Word: auriolism
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...lulled by the specious fallacy of achieving a temporary and probably an artificial stability in foreign exchange on the part of a few large countries only." Last week U. S. Secretary of the Treasury Henry Morgenthau Jr., British Chancellor of the Exchequer Neville Chamberlain and French Finance Minister Vincent Auriol got together by transatlantic and trans-Channel telephone and apparently achieved precisely what the President had derided in 1933. Mr. Morgenthau was of course acting for the President, but at Hyde Park last week Mr. Roosevelt did not actually eat any words, refused absolutely to comment on the reduction...
...Louvre at the end of interminable marble stairs. With its walls of red & gold, its enormous twinkling crystal chandeliers and its delicate and beautiful antique furniture, it resembles nothing so much as the boudoir of a Royal courtesan. In this setting last week heavy Radical Socialist Finance Minister Vincent Auriol, whose right eye droops half shut behind his tortoise-shell glasses, received correspondents in the dead of night. He had left President Lebrun and Premier Blum soon after midnight and at that hour said "Goodnight" over the transatlantic phone to Mr. Morgenthau for whom the time in Washington was nearer...
...measures about to be taken. There was in Paris none of that high-pressure invoking of a dormant "Trading-with-the-Enemy" Act by which smiling President Roosevelt suddenly authorized his dallying with gold before it could be ratified by Congress (TIME, March 13, 1933). Instead M. Auriol spoke of the Blum Cabinet's intention to safeguard War veterans on pensions and people living off their savings invested in small quantities of French bonds, by introducing legislation to compensate these needy ones for the reduction he proposed to make in the value of the franc. Instead of adopting...
...Washington-London-Paris agreement, M. Auriol dramatically explained, has been under super-secret negotiation ever since last June, not a word of what Morgenthau, Chamberlain and Auriol were confiding to each other having leaked to the press...
Inflation or Alignment? That the U. S. Treasury meant business was shown when the Soviet State Bank immediately, upon the opening of international exchange in Wall Street, after M. Auriol's statement last week, dumped overboard $5,000,000 in sterling pounds with orders to sell them for whatever they would bring in dollars. Secretary Morgenthau, alert at his desk in Washington, instantly used the $2,000,000,000 U. S. stabilization fund to buy the British money offered by the Bolsheviks. He then angrily exploded to Washington correspondents whom he hastily summoned, asking them to flash news...