Word: worldlys
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Dates: during 1970-1979
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...another man's resolve can figure more than aircraft carriers. Terrorist tactics can mock stockpiled nukes. From Harvard to Georgetown to the White House situation room, the scholars and strategists see emerging from the peculiarities of the Iranian situation a new and as yet unclear dimension to the world struggle. It derives partly from the fact that the U.S. has a military equal in the world. Washington can no longer fall back on an overwhelming power margin as the ultimate persuader...
...State Department one of the planners says the U.S. is now "shadow dancing" with the world, changing military budgets, talking tough with allies, all as part of the plan to reach into the mind of the Ayatullah Khomeini and go even farther-to the Kremlin. The experts believe that at last a spell is being cast beyond the White House, establishing the belief that Jimmy Carter, a reluctant dragon, could indeed bring himself to order fellow Americans into battle...
...cartel also failed to set limits on production, as some of its hawks sorely want to do. In fact, the divisions were sharp enough to raise questions about the future of OPEC. While its members' separate price rises will cause immediate pain to the rest of the world, they also present an opportunity for oil-importing nations to counter OPEC by cutting demand. Market forces, the law of supply and demand, will have a much bigger influence than before...
...Paris-based Organization for Economic Cooperation and Development, which comprises the world's 24 leading non-Communist nations, also issued a grim forecast, and on an even larger scale: a rise to $26 per bbl. would cut nearly 1% off its members' economic growth, reducing it to stagnation at best, and push OECD inflation up from an earlier projected 9% to at least 10%. Largely as a consequence of the oil increases, the organization now expects unemployment in its member nations to rise from just under 17 million to a full 20 million...
...Caracas gathering itself revealed a cartel in deepening disarray over how to cope with the topsy-turvy world of petroleum. The yearlong production cutbacks in Iran have tightened supplies and stirred chaos in oil markets everywhere. Cartel members such as Algeria, Libya and Nigeria have been ignoring official OPEC price lists. Iran has been dreaming up gimmicks to lift the cost of crude under contracts already signed at lower prices. The favorite tactic: requiring customers to buy at least some oil at up to $45 per bbl. Customers who balked have been threatened with loss of their long-term supply...