Cedar Rapids Gazette, December 15, 1974, Page 9

Cedar Rapids Gazette

December 15, 1974

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Issue date: Sunday, December 15, 1974

Pages available: 149

Previous edition: Saturday, December 14, 1974

Next edition: Monday, December 16, 1974

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Cedar Rapids Gazette (Newspaper) - December 15, 1974, Cedar Rapids, Iowa The Cedar Rapids Gazette: Sun., Dec. 15, 1974    94 Counterattack on Arab money can resist economies’ collapse By Norman Cousins The biggest single problem before the American people — and, indeed, a large part of the rest of the world - is neither inflation nor recession but the death grip being held on the world s economy by the oil-producing Arab states. An industrial society today cannot exist without energy and, until such time as other forms of energy are developed, the availability and price level of oil are life-and-death issues. For a half-century, the United States government has acted on the assumption that the principal threat to American and European institutions would* come from world communism. Now, suddenly, an even greater danger has materialized. It comes not from a communist nation or bloc of nations but from semifeudal societies which happen to be sitting on the largest single supply of the resource most needed by the rest of the world It now turns out that capitalism is most vulnerable not to Marxist ideas but to the power of Arab leaders to control or manipulate the economic lifeline of other nations. Some of these nations are in a more precarious position than others. For example: 1. Great Britain, already beset by a wide variety of economic difficulties, could be pushed over the edge in six months by a $20 billion Arab shove That amount represents the direct and indirect cost to the English economy of the quadrupled price of Arab oil. 2. Italy’s economic troubles are translated more rapidly into political upheaval than rn almost any other European country. Right now, inflation, unemployment and social unrest are being dangerously intensified by the economic dislocations produced by the staggering increase in oil prices. As in the case of Great Britain, the crisis is expected to come to a head within six months. On the values of work Opinion Page 2 Views Ideas Insights Judgments Comments 3. France has had a succession of political emergencies, and it is possible that another one could develop even without respect to oil. But the added strain on the economy produced by the oil increase could trigger a series of political shocks in the months just ahead. 4. Japan, more than any major nation in the world, is a producing economy. It has almost no raw materials of its own. Its situation is therefore more serious than that of must of the other highly industrialized societies because it has to buy a wide range of materials affected by the quadrupled price of oil in addition to buying the oil itself. Some estimates put the annual combined deficit on the Japanese economy caused by oil in excess of $22 billion. 5. India’s penalty caused by oil is in the range of $10 to $12 billion This is comparatively low alongside the losses of the more industrialized nations, but the impact on India is more severe because India is in a period of transition from an underdeveloped nation into an industrialized society. She has to contend with large-scale poverty and can hardly afford the ordinary costs of transition, much lew the quadrupling of the oil prices. The economic collapse of India would be one of the greatest political disasters in modern history. It would confront the United States with a profound change in the political and ideological complexion of Asia. The adverse impact on the Soviet Union would be equally great. Conversely, the actual and potential expansion in the territorial and demographic domain of China would give that country awesome influence and power in the world For the United State's, it is no longer possible to blink at the reality. The Arab nations have declared economic war against a large part of the world, including the United States. We* are confronted with an emergency that we cannot meet by military means But neither are we helpless to protect ourselves. The money the Arabs are taking from the rest of the world is meaningless unless that money can be invested or deposited in the very nations from which the money is being taken For example, hundreds of millions of dollars are now being offered for deposit in American banks on which interest would not have to be paid for 20 years, being accumulated during that time If the rest of the world can act together in a common interest to keep the Arabs from exploiting their money, or even from making effective use of it, there’s a chance of exerting leverage on the Arab states. Having declared war, the Arabs must be made to realize that millions of human beings have no intention of becoming supine victims Los Angeles Times Syndicate Norman Cousins Lessons of Depression stuck By Jenkin Lloyd Jones The editor of a newspaper in a middle-sized Wisconsin town has written me for permission to reprint a column, and I was happy to comply, because it fulfilled a 41-year-old ambition. At last I got some of my stuff in his paper. For it was to that newspaper that I made my first job application. It was in the spring before my graduation from college. I had carefully pasted into a stringbook what I considered my most brilliant effusions in the campus daily, and all the way down I practiced my sales pitch. The then-editor was a kindly man. He glanced at my efforts and made gentlemanly noises of approbation. But he explained that in recent months two old and valued    employes    with    wives    and children to    feed had    been    let out for economy reasons. To this I had no answer. I got back on the road and elsewhere it was the same. No one wanted me at any price. At last I swallowed my pride and went to work for my dad, properly thankful by this time that I belonged to that small    minority    which    