Word: mccloy
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Dates: during 1940-1949
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Back up the mountain road to the Petersberg drove Adenauer & Co. They told the three high commissioners-the U.S.'s John J. McCloy, Britain's General Sir Brian Robertson, France's Andre François-Poncet-that they were ready to make the 22½? rate public at once. But the commissioners, whose powers under the Occupation Statute give them control over foreign exchange, asked the Germans to wait...
Despite smiles at the concert hall, François-Poncet became so enraged in Berlin that McCloy left, flew back to Paris to see François-Poncet's boss, Premier Henri Queuille. Late getting back to Germany, McCloy landed at Wiesbaden, 45 minutes closer to the Petersberg than Frankfurt's Rhein-Main airfield, and raced to a new High Commission meeting. It lasted 19 hours, from 11 one morning until 6 the next...
...McCloy stood alone: he wanted to give Germany a fair chance at world markets because the U.S. foots the bill for Germany's excess of imports over exports...
...McCloy said he would settle for a mark pegged anywhere between 20? and 24?. After fevered cabling to their capitals, the French and British suggested 27?. McCloy beat the British down to 24?. Then the French proposed two conditions: 1) ending German subsidies that made for export dumping below cost, 2) freezing the price of exported German coal at the pre-devaluation rate. If Germany insisted on raising the export price of coal, then, François-Poncet insisted, the price of inland coal in Germany must also be raised; this would make Germany's steel and other fabricated...
This proposal was almost impossible for McCloy to swallow, for Germany's coal is sold abroad for dollars, and under the French scheme Germany's loss of dollars would be large. As the all-day, all-night session went on, tempers fired up and threats emerged. McCloy threatened to use the U.S.'s veto on economic matters, which he is given by the High Commission Charter. François-Poncet threatened in turn to take the dispute back to his government...