Word: loan
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Dates: during 1940-1949
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...billion the U.S. has pumped out since the war, much was just plain wasted. The deal that looked best when it was made was the $3.75 billion loan to Britain. It did not help Britain much toward recovery, but it did supply food to stave off a British collapse (see FOREIGN NEWS). Before the U.S. decides that the British loan was a waste, somebody will have to calculate how many billions the U.S. would have had to spend if Britain had collapsed. The figure would be much higher than $3.75 billion...
Judged by a hard, New Hampshire dollars-&-cents standard, the Truman Doctrine was far more dubious than the British loan. Truman said, in effect, that when a country threatened by Communism got into really bad economic health, the U.S. would rush in and help it. If insurance were taken out only by the sickest people, insurance companies would not last very long. So the companies do not do business that way -at least, not the ones in Hartford...
...next twelve months, he said, Britain must import $6.8 billion worth of goods, even to keep something like her present austere standard of living. In that period Britain cannot hope to earn by exports more than $5 billion. Even by using up the rest of the U.S. loan, Britain would end up in the red. And in less than a year, there would not even be the loan to fall back...
...More Dollars. Britons had known that they were badly off, but this blunt statement was a shocker. Wasn't "The Loan" supposed to see them through the first five postwar years of reconstruction? What had gone wrong...
...first anniversary of the loan this week, Britain had spent 60% ($2.2 billion) of its $3.75 billion credit from the U.S. The money had gone far faster than anyone expected when the loan was negotiated. One reason was that, since then, U.S. wholesale commodity prices had risen about...