Word: petroleum
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Dates: during 1960-1969
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Wipe Out. During its first 100 years or so, the U.S. economy was supported by European capital. Europeans bankrolled Thomas Jefferson's Louisiana Purchase ($11 million), and European financiers were principal backers of the railroads and the steel, petroleum, mining, cotton and Southwestern cattle industries. The European stake in the U.S. peaked at $7 billion in 1914, but it took two world wars to all but wipe it out. German plants in the U.S. were confiscated in both world wars. Other Europeans sold off their U.S. holdings to raise cash for their war efforts...
...search for office space. When he finally sold his interest back to Rainier, he cleared $5,000,000. In a 1954 attempt to monopolize the Saudi Arabian oil market, he made a deal with King Saud that would have given him exclusive rights to ship that country's petroleum. He thus brought down the collective wrath of the world's oilmen, who finally brought him to heel...
Successful as the scheme proved, the oil-tanker business remains a fragile floating crap game in international finance. Fortunately for Onassis, the demand for petroleum imposed by the Marshall Plan, the Korean War and now Viet Nam has kept the tankers cruising through the past 30 years at an ever accelerating pace. He has also been aided along the way by Oilman John Paul Getty, 75, whom Onassis admired and courted...
Giro is also likely to get plenty of business from corporations. Close to 60,000 companies have signed up for it so far, including Imperial Chemical Industries, Courtaulds, British Petroleum and most of the nationalized firms. Using Giro's computers, they can pay their employees through the system and use it to collect bills. Best of all, firms can cut down on paper work and accounting costs because they will get a daily statement of payments and receipts...
When International Petroleum Co., a subsidiary of Standard Oil (N.J.), agreed to turn over its La Brea y Pariñas oilfields to the Peruvian government two months ago, it appeared to be assuaging one of the deepest grievances of Peru's nationalists. As things turned out, the deal did not go nearly far enough for the country's military leaders, who used it as the prime pretext for overthrowing President Fernando Belaúnde Terry (TIME, Oct. 11). Last week, having peremptorily canceled Belaunde's agreement with IPC, Peru s new junta took a different approach...