Word: europeanization
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Dates: during 1950-1959
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Sometimes, in pressing U.S. allies to join in solutions, he pressed too hard. In 1953 he threatened an "agonizing reappraisal" of U.S. policy for Western Europe if Europe failed to adopt the over-simplified European Defense Community. (Later he retreated gratefully to Anthony Eden's compromise Western European Union.) In abruptly canceling the Aswan Dam negotiations he provided Nasser with a public relations excuse for seizing the Suez Canal (which he had long intended to do anyway). Then Dulles, in a correct estimate that Britain and France were on the verge of war over Suez, jumped all too confusingly...
Whenever men get together to build a united Europe, they must first reckon with that great spoiler of dreams, the French National Assembly. Last week the Assembly debated the bold plan for a Common Market (TIME, Jan. 28) that would give six Western European nations a tariff-free trading area nearly as big as the U.S. Premier Guy Mollet, so optimis tic at first, was shaken and depressed. Former Premier Pierre Mendès-France, playing shrewdly on France's century-old fear of German domination, had belabored the proposal in language and innuendo all but identical to that...
...vote margin was far handsomer than Mollet had hoped for, and he had achieved it without accepting any troublesome reservations, or having to pose a vote of confidence. But Mollet's victory did not mean that France is irrevocably committed to join the Common Market. Remembering the European Defense Community, which the French Assembly also approved "in principle" only to reject when it came up for final ratification, France's would-be partners in the Common Market cautiously refrained from premature rejoicing...
...firm of Lee, Higginson & Co. begged to be his broker and soon bore him a bouncing new corporation, International Match. Kreuger promptly convinced the directors, among them Percy Rockefeller, nephew of John D., that the millions raised from this and subsequent flotations should be deposited by him with a European subsidiary, to "avoid taxes." Kreuger, in turn, would mail back the dividends, some of them as handsome...
...Kreuger, which eventually brought him $144 million, enabled him to go into his criminal corporate juggling act. His fertile mind spawned some 400 subsidiary holding companies, many of them mere names. He used their paper assets to establish his credit in borrowing more money for his loans to European countries; 15 nations received a staggering $400 million. He duly received his match monopolies in return, and soon he was making two out of every three matches in the world...