had    dads with jobs to give. I had pecked my way out of the shell into the chill winds of 1933 I was a Depression chick Generally speaking, the Depression chicks are    a breed    apart    We    were wounded early, and the scar tissue is thick. No corporation recruiters lured us. No one dilated upon fringe benefits and retirement plans. We were akin to the youngest and feeblest piglets trying to battle their way up to an already overloaded sow. But there was one wonderful fallout. We had no exaggerated idea of our value We were desperately eager to learn. The president of our fraternity house went to work for a clothing store at $14 a week He died a few years ago a mil lionaire owner of a chain of knitting mills The aluminum pan and bookselling routines were tough Ex-campus beauty queens went door-to-door, hawking cosmetics. Of course, movies were a quarter, gas 20 cents, beer, malts and cigarets 15, and it was astonishing how much fun we had Moreover, our frustration tolerance was high. It never occurred to us that the gods were cruel because we couldn’t raise the bread for an Easter bash at lauderdale or a summer in Europe We weren’t even on these wavelengths. But the best thing about it all was that for most of us the road was up Jenkin Lloyd Jones Things kept getting a little easier. Job opportunities slowly expanded. There was, of course, the interruption of World war II and a fair number of our generation didn’t come back But in the brightening boom survivors generally found themselves with money in the bank, a manageable mortgage and a car. or even two One characteristic of a lot of the Depression generation is debt shyness Many who now sit on bank boards have never used their own credit, even though the prudent use of credit is a very smart way to make more money. But they had seen their fathers overextended, roaring into the blizzard of the early 1930s, in their shirt sleeves, so to speak We learned the value of the quilted jackets of solvency Theodore M. Bernstein Way with words Speakably variant By Theodore M. Bernstein Two complaints about pronunciation come from E. Brandt of Glenside. Pa One concerns the word tournament, which he* has heard announcers pronounce tumomenf, and the other concerns months, which he has heard pronounced mow As to the first word, American dictionaries without exception sanction either turncimanf or foornomanf. As to the second word, strictly speaking the th followed by an s sound should be pro nounced, but when that word comes up a great many people don’t speak strictly. Sounding the th requires a little extra care, a little extra effort, so it is not easy to fault those who slur over it Sound and unsound usage With a smile on his typewriter, Syd Gross of Umgueuil, Canada, passes along the following tips to what Im* calls the "millions of readers’’ of this column: 1 Always make it a point to never ever fit an insplinitive (Editor s note Forget it ) 2 A preposition is something you should avoid ending a sentence with (Editor’s note: Forget this one, too ) 3 Make it a cardinal, hard and fast and irrevocable rule to steadfastly and But we did overcompensate as parents. We pumped up our self-images by giving our children things we hadn’t had. We wanted our kids to be the first on their blocks with everything from hula hoops to hot rods Parental overindulgence can be a form of egocentricity, too, and we startl'd the permissive slide. It is not remarkable that we haven’t liked much of what we saw in our children, and that we have been utterly baffled by our grandchildren. But much of it was our fault. We reared kids who were thing-rich and value-poor It made us sore when they dismissed as exploitive the business system we had struggled so hard to build. For a while during the crazy ’60s it appeared that nearly all collegians wanted to get into the foreign service or become welfare workers or maybe ski bums No one seemed to want to make anything. The "work ethic" was given as rough a ride as the “Puritan ethic." There was a theory that goodies would flow from the national cornucopia automatically and that old behavioral standards were as dead as God. It was never really that bad, of course It just seemed that bad to those who remembered the Great Depression They didn t dig the crowd that shouted for Hiawatha-pure ecology and yet screamed at 50-t ent gas and the price of Vegas The winds art* chiller now , and there is great unease* in the country. In 1933 we had a busted nation, but one almost debt-free. Now our government owes $300 billion and we’re into Pancho Villa economics One wonders about youths who still think that a credit card is wealth We Depression chicks al least know how to button up an overcoat General Feature* Corporation resolutely avoid being redundant or repetitive; make your point once and for all, without stressing or belaboring it over and over again I cannot emphasize, this point too emphatically (Editor s note: This valuable tip and meritorious piece of guidance should always Im* remembered and never forgotten.) • Word oddities. Redundancy is a kind of overflowing of words, an excess, a superfluity. And overflowing just about expresses what the word s (.alin ntots meant. The I^atin word was redundare, made up of the prefix red , back or again, and undare, which has to do with surging waves. What you have here, then, is something like a surging sea of words. Nnw York Time* Syndicate Twosomes More twins are being born these days Maybe kids lack the courage to come into this world alone Detroit Free Pre** .F'*' Vt DARREL’S TV 5" OPEN 'V NITELY TIL 9 P.M. SUNDAY I to 5 WE WILL DELIVER CHRISTMAS EVE JUST IN TIME FOR CHRISTMAS 2-Year In Home Parts & Labor Warranty on all Philco 25” Consoles 1-Year In Home Parts & Labor Warranty on all Philco Portables f'lHPlr It Philco MadHarranaan Styli Stereo • Stereo 8 Track Tape Cartridge Player • FM Stereo-AM-FM Receiver • Full Size Automatic Record Charger • System IV • 6 Speaker Sound System Regular $329.95 *269 PHILCO 19 in. diag. 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