Do global variables mean faster code?

Question

I read recently, in an article on game programming written in 1996, that using global variables is faster than passing parameters.

Was this ever true, and if so, is

Answer 1

It was faster when we had <100mhz processors. Now that that processors are 100x faster this 'problem' is 100x less significant. It wasnt a big deal then, it was a big deal when you did it in assembly and had no (good) optimizer.

Says the guy who programmed on a 3mhz processor. Yes you read that right and 64k was NOT enough.