Tokyo-the men who guide the Western economies were fairly exhausting their vocabularies of gloom...