FRANCE: Bluff & Blum

For the third time since Socialist Léon Blum formed his Popular Front Government (TIME, June 15, 1936), scared money was in flight from France last week, rushing to other havens at such alarming pace that the Bank of France, striving to tempt its return, had to jack up the already high Paris central bank discount rate of 4% to the "panic rate" of 6%. The Blum Cabinet for the third time in nine months was desperately short of cash. First time this happened (TIME, Oct. 5), Finance Minister Vincent Auriol devalued the...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

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