Word: crediters
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Dates: during 1960-1969
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...Communist countries, a conciliatory attitude toward Panama, and relaxation about Castro, whom the U.S., argued Fulbright, was only building up through its hostility ("We have flattered a noisy but minor demagogue by treating him as if he were a Napoleonic menace"). In his pronouncements on Cuba, Fulbright can claim credit for having raised a lonely voice against plans for the disastrous Bay of Pigs invasion, which Jack Kennedy later acknowledged by saying: "You are the only person who has a right to say, 'I told you so!' " Today Fulbright feels, perhaps too optimistically, that Castro's influence...
...speculation against the basic price of gold," warned the Treasury, "would inevitably end on the losing side." A change in the gold-backing law, it said, "will be appropriate in order both to assure the availability of credit in a growing domestic economy and to relieve any doubt that the United States gold supply stands firmly behind the dollar in international markets at the immutable price of $35." In short, the U.S. has no intention of devaluing the dollar...
West German businessmen, who lifted their East-West business well above $1 billion last year, grumble that they could have done even better if their government had allowed them to offer long-term credits as other Western Europeans have begun to do. German tycoons have raised such a howl that the Cabinet promises to re-examine its tough line later this month. And Britain, which opened the gates to easy credit last year by giving the Czechs up to twelve years to pay for two fertilizer plants, hailed another breakthrough last week. It won its first order to build ships...
...Poor to Pay. IDA gives credit only to countries so poor that they can not afford to pay even the World Bank's modest 5.5% interest rate, let alone the higher rates of conventional lending institutions. It charges no interest, gets only three-fourths of 1% annual service fee to cover its administrative costs...
...projects promise to bring enormous returns to the countries involved. There is far less likelihood that the U.S. will ever get much in return-either in hard currency or lasting gratitude-for its contributions which account for 32% of all IDA funds. When Kenya was granted its $4.5 million credit in December, its ambassador had to delay signing the agreement in IDA's Washington head quarters for nearly three weeks. Reason: he was busy at the United Nations, trying to organize a condemnation of the U.S. for its role in the Congo rescue operation...