Word: eca
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Dates: during 1950-1959
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...industrial destruction had been done by U.S. bombing. Now the bombers' deadly work would have to be repaired, primarily at the U.S. taxpayers' expense. Last week General Douglas MacArthur estimated that emergency relief for Korea's homeless millions would cost $146 million by July 1951. ECA officials estimated total war damage at $1 billion...
...Failure of the ECA...
...York Post. The Post found Valentine "alternately timid, unimaginative and fatalistic." C.I.O. lobbyists spread the word that Valentine was "reactionary," "anti-labor," and had also been known to take a drink. "He'd be wasting his time trying to win our support," said one C.I.O. official. Former ECA "subordinates" who knew him when he was ECA administrator in The Netherlands spread the word that he was vituperative, bumptious, inflexible and prejudiced. "A brilliant fellow but a little kinky," said a former associate. "He's right robust with his own opinions." Even the Wall Street Journal, which claimed...
...ECA, which usually sternly preaches that countries must live within their means, kept telling the Italian government that it was not living up to its means. ECA officials advised the government to relax credit to give industry a badly needed impetus, expend more ECA counterpart funds on public works to reduce unemployment. The government for the most part ignored these suggestions. Last week, New York Times Correspondent Arnaldo Cortesi summed up ECA's complaints in a dispatch to his newspaper. When the Italian press picked up the story, Italy's able ECA Chief Leon Dayton, former president...
Seduction? At this point, Premier de Gasped hit the ceiling. "Not only Mr. Dayton but ECA is persona non grata," he cried. Italy's Minister of the Treasury Giuseppe Pella. a former economics professor, stood indignantly on the seemingly solid ground of fiscal rectitude, creating the unusual impression that the U.S. was trying to seduce a thrifty government into leading a dissolute economic life...