Word: one
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Dates: during 1980-1989
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...most disturbing fact is that no one knows how severe the problems may be. In a report to Congress last month, the General Accounting Office described the same pattern of sloppy accounting and slack Government supervision that allowed the S&L debacle to go unchecked. Because many agencies kept such poor books, GAO auditors could not even determine how much of the $5 trillion is at risk of default. "The ignorance, incompetence and corruption in many of the Government loan and loan-guarantee programs are appalling," says Dingell...
...third time in this century the old order is crumbling in Europe, and the world waits anxiously for a new one to be born. The transition promises to be long, difficult and hazardous. But rarely if ever has the vision of a peaceful and relatively free Europe stretching from the Atlantic to the Urals seemed so palpably within grasp. Thus 1989 is destined to join other dates in history -- 1918 and 1945 -- that schoolchildren are required to remember, another year when an era ended, in this case the 44-year postwar period, which is closing with the rapid unraveling...
According to Migranyan, the unsettling change in climate is partly due to Gorbachev's democratizing efforts. Those measures have permitted grass-roots resistance to unpopular reforms. "The Soviet Union," said Migranyan, "is acting like a democracy without really being one." Above all, said Migranyan, his country needed a model to make the transition from state-owned to free- market economy. "Nobody knows how to do it," he said, including Gorbachev, whose government lacks "conceptual ideas and clarity about what to do." Migranyan said the short-term remedy was either food or force. As long as there was sausage...
...case, asked Vogel, "if reunification should happen, where is the threat to the rest of Europe? Please, let us stop thinking of reunification producing a Fourth Reich built on the ashes of NATO." One solution, he suggested, was to make the transformation of the East bloc a "European task. If there is concern about the re-emergence of a German superpower, the best of all ways to get a lever on it would be to invest in a West European relief and aid operation in East Germany and create a European orientation to that process...
...nations lost to Soviet power for two generations." He suggested that the people of Eastern Europe had achieved "a spiritual dimension, of those who had to fight for 40 years against oppression" -- an attitude from which the West could learn. Eastern Europe's transformation, he said, "is not a one-way street...