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...sure, in accepting surplus oil revenues of the size the OPEC nations possess, the U.S. would be taking on a financial task unparalleled in world history. Foreign investment is not new, by any means. Many nations have a stake in the U.S. economy. Even the Vatican has put perhaps 15% of its estimated investment portfolio of $2 billion in U.S. blue chips. Until now, longer-term investments have gradually and calmly built to their current grand total of $70.5 billion, with Western Europe and Canada as leaders...

Author: /time Magazine | Title: Time Essay: The U.S. Should Soak Up That Shower of Gold | 12/16/1974 | See Source »

Outside, members of the Laissez-les Vivre (Let Them Live) anti-abortion group paraded past the Assembly, praying aloud. The Vatican issued a statement condemning all legislation that would permit abortion. This so outraged the liberal-Catholic Le Monde that the paper ran a front-page editorial denouncing "this interference in the internal affairs of a country where the church and state have been separated for 71 years...

Author: /time Magazine | Title: FRANCE: Emotional Victory | 12/9/1974 | See Source »

...example is the late Baroque Church of the Blessed Andreas near Innsbruck, which for many years sheltered a gruesome set of statues showing Jews killing a boy called Andreas of Rinn-a 17th century legend invented about an alleged 15th century event. Though the statues were finally removed after Vatican II, a ceiling painting depicting the grisly story remains. But a plaque on the wall now warns visitors: "The story of Andreas of Rinn is only a legend ... It is therefore clear that this event has no connection with the Jewish people...

Author: /time Magazine | Title: Religion: Legacy of Hate | 12/2/1974 | See Source »

...warned the bishops that today's technological society in the U.S. is "bereft of any convincing sense of ultimate purpose or rooted moral belief." Moreover, in the mobile U.S. society, Catholics have lost much of their comforting old ethnic solidarity. The changes in the church that followed Vatican II, Thomas noted, have added to Catholics' feeling of rootlessness...

Author: /time Magazine | Title: Religion: A Healer for Catholics | 12/2/1974 | See Source »

Disembodied Spirits. Apart from Pope Paul VI, Arafat is the only person who does not represent a government ever to address the plenary Assembly. The Pontiff had a claim to legitimacy as head of a state; he is ruler of Vatican City. Arafat heads a heterogeneous organization whose popular strength is untested, but the Arab nations nonetheless greeted him as a conquering hero...

Author: /time Magazine | Title: MIDDLE EAST: Guns and Olive Branches | 11/25/1974 | See Source »

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