Word: borrowers
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Dates: during 1950-1959
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...year than last. Peoria's "Heart of Illinois Fair" was almost washed out of the heartland last week; dripping dairy princesses sloshed to the judging under plaid umbrellas. And in Quincy, Ill. Librarian Caroline Sexauer reported that the combination of unemployment and rainy weekends has made more people borrow more books than ever. Once they defined the wet summer's cause, meteorologists last week volunteered more bad news. The stubborn planetary winds show no sign of changing their tactics. Early August forecast for the northern U.S. east of the Rockies and for mildewing Midwesterners in particular: more rain...
While Novelist Donleavy owes his Blooming manner to Joyce (and some of his fertilizer to Spillane), his hero's bad manners borrow something from the Angry Young Men, those moral slummers who came to scoff and remained to stay. Like the suffering wife of the slob-hero of John Osborne's eponymous Look Back in Anger, Dangerfield's masochistically martyred Marion is from the top people, and like that hero, Dangerfield snarls and yaps like a dog in a bear...
This requirement of "hard currency" repayment has proven a stumbling block to many nations seeking loans; the rule means, in effect, that only the richer of the underdeveloped countries--those having large dollar reserves--have been able to borrow freely. Unilateral loans, granted by the United States, are of course repayable in dollars...
I.D.A. loans would be made in various local currencies. For example, should India wish to borrow $100 million for an irrigation project, the I.D.A. could lend pesetas to buy Spanish concrete, guilders to pay a Dutch engineering firm, and rupees to pay the local labor. The loan would be repaid (at two per cent over forty years) in Indian rupees; an additional virtue of this system is that the Indian currency with which India repays the loan will later be used to purchase Indian products...
Monroney's plan has many virtues; it should make it easier for poorer countries to borrow, and, through the use of local currencies provide a double stimulus to the borrower's economy. As a device for the complete internationalization of foreign aid, however, its effectiveness is doubtful. Russia is not a member of the World Bank, and therefore the transfer of United States aid effort to the IBRD and the I.D.A. would simply mean that aid competition would now pit the Western alliance (instead of the United States alone) against Russia...