Word: iraqization
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...other Arab nations were in any position to help Nasser-or themselves. As a result of the Middle East oil embargo (see WORLD BUSINESS), Iraq's gold reserves are expected to dip perilously low. In Syria, which lost the vital revenues from two oil pipelines, the capital city of Damascus began rationing food last week. Lebanon's $85 million-a-year tourist industry, meantime, has all but dried up. Hardest hit is Jordan: it lost not only the tourist-rich Old City of Jerusalem but, at least for the time being, the agricultural lands on the west bank...
...first wail is always difficult to believe. In Cairo, last week, it scarcely disturbed the morning bustle of the bazaar, or the gossip of black-clad women clucking along the banks of the muddy Nile. No matter that only the night before, President Gamal Abdel Nasser had welcomed Iraq to the Egypto-Jordanian alliance against Israel, and proclaimed: "We are so eager for battle in order to force the enemy to awake from his dreams and meet Arab reality face to face." Fixed in their own routine, the residents of Nasser's capital listened to the unfamiliar sound...
...Sinai Peninsula, site of Nasser's massive buildup against Israel in the past month. Some 200 of Nasser's frontline fighters, mostly Russian-built MIG-21s, were caught and destroyed on the ground. At almost the same time, Israeli jets hit Arab bases in Jordan, Syria and Iraq. They swept in from the sea to hit Egyptian bases deeper inside Egypt; and after landing only long enough to refuel, they hammered away until 25 of the most vital fields in the Arab world lay smoking. So expert were the Israeli pilots that they seldom seemed to waste a bomb...
...Monday night, the end of the first day's fighting, some 400 warplanes of five Arab nations had been obliterated. Egypt alone lost 300, Syria 60, Jordan 35, Iraq 15, Lebanon at least one. The cost to Israel's 400-fighter air force: 19 planes and pilots, mostly downed by ground fire...
Word of the Week. Throughout the week, the overriding economic word was oil, as Arab states, which produce 30% of the world's supply, decided to use their wells as weapons. Iraq, Libya and Algeria cut off all oil shipments, Kuwait and Saudi Arabia embargoed shipments to the U.S. and Britain, and small Qatar refused to load the ships of either nation. The situation seemed most serious for Britain, which gets two-thirds of its oil from the Arabs and has only a 30-day stock on hand. France and Italy, neither of whom was singled out for retaliation...