WAR IN KOREA: Hwam for Won

For months the Korean government of Syngman Rhee and its benevolent ally, the U.S., had been in a polite wrangle over currency payments. On top of the brutal ravages of war, South Korea was suffering, as it had since war's beginning, from galloping inflation. As prices kept on rising, the Rhee government demanded some $90 million in repayment for Korean won withdrawn by U.S. military and other agencies for their day-to-day uses. The U.S. recognized the debt, but before it 'paid the money it wanted some assurance that a new flood of dollars...

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