Word: surplus
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What is needed is a complete overhaul of food production systems in the region: irrigation networks to increase the harvests, modern silos in areas like Tanzania to store the surplus, and better distribution methods to get the food to those who need it. But even if these ambitious plans are vigorously carried out, they cannot save the multitudes that are starving now. Says an FAO food expert: "No matter what we do now, millions will die." Adds World Food Council Executive Director Maurice Williams: "I wish I could say I had hope for the future, but I fear that...
...greatest concerns among members of the TIME board was over the ability of banks to continue recycling the money being earned by the oil producers. Since 1972 the OPEC countries have been depositing their surplus income largely in Western banks, which have then loaned the funds to oil importing nations. Those banks are increasingly concerned about the $366 billion debt built up by the Third World countries, and OPEC members are growing leery of leaving their money in Western banks because of the U.S. Government's seizure last year of Iran's deposits in American banks. Said Switzerland...
Last week's meeting underscored again the weakened role of Saudi Arabia inside OPEC. While that country still pumps one-third of all OPEC production, it can no longer solely determine world oil policy. Prior to the Iranian revolution, Saudi Arabia virtually dictated crude prices because it had surplus production and could threaten to drive the cost of crude down if the other countries did not follow its lead. Now the Saudis are pumping oil at the rate of 9.5 million bbl. per day, which is 1 million more than before the fall of the Shah of Iran...
...consuming nations can hardly derive much solace from the relatively modest price increases. The current oil surplus is expected to have evaporated by fall. Even if it has not, the Saudis and others could decide to reduce production to keep pressure on prices. Other oil countries believe that Saudi Arabia will soon cut output. Said Kuwait Oil Minister Ali Khalifa al-Sabah: "There is no specific promise, but that is certainly my understanding-if only through the way Yamani held his brow...
...state has indexed personal tax rates to inflation, put a lid on budget increases and abolished the business inventory tax. Moreover, Governor Jerry Brown has handed taxpayers $695 million in special tax credits. California's treasury has survived all these shocks in large part because of a hearty surplus fed by a vigorous economy that has become a modern cornucopia. TIME Correspondent Michael Moritz reports: California has the world's ninth largest economy-a gross product of $30 billion, bigger than Australia's, Canada's or Brazil's. Its 22.9 million residents' personal income...