Word: wealth
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Dates: during 1980-1989
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Though their oil sales have given the Arabs the greatest transfer of wealth in world history, they have moved relatively slowly into banking. Considering the complexity and high risks involved in modern international finance, they acted with commendable prudence. As the first petrodollars began to flood in, almost no Arab monetary agencies knew how to protect their new-found riches from the ravages of inflation. Many of the top moneymen had scant training for their high posts. Hence the Arab officials wisely turned to sure things: U.S. Treasury bills and mammoth deposits in the big international American and British banks...
...education, to religious expression. " In the slums of Rio he called out to the rich: "Look around a bit. Does it not wound your heart? Do you not feel remorse of conscience because of your riches and abundance?" He urged economic reorganization and a "more just distribution" of wealth. In a land where the church once preached passivity and fatalism, he urged the poor to "do everything legal to assure their families whatever is necessary for life." Afterward, listeners handed him letters asking for help in or der to get running water, electricity, sew age lines and title...
With their huge capacities and national sense of uniqueness, with their long isolation from other cultures across the oceans, Americans also worked well at becoming almost as good as they said they were. America became a miracle of sheer energy and wealth and life: an incandescence, a genetic wonderworks that the Old World stared at in astonishment. The spectacle of such opportunity got the immigrant adrenaline going. New Americans rose to the occasion more often than revisionist history is inclined to admit. The melting pot functioned better than the current assumption of ethnic conflict supposes. Whatever the economic trammels...
...pledged to hold in 1981. The field seemed clear for the military to put forward a candidate of its own, perhaps the emerging strongman, Lieut. General Chun Du Hwan. As for the millionaire culprits, the authorities were magnanimous: the nine would "resign from all public offices" -and donate their wealth to the government's public welfare fund...
...More than half of the present Arab heads of state, notes Levy, have reached power by forcibly eliminating their predecessors. Also, during the past decade, Arabs have fought Arabs in numerous bloody wars. The region's stability is further undermined by the traumatic changes brought on by oil wealth, such as rapid economic development, huge riches and a massive influx of foreign labor. These have caused violent strains in Muslim orthodoxy, as reflected in the attack on the Sacred Mosque of Mecca and the Iranian revolution...