Word: eca
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Dates: during 1940-1949
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...novelty to U.S. businessmen, but an unorthodox departure for hidebound government agencies, Kohler's new role will make him a sort of super house detective, with broad authority to pry into all ECA activities both at home & abroad. Besides the routine task of keeping expenditures in line with appropriations, his investigators will follow through on ECA shipments, make sure they are not diverted to Europe's black markets or resold to Russian satellites. Reports on his continuous "internal audit" will go directly to Administrator Hoffman...
...said it, then said it again: ECA could feed Europe without buying a quintal of wheat from Argentina...
What had happened? In Washington last week, a dollarwise businessman, temporarily turned ECA official, looked up from his crop reports and exultantly pointed out some world food facts: wheat fields all over Europe are rich with promise; ECA countries' estimated crop of 30 million metric tons is only 5% under prewar production; the U.S., with the second-largest crop in its history-and some help from Canada-can make up what Europe needs...
Just to make the picture clear where it counted, ECA sent ex-Assistant Secretary of the Navy H. Struve Hensel down to Buenos Aires (with his bride-his second) to pass the word to Juan Perón & Co. "Why should we pour dollars down here," he asked Argentines, "for something we can buy cheaper elsewhere...
...that mean that ECA wanted none of the grain from bulging River Plate elevators? Not exactly, answered Hensel, but Argentina would have to "go out and get the market"-i.e., bargain with the U.S. ECA's terms: 1) no more price-gouging (Eire recently paid $6.85 a bushel for Argentine wheat-July futures at Chicago are now $2.31); 2) no more state trading practices such as have throttled U.S. business firms in Argentina; 3) a pledge that Argentina will underwrite some of the costs of feeding Europe...