Word: war-torn
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...World War II found Banker Dodge renegotiating Army Air Forces contracts in the Midwest. Soon he was heading the Pentagon's topmost War Contracts Board, which in four years handled $190 billion worth of business, recovered $11 billion for the taxpayers. From the Pentagon, Dodge was taken by General Lucius Clay to Germany as a financial expert. To get war-torn Germany off its cigarette economy, Dodge proposed a 90% currency reduction (one mark for ten), coupled with capital levies on real property to even out the burden of defeat. "Imagine a Detroit banker advocating a capital levy," gulped...
Readjustment to a shrunken, peacetime market was further complicated by a drop in exports as war-torn nations got back in the markets again. Result: U.S. exports of cotton goods, which totaled 1.5 billion square yards in 1947, were down to 600 million square yards last year...
...came reports that Rotary was doing things. Often, what it did seemed so puny as to be almost insignificant in the vast sweep of world affairs. It had, for instance, brought 57 young students from 18 nations to study together in Sweden. It organized a blood-bank program in war-torn Korea. It sent a young Pakistani to make friends in Washington's Yakima Valley. It is sponsoring an international network of radio hams. Its magazines had kept Rotarians in Kenya, Viet Nam and Trieste posted on the activities of their fellows in Ceylon, Wichita and Sioux City...
Japan's businessmen are partly to blame for this state of affairs. Instead of using Korean war profits to retool their plants, pack new muscle on Japan's war-torn industry so it could compete better in the free world, they squandered much of the money on modern office buildings, long, black limousines, English tweeds and expensive parties. But the real crisis will not come, say some observers, until Japan's reserves drop to $600 million. Thoughtful businessmen, who long ago warned that the end of the Korean war would hit the economy hard (TIME, April...
Soup & Beggars. Judge Härringer began with a simple idea: "No 'bad' boy is really bad." He saw the delinquents as victims of Nazi education, of war-torn marriages, of complacency and defeat. The children, he said, had been "derailed" by World War II. His first move was to herd a gang of 40 delinquents off to a soup kitchen instead of jail. There each boy got a meal, a pair of shoes, some clothes the judge had scrounged. Then they talked, not about crime or war, but about sports, music, dancing and books. The boys began...