Hawaii Becomes a Territory

1946

Hawaii

Hawaii was placed under the United Nations Charter, Article 73, as a non-self-governing territory under the administering authority of the United States.

USA

John Biggins of the Flatbush national Bank of Brooklyn, New York invents the "Charge-it" program between bank customers and local merchants. Merchants deposit sales slips into the bank and the bank billed the customer who used the card.

1947

USA

The IMF begins operations.

1950

US National debt $257.357, 352,351.

USA

1950

Korea

On June 25, Soviet supplied troops swept across the 38th parallel and captured Seoul in two days. The UN placed its forces under US control and a counterattack began from the country's southeast tip. The North Koreans were pushed back to the Chinese border which worried the Chinese and the Chinese Army jointed the fighting. A stalemate at the 38th parallel eventually ensued and then President Eisenhower ended the war after issuing nuclear threats.

Vietnam

A US Special Forces Military Assistance Advisory group (MAAG) arrived in Saigon and began supervising the French use of US provided military equipment. By the end of 1950 the US was paying for half of France's war expenditure in Vietnam. In April 1953 th3e CIA's Civil Air Transport began flying tanks and other heavy equipment to the French (and flying drugs out the Americans). By 1955, The first US military training detachments arrived in South Vietnam and began fighting alongside South Vietnamese forces. On November 1 1963, the South Vietnamese military led by General Duong Van Minh overthrew the Prime Minister Ngo Dinh Diem with the support of President John F. Kennedy.

USA

Diners Club issued credit cards. Invented by Diners Club founder Frank McNamara it was intended to pay restaurant bills. Technically a charge card than a credit card the customer had to repay the entire amount when billed by Diners Club.

1951

USA

Truman issues EO 10289 dealing with money and finance action.

USA

Franklin National Bank of New York screened loan customer for credit and those approved were given a card they could use for retail purchases.

1952

Canada

Major C. H. Douglas dies.

1953

Iran

Iranian leader Mohammed Mossadegh was overthrown in a military coup backed by the CIA and approved by President Eisenhower after he threatened to nationalize British Petroleum holdings.

USA

The Recession of 1953 ("Post-Korean War Recession") was a demand-driven recession due to poor government policies and high interest rates.

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