Word: imported
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Latin Americans who look north to the U.S. for the funds that they need to build their way out of backwardness inevitably focus on the U.S. Government's biggest single source of foreign-development capital, the Export-Import Bank of Washington. What they find is a bank that this year is lending seven times as much development capital as it did a decade ago, a bank that takes the risks that Wall Street shuns-yet a businesslike bank that holds to hard-loan standards...
...Export-Import Bank was chartered in Depression-struck 1934 to help finance U.S. exports, and a provision was included that all loans to foreign nations must be spent on U.S. exports. Franklin D. Roosevelt and Bank Founder Jesse Jones primarily intended that the bank should finance trade with the Soviet Union, but this deal fell through when Russia refused to refinance its public and private debts to the U.S. The first Ex-Im loan then went to Cuba to finance the minting of Cuban silver coins...
...with a per capita annual income of $239, which is at least double China's or India's. To take advantage of this market and to pool resources for overall development, the five nations agreed in 1951 to a progressive freeing of trade. Last year they standardized import duties on 5% of their imports, thereby built a Central America-wide protective tariff wall around these items. Early this year El Salvador, Guatemala and Honduras, each under heavy pressure at home to speed development, met to form a Central American "inner three." They agreed to shoot for a customs...
...Intelligence Agency for its "stupidity in sending a flying spy to risk getting caught in the middle of Russia just before the summit conference." Said the St. Louis Post-Dispatch: "Do our intelligence operatives enjoy so much freewheeling authority that they can touch off an incident of grave international import by low-level decisions unchecked by responsible policymaking power?" The Post-Dispatch also called for an official investigation "into the circumstances which placed our country before the world in the light of a barefaced liar." The Sacramento Bee said the Eisenhower Administration had "left matters so subordinates could wreck...
...over some massive headaches apart from sinking profits. Among them: Fidel Castro's confiscation of 272,472 acres of United Fruit sugar and cattle lands in Cuba; a 1958 anti-trust consent decree requiring United Fruit, by 1970, to divest itself of roughly one-third of its banana import business...