Word: franc
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Dates: during 1930-1939
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Gold today is valued at close to $30 an ounce in terms of the British pound or the gold franc. This is in anticipation of the devaluation process. If of course the American Government decides to devalue the gold content of the dollar not by a third but by one-half, the price of an ounce of gold would jump to about $40 in terms of the new dollar. Thus the four billions of gold supply would be worth eight billions of dollars and the Government would make a four billion profit...
...that it meant no harm to any other nation. In Rome a non-aggression pact with Italy was signed. A guest in the still magnificent English Gothic Morosov Palace (now the Foreign Office guest residence) and there plied with champagne and caviar blini was bulky, friendly Edouard Herriot of France. Holding no government post, Citizen Herriot smiled a great deal and said nothing. All Moscow was convinced that new Franco- Russian trade agreements were brewing, felt that the old problem of the 20 billion ($4,000,000,000) gold franc loan made by France to the Imperial Government, repudiated...
Last week Banker McKenna decided that the time had come to hail loudly Price-Raiser Roosevelt as an example to His Majesty's Government, who continue to keep sterling pegged at a stable rate of exchange in relation to the French gold-standard franc. In his personal organ, the Midland Bank's monthly review, Chairman McKenna minced no words of praise, called "perfectly right'' the President's action in blocking stabilization of the dollar's exchange rate by the London Conference and in shaping U. S. fiscal policy wholly with...
...loophole, in case the Empire countries should eventually desire to embark on Rooseveltian finance, Chancellor Chamberlain, who continued to keep sterling steady against the French franc and other European gold standard currencies last week, inserted in the declaration that "the United Kingdom Government has no commitments to other countries regarding the future management of sterling and retains complete freedom of action in this respect...
Frenchmen, girding themselves to defend their franc and keep it on gold, feel they have need of every weapon. They know that they possess Western Europe's most potent army. Last week their Navy Minister, pompous Georges Leygues, drew deafening Paris cheers with a speech which made British naval experts chuckle...