Foreign Aid: An Embarrassment of Riches

The Federal Government, which rarely enough finds itself at a loss to devise ways of spending money, has $2.8 billion cluttering its coffers and scant notion of how to get rid of it. The funds are piled up in nonconvertible foreign currencies from Conakry to Colombo. "We have used all the money we can in every way we can," confessed a State Department official last week. "We are no longer making even a dent in the accumulation. We've got to do more."

Most of this odd burden accrues from a key provision of the twelve-year-old Food for Peace program, allowing the...

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