Word: eca
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Dates: during 1950-1959
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...establish military bases on Formosa at this time* . . . [it] will not pursue a course which will lead to involvement in the civil conflict in China [and] will not provide military aid or advice to Chinese forces on Formosa." But, concluded the President, the U.S. will "continue the present ECA program of economic assistance," of which $100 million is yet unspent...
...double back on his own statement of seven days before that it would be "wise" to defend Formosa. Republican Floor Leader Kenneth Wherry, the party's on-tap isolationist spokesman, said that Britain's recognition of Red Peking afforded "even more compelling reasons for cutting this [ECA] spending to support British socialism...
...that EGA would somehow close the huge gap between imports and exports had gone glimmering in 1949. At year's end, the U.S. had sold an estimated $12.5 billion abroad and had imported only about $6.5 billion; the gap was almost as big as it had been at ECA's start. Even the desperate remedy of devaluation by foreign nations had not helped them to compete in the U.S. market...
...three months in Washington, British, Canadian and U.S. oil experts have been conferring on a broad and complex question: How can Britain cut down on its greatest dollar drain, the $625 million a year it spends to buy and produce oil? ECA had tried to help: it had allocated $30 million for the construction of oil refineries in Britain...
While many a U.S. oilman realized that Britain had to conserve its dollars, some thought that the sudden ban was really an attempt to freeze U.S. oil out of the sterling area for good. Some Congressmen from the oil states were already up in arms: ECA, which must go before Congress this month for more money, feared that they might force a cut, particularly since ECA itself had helped cause the sterling oil surplus. It was also a blow to the U.S. idea of freer world trade. Said one ECA oilman: "Everything that happens in international trade happens first...