National Affairs: Everyday Life

Passionate U. S. debate over a loan to Finland (TIME, March 11) obscured what was in many ways a bigger U. S. financial and political transaction—the $20,000,000 Export-Import Bank loan last week to China.

What made the loan big was not the sum—the same as the Finnish loan—nor Chinese needs for the road-builders, trucks and other U. S. goods (exclusive of implements of war) which China will buy with it. What made it big was the tremendous leverage that U. S. currency exerts in terms of Far Eastern money, the tremendous boost that 20,000,000 hard U. S. dollars (worth $140,000,000 soft Chinese)...

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