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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