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...with a potential energy shortage caused by the refusal of coal miners and electrical engineers to work overtime. The Department of Trade and Industry announced that in October Britain suffered a trade deficit of at least $715 million, the worst ever. To prevent a potentially ruinous run on the pound, the Bank of England hiked its lending rate to an unprecedented 13%. The London stock exchange responded by slid ing to its lowest level in two years...

Author: /time Magazine | Title: Time Essay: Welcome to Ruritania | 11/26/1973 | See Source »

...people, we appear to have lost our illusions more rapidly than our leaders and responsible commentators have. The great gulf between rulers and ruled is that one group cares about the balance of payments, growth, unemployment and the pound, while the other does not. With the decline of belief in religion, national destiny and the rest of that package, the country has simply refused to accept industrial growth as a substitute; it possesses some moral force which is stronger than the extremely doubtful material benefits growth seems to offer. While Prime Ministers and responsible commentators peddle these absurd nostrums...

Author: /time Magazine | Title: Time Essay: Welcome to Ruritania | 11/26/1973 | See Source »

...shortage of sesame seeds will denude the seeded hamburger bun. Because turkey has become a popular substitute for more expensive meat, flocks are smaller than they have been in any fourth quarter in the past decade. The result: the birds will retail at anywhere from 75? to $1.09 a pound, up sharply from last year...

Author: /time Magazine | Title: Business: Yes, We Have No Tomatoes | 11/5/1973 | See Source »

...leaped from the dinner table in his apartment. She was speechless, her hands were clutching at her chest, she was becoming faint and turning blue. What could he do? The symptoms were all too familiar to Prutting. He calmly advised his caller to lean the woman over a chair, pound her on the back and reach down her throat with his middle and index fingers to dislodge the obstruction. The doctor heard loud thumping sounds, and soon a relieved voice came back on the Line. "It was only a piece of beef," said the executive. "She's fine...

Author: /time Magazine | Title: Medicine: Death at Dinner | 10/22/1973 | See Source »

...controls have also made it impossible for American industrialists to pay the high prices that such materials as copper, cotton, wool, lumber and chemicals now command on world markets. Inevitably, the goods are being carried off by foreign buyers, especially the Japanese. ("The Japanese have bought up every pound of wool in the world!" a New York buyer hyperbolically exclaims.) Says Alan Greenspan, a member of TIME's Board of Economists: "We have prices being suppressed by the control program under the world level. We would have no shortage at all if prices were allowed to rise...

Author: /time Magazine | Title: SHORTAGES: Time for a New Frugality | 10/15/1973 | See Source »

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