Word: system
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Dates: during 1970-1979
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CRIMSON SPLASHES: The new Columbia pool stands as a monument to the ineptitude of the architects and construction firms that plan and build aquatic facilities. The Lions' home was built without any ventilation system whatsoever, creating a sauna atmosphere which, combined with the excess chlorine in the pool, made it very difficult for the swimmers to breathe...
...consumption. In theory, at least, those purchases could be easily replaced by swapping: oil companies could exchange Iranian crude with other companies that have equal amounts of non-Iranian petroleum. Nor in theory should the freezing of Iranian bank assets prove especially disruptive to money markets or the banking system. The Tehran government's estimated $6 billion in petrodollar holdings is only a fraction of the more than $150 billion that big international banks move back and forth among each other every day. Withdrawing the Iranian funds would, by itself, hardly cause much more than a momentary ripple...
...fact, the rising stakes in the Iranian mess are almost certain to put alarming new stresses on both the U.S. economy and the world financial system. Asserts Economist Otto Eckstein, president of Data Resources Inc.: "The direct impact of the U.S.'s actions is obviously small. But the unfortunate experience of the past few years has been that every political problem involving an energy-producing nation ultimately converts itself into a further upset in the oil market and a further upset in prices...
...worst peril is the damage that the Iranian crisis can do to the international financial system that is the lifeblood of the world economy. Nearly all the currency printed or minted by the U.S. remains physically inside the U.S., but an estimated $750 billion in legal claims on that money are held by foreign governments, corporations and individuals as so-called Eurodollar accounts overseas. Many of those accounts, including the bulk of the frozen Iranian assets, are located in the foreign branches and subsidiaries of U.S. banks. The funds are not under the jurisdiction of Washington...
...bank. That would add yet more weight to the growing OPEC feeling that it is smarter to cut production and leave the oil in the ground where it is safe than to turn it into dollars or other paper assets that can be seized. Confidence in the international monetary system was shaky enough before last week's action. Since 1973, the nearly tenfold increase in oil prices has sent an estimated $150 billion cascading into OPEC's coffers. The resulting deficits of the oil-dependent nations have soared, forcing countries to borrow heavily just to pay for their...