Word: chiangs
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...nothing surprising about it. Everyone who understands the situation in China and the Far East has seen the move coming for more than two years. The people who cry now that the U. S. is responsible exhibit a complete failure to study the lesson which must be learned from Chiang Kai-Shek's costly fiasco...
Since the end of the war, Chiang has received more than $3,000,000,000 from the U. S., much of it in actual war material. Still his armies have melted before Mao's Communists. The reason is obvious--incompetent leadership, corruption, and lack of popular support...
...their center in the Yangtze buckled and crashed around them, Nationalist leaders put aside their differences. At Hangchow, retired President Chiang Kai-shek met in urgent conference with Acting President Li Tsung...
Just before his retirement to his native village of Fenghua last January, President Chiang Kai-shek thoughtfully moved some $300 million of Nationalist gold, silver and foreign exchange from Nanking and Shanghai to safer vaults in Formosa and South China. There it was put under tight control of generals and officials loyal to Chiang. If the Communists toppled the peace-seeking government of Acting President Li Tsung-jen and tried to occupy all of China, the gold and silver would serve Chiang's still-faithful followers as a nest egg for further resistance against the Reds...
...more was obviously needed for that Herculean task than the Gimo's reserve. Li also wanted the treasure to pay Nationalist troops along the Yangtze in hard cash, thus boost their morale. To Fenghua went old Marshal Yen Hsi-shan, governor of Shansi province, to plead with Chiang for return of the funds...