Word: rearmaments
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...Wage Stabilization Board gave up its attempt to hold wage boosts to 10% above pre-Korea levels, adopted a new formula, under the new controls law, permitting them to rise with any new rise in the cost of living. The real inflation test will come in the fall, when rearmament begins to take its bite out of consumer goods. For the moment at least, the economy seems to have reached a state of balance-uneasy, perhaps, but nevertheless balanced...
...rearmament program no job is more important than assuring a flow of strategic raw materials. Yet no job has been more thoroughly bungled, chiefly because it has fallen between the stools of at least six different agencies. For example, the Defense Minerals Administration, charged with boosting the prospecting for metals and approving loans for mining companies, was so snarled by red tape that in six months it managed to clear only 50 of 450 applications for tax write-offs and not one of its 500 applications for prospecting loans...
Most determined opponents of German rearmament are the French, who originally wanted to restrict German "combat teams" in the North Atlantic Treaty Organization to 5,000 men, bar Germans from heavy artillery or tactical aviation. The German reply was that they would never fight under such conditions; they demanded instead an independent German army serving under NATO of around 250,000 men, with artillery and air units manned by Germans...
...sure to fight the plan's ratification tooth & nail. The British, at best, are lukewarm. But, as a disgusted German delegate said to a French colleague at the height of the haggling in Paris: "If we go on like this,-we'll be arguing about German rearmament in Siberia...
...industry's semi-annual reports, now flowing out, show the first boosts and shocks of rearmament. For the most part, earnings are good. Of 413 companies reporting through last week, 242 record higher earnings in the first half of 1951 than in the same period last year. But many a report also makes plain the stunning impact of higher taxes and price controls...