Word: rearmaments
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Although inflation had been creeping up in France for some months, the headlong drop was unexpectedly sudden. Frenchmen evidently feared that France's rearmament effort will be a real strain on resources when it changes from a sizable figure (on paper) of 10% of the gross national product to an even greater figure of actual production. Consequently, they were turning their francs into gold, dollars and goods. They also knew that if sterling was devalued, the franc-contrary to experience in September 1949-would not be prevented this time from following it all the way down...
...colored plaster. This year, after spending $41 million on new plants in the postwar years, Baker expects his sales to reach a record $90 million (almost half of U.S. Gypsum), although taxes will trim his net from 1950's $9,200,000 to about $6,600,000. Despite rearmament's curbs on building, he expects his sales to keep rising...
...revised bill is expected to yield $5.7 billion, v. the $10 billion asked by the Treasury to put rearmament on a pay-as-you-go basis. It will bring the total annual tax hike since Korea to $15.7 billion...
...year pact was accepted with slight modification. According to the agreement at the last Atlantic Pact conference, Germans will command at operational levels, but they will not receive appointment to the General Staff. At least the Allies have agreed upon the structure and size of German rearmament, but there is another hurdle. If voluntary enlistments fail to satisfy the quota, they will have to be supplemented by some form of conscription. To draft, the Bonn government would have to alter its constitution, incurring a possible cabinet change...
Until German Chancellor Adenauer can settle the differences in his government, German rearmament is still a long way off. The West has encouraged ratification by promising Germany relatively complete sovereignty within a few months. If the Allies want a solid defense for Western Europe, Germany must contribute to the European army...