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...word on Lend-Lease. Harry Truman had long been on record that it would end when hostilities ended; that was the law's language-as official Britain well knew. Well did Britain also know that the machinery for continuing U.S. foreign aid had been set up in the Import-Export Bank (see BUSINESS). Leo Crowley's Foreign Economic Administration was geared to make such loans effective in less than 24 hours...
...approved Bretton Woods (see above) and Hot Springs (U.S. membership in the United Nations food organization), extended and improved reciprocal trade agreements, extended Lend-Lease, upped the Export-Import Bank's lending powers from $700 million to $3.5 billion, continued Selective Service and price controls, upped the national debt limit to $300 billion, set up a $5.7-billion tax-relief program for reconverting war industries (TIME...
...result: money in world trade ceased to be a free medium of many-sided exchange. It was becoming a device for recording strictly controlled, two-way barter deals. World War II plunged even the U.S. into almost complete import & export control...
...international Reconstruction Finance Corporation." Its main job would be to guarantee private foreign loans for projects likely to increase the national income of borrowing countries. The Bank would also make direct loans for the same purpose, supplementing but not necessarily replacing such national agencies as the U.S. Export-Import Bank, whose capital is soon to be increased. Russia, for example, might turn to both banks for reconstruction loans...
...have a small coal reserve, piled up by working hard in the mines' in the southern part of their country while the northern part was being liberated. But current production of 240,000 tons a month is still 82% below the prewar output. Italy, which once used to import 1,000,000 tons of coal a month, is now getting only 10% of that. Norway is out of fuel and Sweden, which managed to build up a stockpile of German coal during the war, will soon be scraping bottom...