CHINA: If the Heart Is Pierced

The Communists had finished off Manchuria, prices were skyrocketing, and Dewey had lost the U.S. elections. At 40 to the dollar, the gold yuan had sunk in two weeks to a tenth of its original value. A wave of defeatism swept Nationalist China. Frail Wong Wen-hao, a geologist in private life, tried three times to resign as Premier, finally agreed to hang on until Chiang Kai-shek could find a successor.

Some U.S. officials on the spot shared the general feeling of despair. The embassy advised U.S. citizens to move not only out of North China, but even from the Nanking-Shanghai...

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