Word: lende
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Dates: during 1940-1949
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Harry Truman's abrupt termination of Lend-Lease (TIME, Aug. 27) reverberated around the world. Most nations took it philosophically, but Britain was hurt and worried. The blow fell while Britain was tightening its belt against a winter of bleak prospects (see FOREIGN NEWS...
Rough and harsh as the decision may have seemed to Britons (and to some U.S. worriers), it was apparently the last 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...
...week's end almost everyone realized that the President had not shut off U.S. aid to foreign countries. He had merely substituted one lending device for another. But the psychological effect of chopping off Lend-Lease was immense. The President had notified the world that the U.S. would not be played for a sucker. And he had bolstered his own reputation as a hard-headed Missourian who could be trusted to handle money in a businesslike...
...Lend-Lease's dramatic end (see NATIONAL AFFAIRS) brought home to the world as nothing else had the very junior status of Britain in her partnership with...
Just before the Lend-Lease blow fell, London's New Statesman and Nation (close to the Labor Government) observed: "British policy is limited by two factors-the American control of the technological processes concerned with the production of the atomic bomb and the complete dependence during this transition period of Britain's economy on American financial...