Word: processing
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Dates: during 1970-1979
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...shaking the money markets. Lawyers last week went on a suing spree, grabbing up Iranian corporate and industrial assets not only in the U.S. but also in West Germany. The free-for-all rush after Iranian booty put investors and businessmen on edge, rattled money markets and in the process helped send the dollar into a renewed slide while pushing gold back up to more than $400 per oz. In the scramble, banks even wound up suing each other. Lamented one London finance man: "The situation is total confusion." Added a nervous colleague in Frankfurt: "The chaos is complete...
...painful process: out with the old to ring...
Nowhere is the need for this conversion process more acute than in the hulking, old steel industry. Fully 26% of its plant is outdated, and replacing it with the best technology available will require tens of billions of dollars. Last week the largest producer, U.S. Steel, took some belated steps on the route to conversion, at least two years after most of its competitors had already done so. The company by the end of 1981 will shut down 15 older plants and mills in eight states, laying off 13,000 of its 100,000 steelworkers. Among the closings: the Youngstown...
...Vatican Council declared papal infallibility in formal teachings and defined the Pope's "immediate" jurisdiction over every diocese in the world. Orthodoxy might accept the Pope as primate, but only as a first among equals with the right to initiate and coordinate action, a slow and often exasperating process now followed by the Ecumenical Patriarchate with the independent branches within the Orthodox Church. If the Pope accepted such a condition, he would be reverting to his status during the first eight centuries after Christ, something that few Catholics can imagine happening...
Sociologists have suggested that this kind of competition further traumatizes and stigmatizes victims of the testing process. They have called it "counter-productive to the social aims of progressive educational theory." But sports observers have noted that the competition does provoke some emotional stimulation that could be healthy for grade-obsessed bookworms...