Word: turkeys
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Dates: during 1970-1979
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...billion in debts since oil prices began climbing almost six years ago, and the latest rises could add some $6 billion more to the burden by year's end. Fears are growing of defaults that would shake the private Western banks that have done much of the lending. Turkey, Sudan, Bolivia, Zaire, Zambia, Jamaica and other countries are in trouble...
...early in his presidency, while sitting in the Oval Office, he sadly abandoned his hope that the Soviet Union would be an ally in peace as in war. Glancing up from his desk, he told his counsel, Clark Clifford, that Stalin would have to be confronted in Greece and Turkey, and so the Truman Doctrine was launched. But even through the Berlin airlift and the Korean War, Truman searched for contacts with the Soviet Union, whether ballet dancers or scientists. Eisenhower continued to probe for the elusive understanding at Camp David and Paris, even as he sent...
...even within the prescribed quotas for military manpower and non-nuclear weaponry, West Germany also built a standing army of 489,000?the largest, best-equipped and most disciplined in Western Europe and second only to the U.S. and Turkey in the NATO alliance. That military machine faces an enduring dilemma: it has to be strong enough for the defense of Central Europe, but never so strong as to provoke the Soviet Union's obsessive fear of a renascent, militaristic West Germany. "We must be cautious," says Defense Minister Hans Apel. "Neither in Eastern nor Western Europe can we create...
...burgher prosperity and bustling stability, West Germany is not without problems. The burden of the unemployment falls mainly on the Gastarbeiter, the 3.9 million "guest workers" and their families imported over the years from Turkey, Yugoslavia, Italy, Greece and Portugal to do the menial jobs that West Germans disdain. As jobs have become scarcer, more than a million Gastarbeiter have been repatriated, either by inducement or expulsion; the remainder live as alienated poor in urban ghettos, cut off from the rest of society...
Much of the recent buying comes from beyond Europe. Speculators in Turkey have made fabulous profits by hoarding gold as a hedge against their own sharply declining currency. The Arabs remain major buyers, and they like to get gold in 400-ounce bars (now worth about $110,000 each). Germany's Dresdner Bank is rumored to be holding 50 tons of gold for Arab accounts. It was presumably for those customers that the bank scooped up 652,000 of the 750,000 ounces auctioned off last month by the U.S. Treasury...