Word: foreign-aid
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Last week it was plain that the headlines were wrong and Hollister was right. A significant new policy has been worked out by the U.S. to back the promotion of free enterprise with dollars. Whereas previous foreign-aid bills only paid lip service to free enterprise, the latest foreign-aid legislation contains a whole new section setting up a Development Loan Fund for the express purpose of "encouraging competitive free enterprise" abroad. For the first time the U.S. Government is authorized to make loans directly to foreign businessmen. The Administration and such businessmen as Clarence Randall, former chairman of Inland...
...danger is that the effort will be sabotaged by the bureaucrats, those who have made a career of emergency-type, government-to-government foreign aid. Not only does the new program pose a sharp threat to the perpetuation of much of foreign aid in its present form; it calls for a completely new approach. Instead of handing over foreign-aid funds in lump sums to foreign governments to pass out as they wish, it now also becomes necessary to find worthy loan possibilities among private businessmen unable to get credit in their own countries or from U.S. banks...
Your Aug. 26 article on the foreign-aid program is frightening. The Communists may not yet have won the world, but they have certainly won in the U.S. Congress...
...Before the Senate Appropriations Committee went the big guns-Secretary of State John Foster Dulles, retired Joint Chiefs of Staff Chairman Arthur Radford. new JCS Chairman Nathan Twining, and outgoing International Cooperation Administrator John B. Hollister. They spoke eloquently, but perhaps too generally of the urgent necessity for more foreign-aid money to protect the security of the free world. But they failed to dispel the statistical myth of the "surplus" $9.5 billion...
That had to be done in careful detail by a team of second-echelon ICA and Defense Department foreign-aid experts. Some of the "surplus" could be accounted for by the fact that Passman & Co. had engaged in such statistical antics as counting a $667 million item not once but twice in arriving at their final figure. Most of the $9.5 billion has been firmly committed to the foreign-aid pipeline. Example: the U.S. has about $3.7 billion in unexpended but obligated funds for arms for its allies. But such items as tanks and planes require about two years between...