Word: velascos
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Dates: during 1940-1949
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...these words about Ecuador: ". . . looted for centuries by 'practical' rulers." Allow me to protest. You have been badly misinformed. Not a single president or dictator in my country has taken advantage of his position to enrich himself. Every one of them . . . has been an honest man. Dr. Velasco Ibarra, indeed, speaks frequently about graft from his predecessors as a political trick to impress the mob. It is one of his many low political tricks...
...first day, young Velasco submitted his report. Two entries caught his boss's eye. They were: "Credit: two nuns came in." "Debit: ten sucres [$4.87]* went...
...Velasco, high-minded and still "impractical," is trying to revive his country, looted for centuries by "practical" rulers. But his view of financing has not changed. Recently, in dire need of money for vital public works, he noted the $6,500,000 which the Central Bank of Ecuador had earmarked to back the country's currency. "It's so simple," he was heard to say. "The money is there. No one is using it. Just take it from one book and put it in another...
...bank's directors resisted, fearing for the currency. They tried to explain to Velasco the financial facts of life. But the President did not share their worries. So the board of directors resigned. The bank got new directors. President Velasco got the money...
Last week his countrymen had a new quip: "It was simple. Credit: Velasco came in. Debit: $6,500,000 went...