ITALY: Price-Wage Slash

Signor Benito Mussolini was hastening by an imperious decree last week a process as inevitable as sunrise or moonset. He knew that the lira had risen* and that therefore wages and prices must fall. He gave them a push, and something like a kick.

When the paper money of a nation rises on international exchange, it is as though the paper had been dipped in clinging gold dust, making it more prized in gold-greedy eyes. Soon men will work longer, or will give more in exchange for a bit of this enriched...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!