Word: eca
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Dates: during 1940-1949
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Assisting and advising the administrator will be: 1) a $17,500-a-year deputy; 2) five members of the National Advisory Council on Fiscal Problems*; 3) a new Public Advisory Board of twelve U.S. citizens appointed by the President; and 4) a special representative abroad who would interpret ECA to the beneficiaries...
...will be some months before ECA is fully under way. Meanwhile the State Department would keep delivering relief to France, Italy, Austria and Greece and help such dollar-short nations as The Netherlands and Britain...
...Horizon. ECA's sailing orders were not explicit. The administrator was ordered to bring back strategic materials in partial recompense for U.S. deliveries. He was to see that none of the $5.3 billion, in the shape of potential war materials, filtered through the Iron Curtain, and that the 16 nations tidied up their economies in a way that suited the U.S. But he was given the widest latitude, chiefly because no one knew exactly how to plot ECA's course beyond the visible horizon...
Cursed Man. ECA's administrator would not have a star to steer by. He would not be able to navigate by orthodox economic rules. ECA's money would finance roughly one-half of all Western Europe's imports next year. European governments, many of them socialistic, would expect him to continue artificially propping up their present living standards as a wall against Communism. Said a Washington official: "He will be a cursed...
...Paul Gray Hoffman takes the tiller of ECA, an exhausted, socialistic Europe will meet an ebullient U.S. businessman and an evangelist of free enterprise...