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...enormous cost of imported oil, now more than $11 per bbl.,* a fourfold inflation in only one year. The increase has enabled the oil exporting countries to earn an almost inconceivable amount of foreign currency: about $100 billion this year. Unless prices weaken, next year's total will swell to $108 billion. By the end of this decade, the 13 nations of the Organization of Petroleum Exporting Countries (OPEC) could have a surplus of gold, dollars, pounds, marks, francs and other foreign currencies amounting to $650 billion; by contrast, the U.S.'s reserves are now $15 billion...

Author: /time Magazine | Title: OIL: Trying to Cope with the Looming Crisis | 10/14/1974 | See Source »

...starting time drew near, the fleet began to swell. The sails filled the horizen like an invading armada preparing a disorganized attack on the enemy. The two contestants paced back and forth by the committee boat waiting for the Olympic course to be posted, as the fleet of Coast Guard cutters and patrol boats attempted to beat back the invading armada...

Author: By William E. Stedman jr., | Title: 1974 America's Cup Challenge: Bond Bombs in Newport | 9/24/1974 | See Source »

...middle of a scene but somehow away from it, floating in the smoke above. It's like a child up in bed when his parents are having a party--the rise and swell of the voices and cocktail clinks downstairs lapping up and down like the sea. The kid knows more than they do. The reviewer who said they thought that the stoned members of the audience found California Split too fast to follow was dead wrong. It's movie to swim...

Author: By Richard Turner, | Title: Froot Loops and Moot Points | 9/18/1974 | See Source »

Today, the complexities are devilish. In the unlikely event that Ford should choose to pump up a slumping economy by having the Government ladle out money, inflation could swell to even more unprecedented dimensions. The greater fear among some liberal economists is that he will give exclusive priority to fighting inflation by radically slashing federal spending and encouraging the independent Federal Reserve to keep a heavy hand on the nation's money supply, and thereby bring on a real bust. In July, the Council of Economic Advisers expected unemployment to rise to 6% before it began to come down...

Author: /time Magazine | Title: POLICY: Seeking Relief from a Massive Migraine | 9/9/1974 | See Source »

...been little peaceful use for plutonium, and most of the small amounts produced by utility companies has been either stockpiled or used for research. But as methods for using this material are perfected, plutonium will become an increasingly common reactor fuel. As a result, traffic in the stuff will swell. It will be shipped from processing plants to fabricating plants (where it is made into fuel rods that are unusable for weapons), to nuclear installations, and then back again for reprocessing. In addition, the AEC's highly touted "breeders," a new generation of reactors that produce considerable amounts...

Author: /time Magazine | Title: Science: Amateur A-Bomb? | 5/13/1974 | See Source »

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