Word: cottons
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Dates: during 1950-1959
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...West German businessmen must generally charge 8% interest on credits, the Communists frequently charge as little as 2½%. This is not philanthropy: in every such bargain there is a concealed political string. To pay for Communist arms and aid, Egypt's Nasser has mortgaged much of his cotton crop for years ahead. By reselling this cotton at cut prices to Western textile manufacturers (including West Germans), the Communists have driven Egyptian cotton exporters out of much of the European market, have thus deprived Egypt of a major source of foreign exchange and reduced her ability to import Western...
...machinery abroad. In the past few months Peking's trade offensive in Southeast Asia-which seriously worried the Japanese-has begun to falter badly. Fortnight ago Mao's government, despite its need for foreign exchange, canceled a contract to supply British firms with several thousand tons of cotton and cotton waste, and this breach of contract will jeopardize future negotiations...
Recent Western visitors to the Peking area saw cotton blowing away unharvested while the local peasantry concentrated on rebuilding Peking's showy Tien An Men Square. The great campaign to produce steel and pig iron in homemade blast furnaces created even more widespread labor shortages. Factories producing textiles for export were obliged to cut out a shift in order to free workers to stoke the ubiquitous furnaces...
...basically strong and growing, if temporarily tormented. Its free-enterprising policies have brought $970 million in foreign capital, and between 1948 and 1957, gross national product almost doubled. At first Prado hiked wages and the budget too abruptly, and the U.S. recession dropped commodity prices: copper 44%, cotton 25%. The Peruvian sol dropped from 19 per $1 to 25. But Prado fell back on his banker's training, hiked customs as high as 200% on luxuries, clamped rigid reserve requirements on banks and stabilized...
...than any other man (Henry Clay, elected Speaker his first day, served ten years). Eighth of eleven children of a Confederate cavalryman, Rayburn comes from tough, Bible-reading ("Every bit of wisdom is written somewhere in that book") people, who scratched a living from 40 sun-baked acres of cotton at Bonham, Texas. Folks such as his family, he thinks, are the "real people," and his feeling for them forms the basis of his political liberalism. Since 1913 Rayburn has represented Texas' agricultural (cattle, corn, cotton) Fourth...