IBM announces a $4.97 billion loss for 1992, the largest single-year corporate loss in United States history to date.
Iraq disarmament crisis: Iraq refuses to allow UNSCOM inspectors to use its own aircraft to fly into Iraq, and begins military operations in the demilitarized zone between Iraq and Kuwait, and the northern Iraqi no-fly zones. U.S. forces fire approximately 40 Tomahawk cruise missiles at Baghdad factories linked to Iraq's illegal nuclear weapons program. Iraq then informs UNSCOM that it will be able to resume its flights.
March 8 – The Moon moves into its nearest point to Earth, called perigee, at the same time as its fullest phase of the Lunar Cycle. The Moon appears to be 14% bigger and 30% brighter than the year's other full moons. The next time these two events coincided was in 2008.
December 29 – Argentina passes a measure allowing President Carlos Menem and all future presidents to run for a second term. It also shortens presidential terms to 4 years and removes the requirement for the president to be Roman Catholic.