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World Events
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  • Encouraged by Chairman Mao Zedong, the Cultural Revolution begins in China.

  • OPEC ends the oil embargo begun in 1973 during the Yom Kippur War (Mar. 18).

  • Nixon and Brezhnev meet in Moscow to discuss arms limitation agreements. Background: nuclear disarmament

  • Leftist revolution ends almost 50 years of dictatorial rule in Portugal (launched Apr. 25).

  • India successfully tests an atomic device, becoming the world's sixth nuclear power (May 18).

  • Emperor Haile Selassie of Ethiopia is deposed. A collective military dictatorship assumes power (Sept. 12).


U.S. Events
  • Randolph Hearst, kidnapped by Symbionese Liberation Army (Feb. 5).

  • House Judiciary Committee adopts three articles of impeachment charging President Nixon with obstruction of justice, failure to uphold laws, and refusal to produce material subpoenaed by the committee (July 30).

  • Richard M. Nixon announces he will resign the next day, the first President to do so (Aug. 8).

  • Vice President Gerald R. Ford of Michigan is sworn in as 38th President of the US (Aug. 9).

  • Ford grants "full, free, and absolute pardon" to ex-President Nixon (Sept. 8).

Economics
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US GDP (1998 dollars):   $1,496.90 billion
Federal spending:   $269.36 billion
Federal debt:   $483.9 billion
Median Household Income
(current dollars):  
$11,197
Consumer Price Index:   49.3
Unemployment:   5.6%
Cost of a first-class stamp:   $0.08 ($0.10 as of 3/2/74)



Sports
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Super Bowl
Miami d. Minnesota (24-7)

World Series
Oakland A's d. LA Dodgers (4-1)

NBA Championship
Boston d. Milwaukee (4-3)

Stanley Cup
Philadelphia d. Boston (4-2)

Wimbledon
Women: Chris Evert d. O. Morozova (6-0 6-4)
Men: Jimmy Connors d. K. Rosewall (6-1 6-1 6-4)

Kentucky Derby Champion
Cannonade

NCAA Basketball Championship
N.C. State d. Marquette (76-64)

NCAA Football Champions
Oklahoma (AP) (11-0-0) & USC (UPI, FW, NFF) (10-1-1)

World Cup
W. Germany d. Holland (2-1)

Entertainment
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Events

  • Patti Smith releases what is considered to be the first punk rock single, "Hey Joe."

  • People magazine debuts, with Mia Farrow gracing the cover.

  • Premier Russian dancer Mikhail Baryshnikov defects and joins the American Ballet Theatre.

Movies

  • Chinatown, The Godfather Part II, Day for Night, Blazing Saddles, The Towering Inferno

Music

  • Patti Smith, "Hey Joe"

Books

  • Robert Creeley, Sitting Here

  • Annie Dillard, Pilgrim at Tinker Creek

  • Gail Godwin, The Odd Woman

  • Stephen King, Carrie

  • Toni Morrison, Sula

  • Grace Paley, Enormous Changes at the Last Minute

  • Robert M. Pirsig, Zen and the Art of Motorcycle Maintenance

  • Gary Snyder, Turtle Island

Science
  • For safety reasons, the National Academy of Sciences calls for a temporary ban on some types of genetic engineering research.

  • A new elementary particle psi (now called J) is discovered by Burton Richter of Stanford University.



Deaths
  • Bud Abbott

  • Dizzy Dean

  • Duke Ellington

  • Charles Lindbergh

  • Ed Sullivan

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