Word: eca
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...will open for business July 1. Said ECA's Milton Katz, who carried the ball for the U.S. in the EPU negotiations: "This will help the European family be a family." An OEEC official had an even higher tribute. Referring to Europe's toughest traders, who have so far stayed aloof from most international schemes, he said: "Even the Swiss...
...Advisory Group and ECA officials have also emphasized that a modern army needs sound ledgers as well as firepower. Korean commanders no longer receive lump sums of money for their troops, in the old warlord tradition. They are learning the most painful lesson of a democratic army-how to take a budget...
Picking Up the Pieces. South Korea's progress has been economic as well as military, but the ECA officials who watch Korea's economy have not performed as effectively as the Military Advisory Group. Until last January ECA and the State Department mission did little but cluck disapprovingly at the financial shenanigans of the South Korea government. Meanwhile inflation ran rampant, and most of the republic's industry, government-run since its confiscation from the Japanese, lay unproductive. By the beginning of this year the Korean won, valued at 15 to the dollar in 1945, had dropped...
...last, strengthened by blistering notes to the Korean government from Paul Hoffman and Dean Acheson, ECA men started to pick up the pieces of South Korea's economy. They put the government on a balanced budget, increased taxes and restricted commercial loans...
...help the pattern become reality, the Atlantic Council set up a new, permanent, overall executive committee, to be headed-by tacit consent among the Allies-by an American. (Suggested for the job: onetime Under Secretary of State Robert A. Lovett, ECA Troubleshooter Averell Harriman, General Ike Eisenhower.) The members of the new committee-their diplomatic rank will be that of deputies to the Foreign Ministers-will run the cold war and integrate the West's defenses for a hot war if it should come...