Butler inherited a balance of payments crisis caused, in part, by Labour defence spending around the time of the Korean War. Butler correctly predicted a doubling of living standards by 1970. Butler initially planned to let the pound float (in practice, devalue) and become partially convertible ("Operation ROBOT"). ROBOT was struck down by Lord Cherwell and his adviser Donald MacDougall, who prepared a paper for Churchill. The counterargument was that the balance of payments would have worsened, as any reduction in demand for imports would have been swamped by the rise in prices of imported goods. Furthermore, 90% of other countries' sterling balances, kept in London, were to be frozen: they too would have been devalued, which would have angered Commonwealth countries and broken the rules for the International Monetary Fund and would not have been allowed under the new European Payments Union. Butler's junior minister, Arthur Salter was also opposed. Lord Woolton, insisted that Eden have a say on ROBOT, as it affected relations with other countries. Eden opposed it in a rare intervention in domestic politics. It was finally buried at two Cabinets, on 28 and 29 February 1952.