INVESTMENT: Point Five

After thinking over President Truman's Point Four program for backward nations, New York Stock Exchange President Emil Schram spotted a big flaw in the idea. Point Four would wrap a protective government guarantee around private funds invested outside the U.S. What irked Schram was that there was no program for improving "the shabby treatment of capital at home."

The Point Four program by itself, said Schram, "is unsound and illogical" because "it sings the virtues of new investments so long as they are made outside the U.S." What's needed, said he, is a Point Five—"tax changes that will apply the...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!