Word: funded
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Dates: during 1950-1959
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...fact-finding committee. To aid workers, the U.A.W. sent $1,000,000, and at the biennial A.F.L.-C.I.O. convention in San Francisco the federation urged its 13 million members to give an hour's pay each month to aid the striking steelworkers. If all workers contributed, the strike fund would be an estimated $1,000,000 a day, largest in labor history...
...currency cop of the world is a massively built man (6 ft. 1 in., 220 lbs.) with the shoulders of a riot-squad member and the broad, ranging mind of Sherlock Holmes. His name: Per Jacobsson (pronounced yah-kub-son). His job: managing director of the International Monetary Fund. Jacobsson is an expert at pleading, cajoling, and onoccasion forcing nations to follow wise economic policies. Thanks to the Fund -and booming production in Europe -Jacobsson reported last week that "Europe's monetary troubles have been successfully overcome, from a whole series of emergencies, on to stability, to external convertibility...
Established in 1944 to shore up the currencies of its members, the Monetary Fund long had negligible influence on the world's currencies ; the job of reconstruction needed before currency stabilization proved too big. But by 1956, the year Jacobsson took over, the Fund got its first big chance to show what it could do when Egypt seized the Suez Canal, then blocked oil, food and other vital supplies from Europe, and touched off a disastrous run on the British pound...
...Fund quickly lent Britain $561.5 million. This, plus stern measures to cut spending, enabled Britain to stabilize its currency so successfully that it has al ready paid back $200 million of the loan...
...even more heroic rescue was required in 1 958 for France. Weakened by the wars in Algeria and Viet Nam and poor fiscal management, France was close to financial collapse when Jacobsson hustled to the rescue. He arranged a package of $655 million in credit from the Fund, the European Payments Union and the U.S. With the loan went some detailed recommendations on how France could put its fiscal house in order. It did so well that after De Gaulle came to power he was able to devalue and stabilize the franc. At other times, Jacobsson rescued the Danes, Dutch...