Word: suez
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...stories, including six TIME covers, Mecklin has come to know well every Arab head of state except the Imam of Yemen and the Sheik of Kuwait. He was on close enough terms with Nasser to be chosen for the dictator's first interview, six hours long, after the Suez war. That friendship has since chilled. He was a good friend of the late Nuri Pasha of Iraq, who always greeted him with the shout: "Hey Look!" Saudi Arabia's King Saud once gave him a wristwatch-though, since TIME'S cover was far from unreserved praise...
...Republicans agreed, but California's Bill Knowland and New Hampshire's Styles Bridges noted wryly that the U.S. would probably not be in this predicament had it let Britain, France and Israel finish off Nasser at the time of Suez. Montana's Mike Mansfield, acting Senate Democratic leader, and Arkansas' Bill Fulbright wanted the U.S. to act through the U.N. in some sort of joint effort. Finally, House Speaker Sam Rayburn spoke up: "Mr. President, what I want to know is, do you realize the implications of the step you are taking? I want...
...supplies were tighter and demand stronger than at any time since the post-Suez glut. By cutting production, imports and refinery runs in the first half of 1958, oilmen had whittled gasoline and crude-oil inventories to what they consider ideal levels. Last week stocks of gasoline slid to 183 million bbl.-a six-week supply-and crude dropped to 252 million bbl.-a five-week supply. More important, the boom in vacation driving boosted gasoline demand in June 4% above April and May, one of the best gains in twelve months...
...International Monetary Fund, which have not been raised generally since the fund was created in 1944, although inflation and rising world trade have cut in half the fund's effectiveness in keeping world currencies in balance. Although the fund squeaked through the currency crisis at the time of Suez, many fear that it is now facing a major new threat. So many underdeveloped countries are running out of foreign exchange, because of the drop in sales of raw materials, that economists fear world trade will be drastically curtailed, and many a nation plunged into depression. Britain is also strong...
Change in Fortune. For Harold Macmillan himself, the trip to Paris was one more indication of a change in his own personal fortunes. In his first year in office, after inheriting Sir Anthony Eden's debacle at Suez, he was regarded by many as a stopgap Prime Minister, grabbed out of the Edwardian era. His debonair manner annoyed as many as it pleased. Three months ago, scarcely a Tory could be found who looked upon his party's future with anything but dread. Insiders respected Macmillan's parliamentary skill, but the image did not get over...