By midsummer 1950, five years and eight billion EGA dollars after V-J day, Western Europe was nicely back on its feet. Its industrial production was higher than in 1938. Then came Korea. Prodded by the U.S., Europe grudgingly agreed to rearm. U.S. arms production got going first, though slowly (see NATIONAL AFFAIRS), and in the worldwide inflation that followed, Europe's convalescing economy suffered a setback. Last week, in two countries, it was in perilous condition.
No More Steak-Hunting. The worst case was Britain's. Short of coal, food and labor, Britain is going broke at the rate of $2 billion annually. In...
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