FRANCE: Super-Crisis

Finance Minister Etienne Clementel mounted the tribune of the Senate. . . . He had just been closeted with Premier Herriot. They had been discussing how to get France out of her financial muddle:

Ever since the War, the Government has been compelled to meet its prodigious expenses by issuing bank notes that were backed by an insignificant gold reserve. In other words, the value of the franc depreciated, causing prices to rise to new heights. This, in turn, forced the Government to issue still more paper francs. And so the...

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