Word: import
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Dates: during 1950-1959
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Then trouble became "Sad Sam" Sary's middle name (TIME, June 10, 1957). Last summer powerful political enemies complained that Sary was granting profitable import licenses to the wrong people, i.e., someone other than Sary's accusers. Tears in eyes, Sary crawled before Sihanouk on hands and knees and asked to be relieved of his job. Tears in eyes, Sihanouk let him go. In remorse, Sary shaved his head and eyebrows, entered a Buddhist monastery...
...mission, however, is asking questions and getting answers about Central America's economic problems, and he took along key men to help him with the job. With him were Roy Rubottom, Assistant Secretary of State for inter-American Affairs; Tom B. Coughran, Assistant Secretary of the Treasury; Export-Import Bank President Samuel C. Waugh; and Development Loan Fund Manager Dempster Mclntosh. Along to handle hostess duties was Milton's daughter Ruth...
Topic A. A main topic of all stops will be the common-market arrangement that is gradually taking form throughout the area. The U.S.'s aid experts will inspect the fruits of past aid programs and discuss needs for new ones. Examples: the Export-Import Bank is considering a loan of $500,000 to the Honduran Development Bank, and the U.S. International Cooperation Administration may lend $1,700,000 for school construction in Panama. El Salvador, Costa Rica and Guatemala will want to talk about the troublesome world surplus of coffee...
...import restrictions: heavily criticized in Canada, the restrictions were aimed to strengthen the U.S.'s defenses by encouraging domestic exploration for oil, were drafted to minimize their effect on Canada (other U.S. officials said that quotas have had no effect on Canadian oil sales...
Brazil is a case in point. Brazil got into a fiscal mess with inflationary policies, and did little to reform because officials thought they could always count on the U.S. Export-Import Bank for loans. Eventually, after 63 authorized loans totaling $656 million, Brazil had to go to the Monetary Fund. There a coolly competent professional international staff delivered a stern lecture, exacted a promise of reform, gave a small drawing account of $37.5 million in the hope that Brazil would go and sin no more. If Brazil had had to take this lecture from the U.S., the howl...