November 8, 1982

''Our might and vigilance will cool, I think, the hot heads of some imperialist politicians.'' - Leonid I. Brezhnev. (A1:1.)

This peaceful little village is embroiled in an unusual dispute with its largest property owner, the United States Military Academy at West Point, over the cost of educating children of military personnel who live and work at the Academy. Last Friday, the Highland Falls Board of Education threatened to bar 178 children of West Point personnel from attending John I. O'Neill High School unless their parents paid $582 apiece in tuition. West Point operates its own elementary school on the post, but does not have its own high school. The students' parents, as employees living and working at a military facility, are exempt under Federal law from paying local taxes to help support the school district.

In 1974, during a banking crisis brought on by the collapse of a small West German bank, central bankers met in Switzerland and decided they could provide sufficient assistance to the world's banking system, should the need arise. Western commercial bankers saw the decision as a sign of official support in case of troubles in unregulated banking centers, such as the Bahamas or Luxembourg, where the banks were expanding rapidly. Then, after eight years of headway into the unregulated centers, came the collapse last summer of Banco Ambrosiano of Milan, Italy. The glaring lesson to bankers came when Italy's central bank failed to bail out Ambrosiano's Luxembourg subsidiary, which owed some $400 million to other banks. With that, the bankers' perceptions of official support shattered.

Iranian infantry and armor have driven west into Iraq for the first time in more than three months, the Teheran Government reported today. The Baghdad radio confirmed the invasion, which began Saturday night, and said ''intense fighting'' was under way today. Iran said its forces had reached the town of Teib, in southeast Iraq. The push into Iraq was part of an Iranian offensive that began last Monday night and has so far forced the Iraqis from 210 square miles of Iranian territory. The Iranian forces punched across the border from positions west of their operational headquarters at Ein-i-Khosh, in the general area of Musian and Bayato, where the border is marked by the arid hills of the Hamrain range.

After a seven-year hiatus, New York State is moving forward with a plan for North Town II, the second phase of development on Roosevelt Island. However, the city has asked the state for a one-year extension of a December 1984 deadline for the start of subway service to the island to handle the 2,500 people the proposed 1,000-apartment development would bring. Without assurances of subway service, some residents oppose new development. ''If there's no subway, you can't put any more people on the island,'' said David Lustig, president of the Roosevelt Island Residents Association. ''It's as simple as that.''