The Invisible Government Part 9

The Committee for Economic Development (which created the Commission on Money and Credit) is the major propaganda arm of the Council on Foreign Relations, in the important work of socializing the American economy.

Paul G. Hoffman is the father of CED. Hoffman, an influential member of the CFR, was formerly President of Studebaker Corp.; former President of Ford Foundation; Honorary Chairman of the Fund for the Republic; has held many powerful jobs in government since the days of Roosevelt; and is now Director of the Special United Nations Fund for Economic Development--SUNFED--the UN agency which is giving American tax money as economic aid to communist Castro in Cuba. Hoffman, in 1939, conceived the idea of setting up a tax-exempt "economic committee" which would prepare new economic policies for the nation and then prepare the public and Congress to accept them.

Hoffman founded the Committee for Economic Development in 1942. The organization was incorporated in September of that year, with Paul G.

Hoffman as Chairman. Major offices in the Committee for Economic Development have always been occupied by members of the Council on Foreign Relations--persons who generally have important positions in many other interlocking organizations, in the foundations, in the big corporations which finance the great interlock, and/or in government.

Here are the Council on Foreign Relations members who joined Paul Hoffman in setting up the CED in 1942:

William Benton (former U.S. Senator, now Chairman of the Board of _Encyclopaedia Britannica_; former a.s.sistant Secretary of State; Trustee and former Vice President, University of Chicago)

Will L. Clayton (founder of Anderson, Clayton & Co., Houston; former a.s.sistant Secretary of Commerce and Under Secretary of State under Roosevelt and Truman; Eisenhower's National Security Training Commissioner)

Ralph E. Flanders (former United States Senator)

Marion B. Folsom (Eisenhower's Secretary of the Department of Health, Education, and Welfare; many other positions in the Roosevelt and Truman Administrations; Board of Overseers, Harvard)

Eric A. Johnston (former Director, Economic Stabilization Agency; many other positions in the Roosevelt-Truman-Eisenhower Administrations; former Director and President of U.S. Chamber of Commerce; now President of the Motion Picture a.s.sociation of America)

Thomas B. McCabe (former Lend-Lease Administrator; former Chairman of the Board of Governors, Federal Reserve System; President of Scott Paper Company since 1927)

Harry Scherman (founder and Chairman of the Board, Book of the Month Club, Inc.)

Here are Council on Foreign Relations members who were Chairmen of the Committee for Economic Development from 1942 through 1959:

Paul G. Hoffman, 1942-48

Marion B. Folsom, 1950-53

Meyer Kestnbaum, 1953-55 (President, Hart Schaffner & Marx; Director, Fund for the Republic; Director, Chicago and Northwestern Railroad)

J. D. Zellerbach, 1955-57 (Eisenhower's Amba.s.sador to Italy; President and Director of Crown-Zellerbach Corp.; Chairman of the Board and Director, Fibreboard Products, Inc.; Director, Wells Fargo Bank & Union Trust Co.)

Donald K. David, 1957-59 (Dean, Harvard University; Trustee of the Ford Foundation, Carnegie Inst.i.tute, Merrill Foundation; Board of Directors, R. H. Macy & Co., General Electric Corp., First National City Bank of New York, Aluminum, Ltd., Ford Motor Co.)

Of the CED Board of Trustees listed in the CED's 1957 Annual Report, 47 were members of the Council on Foreign Relations.

The Research and Policy Committee of the Committee for Economic Development is the select inner-group which actually runs the CED. In 1957, the following members of the Research and Policy Committee were also members of the Council on Foreign Relations:

Frazar B. Wilde, Chairman

Frank Altschul (Chairman of the Board, General American Investors Corp.; Vice Chairman, National Planning a.s.sociation; Vice President, Woodrow Wilson Foundation)

Elliott V. Bell (former economic adviser to Thomas E. Dewey; former research consultant to Wendell Willkie; now Chairman of the Executive Committee, McGraw-Hill Publis.h.i.+ng Co., Inc.; Publisher and Editor of _Business Week_; Director of Bank of Manhattan Co., New York Life Insurance Co., Carrier Corp., Trustee of the John S.

Guggenheim Memorial Foundation)

William Benton

Thomas D. Cabot (former Director of Office of International Security Affairs, State Department; now President of G.o.dfrey L.

Cabot, Inc.; Director of John Hanc.o.c.k Mutual Life Insurance Co., American Mutual Liability Insurance Co.; Trustee, Hampton Inst.i.tute, Radcliff College; member of the Corporation of Ma.s.sachusetts Inst.i.tute of Technology)

Walker L. Cisler (former member of the Atomic Energy Commission, Economic Cooperation Administration, Military Government of Germany; now President of Detroit-Edison Co., Trustee, Cornell University)

Emilio G. Collado (former State Department career official; now Treasurer, Standard Oil Company of New Jersey)

Gardner Cowles (former Domestic Director, Office of War Information; now President, _Des Moines Register & Tribune_, Cowles Magazines, Inc.--_Look_, etc.--)

Donald K. David

William C. Foster (former Under Secretary of Commerce, Deputy Secretary of Defense; now Executive Vice President, Olin Mathieson Chemical Corp.)

Philip L. Graham (former law secretary to Supreme Court Justices Stanley Reed and Felix Frankfurter; now President and Publisher of _The Was.h.i.+ngton Post and Times Herald_)

Meyer Kestnbaum

Thomas B. McCabe

Don G. Mitch.e.l.l (Chairman of the Board, Sylvania Electric Products, Inc.)

Alfred C. Neal (former official, Office of Price Administration; now member of the Board of Governors, Federal Reserve Bank of Boston; President of CED)

Howard C. Petersen (former council to Committee to Draft Selective Service Regulations; a.s.sistant Secretary of War; now President, Philadelphia Trust Company; Trustee, Temple University)

Philip D. Reed (many positions in the Roosevelt and Truman Administrations; member, U. S. Delegation to UN Conference at San Francisco, 1945; now Chairman, Finance Committee, General Electric Co.; Director of Canadian General Electric Co., Bankers Trust Co., Metropolitan Life Insurance Co.)

Beardsley Ruml

Harry Scherman

Wayne Chatfield Taylor (many government positions including a.s.sistant Secretary of Treasury, Under Secretary of Commerce; presently an economic adviser)

Theodore O. Yntema

In its annual report for 1957, the Committee for Economic Development boasted of some of its past accomplishments and its future plans.

Mr. Howard C. Petersen, Chairman of the CED's Subcommittee on Economic Development a.s.sistance (and a member of the Council on Foreign Relations) said that his committee originated the idea of creating the Development Loan Fund, which was authorized by Congress in Section 6 of the Foreign Aid Bill of 1957, which Eisenhower established by Executive Order on December 13, 1957, and which may be the most sinister step ever taken by the internationalist foreign-aid lobby.

In 1956, when President Eisenhower requested an appropriation of $4,860,000,000 for foreign aid, he asked Congress to authorize foreign aid commitments for the next ten years. Congress refused the ten-year plan. In 1957, the internationalists' ideal of a _permanent_ authorization for foreign aid was wrapped up in the Development Loan Fund scheme.

Only a few Congressmen raised any question about it. Below are pa.s.sages taken from the _Congressional Record_ of July 15, 1957, the day the Development Loan Fund was discussed in the House.